Back In Favour

May 2006 | Market Strategy

With oil at US$70.00/bbl, and China making its presence felt very strongly in Africa's oil producing countries, it was clearly time for the US to take action, if it was to compete with Chinese, Japanese and European firms for the right to develop Libya's unexplored (potential) oil and gas resources. Yesterday, the White House announced the last stage of the reconciliation: complete normalisation of relations with its old enemy. The move will see Libya removed from Washington's state sponsors of terrorism list (leaving only Cuba, Iran, North Korea, Sudan and Syria), paving the way for substantial FDI inflows from the

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