Investment in Libyan Oil Industry Dissertation

Investment in Libyan Oil Industry - Dissertation Example The intention of this study is Libya, an important nation situated at the centre of the North African Mediterranean coast. Having the largest resource of oil in the African region, Libya has been a prominent exporter of crude since early 1960s. The Arab Jamahiriya of Libya, encircled by Algeria and Tunisia in the west, Egypt and Sudan in the east and Niger and Chad in the south has however not been viewed as an attractive destination for investments in the more recent past. The international community has been seeing Libya under its leader Colonel Qadhafi as a state that supports and nurtures rebels and finaces terrorists activities against the western nations. This perception led to the imposition of sanctions by the United Nations in 1992 and a series of restrictive measures and trade embargo by the United States.With the final removal of all the sanctions and owing to reforms being undertaken in the country and improvement in relations with other nations, opportunities are now bei ng explored to take up investments in the country and take advantage of the emerging situation. Libya on its part appears to be making all the right moves. Colonel Qaddafi too has expressed his opinion in favour of reforms together with the vision of applied socialism and popular democracy. Multinational companies and foreign institutional investors (FIIs) are now being given encouraging signals to invest in the country. Prime Minister Shukri Ghanem, supported by Seif al-Islam, the son of Col Qaddafi has started the reforms process.