Monday, 28 February 2011

CHINA & OIL: THE TWO REASONS WHY THE bRITS ENGAGED WITH GHADAFI's LIBYA


"Why and how was British business seduced by Libya? There were two prizes. First, oil and gas. With 44.3bn barrels of proven reserves, Libya has more oil than any other African country, four times as much as Britain and Norway combined. A confidential document recently released by the UK government declares that Libya is one of the few countries “with medium-term capacity to bring significantly more energy to world markets”."


“Libya has oil and so do other countries whose regimes we would not voluntarily choose,” he says. “The world needs energy and the simple truth is that if we had been more fastidious in our approach, then other countries – notably China – would have moved in to take our place.” – Jack Straw

(Financial Times, 25 Feb 2011)

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