Italy Last Among Libya Friends for Potential Oil Concessions
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Libya’s new leaders will remember who provided the most help in overthrowing Muammar Qaddafi, when it comes to new oil concessions. Italy, the biggest investor in the country, may find itself at a disadvantage.
Libya has the world’s ninth-largest proven reserves of oil, estimated at more than 46 billion barrels, according to the Central Intelligence Agency’s World Factbook. Much of the oil is prized for being low-sulfur.