World Clock

Monday, 21 February 2011

FT Reports Indicate Oil Companies Pulling out of Libya

Continuing on from the previous post:

Major western oil companies are planning or in some cases have already begun to pull their employees out of Libya as the crisis in the oil rich North African country escalates. - Click on this link for a short video clip from John Authers, editor of the influential Lex column. 

  • UK oil major BP has said already that it has suspended exploration work in the Libyan desert and has started to evacuate family members and other non-essential staff.
  • Statoil the Norwegian energy giant reported on Monday that it had already closed its offices in Tripoli, the Libyan capital.
  • ENI the Italian oil company refused to comment on speculation that it to was taking the same actions and said its operations have remained unaffected. 
Libya, is not only the 12th largest exporter of oil in world it is a critical supplier to key European countries such as Germany, Italy and France - the three of which imported last year more than half of Libya's oil.

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