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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1427)	12/3/1999 10:50:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Italy pursues goal of increased Libya trade - Financial Times, Dec.3 Massimo D'Alema, Italy's prime minister, yesterday sought to boost his country's trade relationship with Libya by becoming the first western leader to hold talks with Col Muammer Gadaffi in Tripoli in seven years. But although Italy is keen to do business with Libya following the recent suspension of United Nations sanctions, Mr D'Alema carefully allayed US fears that Mr Gadaffi might soon pay a return visit to Rome. After one hour of talks in Tripoli, Mr D'Alema said it was "important to have a dialogue with this country, which is on its way to returning fully to the international community". But he made clear that he did not think a visit by Mr Gadaffi to Rome would be "realistic" for now. Italian government officials in Rome noted that the US continued to view Libya as a sponsor of international terrorism, despite Tripoli's recent handover of two suspects due to face trial for involvement in the US airliner bombing over Lockerbie. "I don't think there is any chance of Gadaffi visiting Italy before that trial is over and sanctions are permanently lifted," said an Italian official. "The US and our other allies would see that as a step too far." Mr D'Alema's visit symbolises Italy's strong interest in consolidating its position as Libya's main trading partner. The Italian government is keen for new contracts following the recent agreement involving Italy's Eni to conclude a Dollars 5.5bn oil pipeline project connecting Libya to Sicily. However, the Italians face growing competition with the UK, France and Germany to get a slice of Libyan trade, amid signs that the rise in the oil price will boost Libyan GDP by 5 per cent next year. Italy imports about half of Libya's petroleum production of 1.45m barrels a day. Libya acquires machine tools, chemical products, pharmaceuticals and agricultural produce from Italy. Italian business leaders believe Libya will tender major infrastructure projects in future years. Tripoli is looking to extend a Dollars 30bn aqueduct project begun in the 1970s. Libyan Arab Airlines, the national carrier, is looking to buy 20 new aircraft and modernise its airport facilities. Other projects that could be tendered include the building of a railway link to Egypt.