The views expressed in any article published in this blog are the author's own and do not necessarily reflect the views of Joseph Foster or Bob Lupoli.

Monday, March 28, 2011

Libya: is the US doing China's bidding? Germany/Europe?

Joe:  it seems Trump is correct (from his interview with GVS on Fox tonight) according to this information below. China is a major, leading oil importer from Libya. The speeches from the American administration clearly suggest we – the US, have been returning the favor to Europe for supporting our so called - war on terror. China is it a freeloader or are we doing its bidding? Trump's question - why doesn't China (and the Saud's) contribute? -Bob

Monday, March 28, 2011
Libya holds the most oil reserves in Africa, with an estimated 46.4 billion barrels of crude underfoot. The government relies heavily on that oil to run the country's business with 95 percent of its export earnings coming from the petroleum industry.

Here are some additional details about Libya's oil industry, prior to the uprising that has all but shut down petroleum operations:
_Daily production: 1.6 million barrels;
_Daily exports: 1.5 million barrels;
_Major trade partners (percent of Libya's oil imported): Italy (28 percent); France (15 percent); China (11 percent); Germany (10 percent); Spain (10 percent); Greece (5 percent); United Kingdom (4 percent); United States (3 percent).
_Major companies with operations in Libya: Eni, Total, Repsol YPF, StatoilHydro, Occidental Petroleum Corp., OMV, ConocoPhillips, Hess Corp., Marathon Oil Corp., Royal Dutch Shell, BP, Exxon Mobil Corp.

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