With the fall of Gaddafi, the spread between NYMEX and Brent continues to narrow as Brent declines.
UPDATE 3-ENI leads Libya oil race, rebels warn Russia, China
* Shares of European oil firms with Libya presence rise
* U.S. firms said to be on standby mode
* Qatar, Vitol seen competing for big roles
* Rebels say could have problems with Russia, China, Brazil (Adds rebel comments, details)
By Svetlana Kovalyova and Emma Farge
MILAN/LONDON, Aug 22 (Reuters) - Italian oil company Eni led the charge back into Libya on Monday as rebels swept into capital Tripoli, hailing the end of Muammar Gaddafi's rule and warning Russian and Chinese firms of contract revisions.
Gaddafi's fall will reopen the doors to the country with Africa's largest oil reserves. New players such as Qatar's national oil company and trading house Vitol are set to compete with established European and U.S. majors.
"We don't have a problem with western countries like Italians, French and UK companies. But we may have some political issues with Russia, China and Brazil," Abdeljalil Mayouf, information manager at Libyan rebel oil firm AGOCO, told Reuters.
The comment signals the potential for a major setback for Russia, China and Brazil, which opposed tough sanctions on Gaddafi or pressed for more talks, and could mean a loss of billions of dollars worth of oil exploration and construction contracts in the African nation.
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reuters.com
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