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Libya says oil sector won't nationalize

May 17, 2012 at 7:35 AM

DUBAI, United Arab Emirates, May 17 (UPI) -- The Libyan government intends to uphold agreements between foreign investors and the previous regime, an interim leader said at an oil conference in Dubai.

Libya is to have its first democratic national elections in a generation this summer. An interim ruling authority took control of the country last year as the regime of Libyan leader Moammar Gadhafi collapsed under the pressure of civil war and a NATO-led intervention.

Mustafa el-Huni, deputy chairman of the interim Transitional National Council, told potential investors in Dubai that it was business as usual in post-revolution Libya.

"We have no intention to nationalize or do something radical," he was quoted by the Platts news service as saying. "Libya is in essence a moderate country that will look at implementing moderate policies."

International oil companies with Gadhafi-era contracts, some of which expire this year, may be extended, added oil committee member Abdulbaset Abadi.

Abadi said Tripoli aimed to attract foreign investors to the country with the aim of increasing oil production from around 1.6 million barrels per day to as much as 3 million bpd by 2020.

The interim government said it expects to generate about $45 million from the oil and natural gas sector this year.

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