Gaddafi exhorts India to invest in Libya oil

Posted By: Biswajeet Panda
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Muammar al-Gaddafi
Tripoli, Mar 14: With leaders of the world gunning after him and still a massive unrest at home to subside, Libyan leader Muammar Gaddafi has urged India, China and Russia to invest in the country's oil sector, reported the state television.

Reports in the Libyan state television said, "In the discussions with the ambassadors ... a call was made for the companies of those countries to invest in the Libyan oil industry."

The oil exports of Libya have taken a heavy beating due to the prevalent political unrest, staff-shortage, international sanctions and the denial by international banks to fund deals. Analysts predict that it may take nearly a year's time for the oil-exports of Libya to return to to the normal.

The appeal assumes significance in the context that apart from the three countries' being the fastest growing economies, China and Russia are both veto-wielding members of the United Nations Security Council and until now are opposed to the idea of imposing a no-fly zone over Libya.

Gaddafi whose 41 year old regime was threatened by a massive unrest inspired from the Egypt protests that toppled the Mubarak government, has been successful to a large extent in crushing the revolt. His indiscriminate use of military warfare against his own country-men has led to anger among western-countries who are mulling a proposal to impose a UN-backed no-fly zone.

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