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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2414)5/17/2001 2:05:41 PM
From: Tomas  Read Replies (1) of 2742
 
The UK's Export Credits Guarantee Department (ECGD) Plans Return to Libyan Market
Panafrican News Agency, May 16, 2001

The UK's Export Credits Guarantee Department (ECGD) is reviewing its policy on Libya with a view to possibly easing insurance cover rules governing UK exporters.

Sources at ECGD say a technical paper on restoring medium-term cover was being prepared and an announcement could be made by the end of May.

Despite the absence of export cover, trade with the UK has continued, with many UK companies prepared to carry the risks involved in entering the Libyan market.

UK exports to Libya grew by more than 10 percent last year to 187 million pounds (270 million US dollars), from 177 million pounds (257 million dollars) in 1999.

Trade links are particularly close in the oil and petrochemicals sectors, and UK consultants have been prominent in a number of high profile projects such as the great man-made river.

However, in recent years, UK business has lost out to its European competitors in the race to capture market share. Prior to the rupture of diplomatic relations in the 1980s, Libya was the UK's second biggest trading partner in the region.

It is now ranked outside the top 10 in terms of UK trade with the Middle East and North Africa.

"ECGD will have to respond to the level of business interest now out there," says one senior UK exporter.

"Any restoration of cover would open the door for the capital investment necessary to get projects moving and a review of the current policy would help give confidence to the exporters and contractors that are looking at the market."
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