"Up to now, Libya's National Oil Company was essentially awarding service contracts on old, profitable oil fields to Libya's national subsidiaries. But what BP, Total, Exxon Mobil and the Qatar oil company really want is serious involvement in new fields, and those famous production-sharing agreements (PSAs) that allow stratospheric profits. They want the full bonanza they didn't get in Iraq - where some of the juiciest contracts went to Russian, Chinese or Malaysian players.
As for those players that were already on Libyan soil, such as Spain's Repsol and Italy's ENI, they are planning to be back in business before the end of September. No one knows what will happen to Chinese investments.
On the banking front, WikiLeaks once again had already revealed [2] that the privatization of Libya's central bank was regarded as a golden "opportunity" for US banks. The shadow "rebel" bank facilitated by HSBC in all probability will take over - obviously not independent as the previous Libya Central Bank but aligned with the Swiss-based Bank for International Settlements (BIS), the central bankers' central bank.
So bye-bye to "subversive", unifying Gaddafi ideas such as dumping the US dollar and the euro so Arab and African nations would start dealing in a new single currency - the gold dinar. It's crucial to note that most African nations - and a lot of Arabs - backed up the idea. The only serious contrarians in the region were South Africa and the Arab League (influenced by the House of Saud). Obviously Washington and the European Union (EU) were furious - to the point of calling NATO to the rescue.
It's never enough to remember that in late 2002 Iraq under Saddam Hussein started accepting payment in euros instead of US dollars for its oil. Everybody knows what happened next. Don't mess with the petrodollar, or else"...........READ MORE
So bye-bye to "subversive", unifying Gaddafi ideas such as dumping the US dollar and the euro so Arab and African nations would start dealing in a new single currency - the gold dinar. It's crucial to note that most African nations - and a lot of Arabs - backed up the idea. The only serious contrarians in the region were South Africa and the Arab League (influenced by the House of Saud). Obviously Washington and the European Union (EU) were furious - to the point of calling NATO to the rescue.
It's never enough to remember that in late 2002 Iraq under Saddam Hussein started accepting payment in euros instead of US dollars for its oil. Everybody knows what happened next. Don't mess with the petrodollar, or else"...........READ MORE
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