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Libyan Oil Industry Will Take Time to Rebuild, Wood Group Says

Aug. 23 (Bloomberg) -- John Wood Group Plc, a U.K. oil-services provider active in Africa and the Middle East, said it will take time to rebuild Libya’s oil and gas industry after rebels declared the regime of Muammar Qaddafi over.

“Libya is an economy where oil and gas is important, so I’m sure whatever government is formed will make it a priority to get the industry up and running again,” said Allister Langlands, chief executive officer of Wood Group, on a call with journalists today. “My experience in Libya is that things always take much longer than you think. It’s too early to make a judgment on when we’ll be back there.”

Wood Group abandoned a project with Eni SpA in Libya when civil war broke out this year, for which it took a $22.9 million charge in the first half. Eni was the biggest producer in the north African country.

“It’s a very fluid position in Libya,” Langlands said. “We hope that in due course we’ll be able to reengage with our client and finish the job.”

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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