ENI leads Libya oil race; Russia, China may lose out

On August 22, 2011 by stratagem

Italian oil company Eni led the charge back into Libya on Monday as rebels hailing the end of Muammar Gaddafi’s rule warned Russian and Chinese firms that they may lose out on lucrative oil contracts for failing to support the rebellion.

Gaddafi’s fall will reopen the doors to Africa’s largest oil reserves and give new players such as Qatar’s national oil company and trading house Vitol the chance to compete with established European and U.S. oil majors.

“We don’t have a problem with Western countries like the Italians, French and UK companies. But we may have some political issues with Russia, China and Brazil,” Abdeljalil Mayouf, information manager at Libyan rebel oil firm AGOCO, told Reuters.

>> Read More: Reuters

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