Friday, 22 July 2011
Libya: A stabilisation plan
According to one source who recently returned from Benghazi, advisers from Abu Dhabi may have helped to draft an oil stabilisation document that has reportedly entered circulation, although it has not yet been made public. The same source said that engineers from Abu Dhabi – possibly from the Abu Dhabi National Oil Corporation (Adnoc) – might be drafted in to help repair the damage to the Sarir and Mesla fields.
The NTC's representative in the UK, Guma El-Gamaty, told a recent briefing organised by British Expertise that the immediate post-conflict priorities were the stabilisation of Tripoli and the establishment of security. 'We don't want people taking revenge,' he said. Immediately after this, the NTC will act to make cash available and to provide essential services such as healthcare, water, electricity, and basic amenities. 'Many people have not been paid for three to four months,' he added.
Although the successor government will eventually be able to claim title to an impressive amount of wealth, it is questionable how much of the sovereign wealth outside Libya will be immediately available. The process of unfreezing funds in the EU and the US may take time. El-Gamaty said that $40 billion may be located in various African countries. 'We are not sure if all of it is frozen.'
For more news and expert analysis about Libya, please see Libya Focus and Libya Politics & Security.
© 2011 Menas Associates