Control of Libya’s oil is crucial to its uncertain future

Counting votes in Tripoli but in the east of Libya some polling stations remained closed (photo:dpa)
Counting votes in Tripoli but in the east of Libya some polling stations remained closed (photo:dpa)

Threats of new divisions between the east and west of Libya could plunge the country back into civil war. Some in the oil-rich east, which has 80 per cent of Libya’s oil, want independence from the rest of the country. And this uncertainty is causing apprehension among foreign investors who are needed to develop Libya’s oil and its economic and political future.

UNCERTAINTY is the key word associated with Libya’s political and economic future as it emerges from the 42-year dictatorship of Colonel Muammar Gaddafi.

This uncertainty is causing major apprehension among foreign investors and international oil companies. Libya holds the largest proven oil r...

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