Thursday, 26 January 2012

Libya: Italy wants to resume its favoured trading relationship

The Italian government is pressing hard for the endorsement of the contracts which were signed between Italy and Libya following the 2008 bilateral Treaty of Friendship. In pursuit of this goal, Italy's Prime Minister Mario Monti and his entourage of diplomats, including Foreign Minister Giulio Terzi and Admiral Giampaolo Di Paola, and businessmen visited Libya on 21st January for talks. The Italian authorities are hopeful that new offers of aid to Libya – including the strengthening of the national police force and improving security - will enable the original agreements to be restored.

Libya will receive US$5 billion from Italy over the next 20 years, including several major contracts of which the largest single project is for the construction of the coastal highway.

Meanwhile, Italy's ENI has reported that bilateral oil sector relations are very cordial. Its CEO, Paolo Scaroni, reported that ENI's output has now returned to pre-war levels of 260,000 b/d. The company has also signed a memorandum of understanding to undertake €380 million worth of social projects in Libya.

For more news and expert analysis about Libya, please see Libya Focus and Libya Politics & Security.

© 2012 Menas Associates

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