Libyan Colonel Gaddafi’s 42 year brutal reign is over, but the future looks murky ahead for a country primarily known for exporting oil and terrorism.
One thing is for certain – international oil companies will be packing out flights to Tripoli to cut deals for a piece of the action.
Libya remains the wild card, with only 25 percent of the country’s oil potential territory explored. Whatever the demerits of the Gaddafi regime, it kept tight rein over its oil industry, and that, combined with international sanctions for its terrorist proclivities, largely stymied development of the country’s resources, much in the way that the development of Iran’s petrochemical sector has been largely devoid of foreign capital. After all, they did not call the 1996 U.S. legislation “the Iran-Libya Sanctions Act” (ILSA) for nothing. In September 2006 ILSA was renamed the Iran Sanctions Act (ISA), as Gaddafi was behaving himself more, but the damage to the country’s energy infrastructure was by then deep and systemic.
Full article at: What Next for Libya?
Vitol already banked on this by supplying refined product supplies to the rebel fighters during the fight
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