BREAKING NEWS

China says oil stake in Libya benefits both countries

By REUTERS

AUGUST 23, 2011 06:50

BEIJING - China's oil stake in Libya benefited both countries, a Chinese commerce official said on Tuesday, answering a question about a Libyan rebel official's warning that Chinese oil companies could lose out under a new government.

"China's investment in Libya, especially its oil investment, is one aspect of mutual economic cooperation between China and Libya, and this cooperation is in the mutual interest of both the people of China and Libya," the deputy head of the Chinese Ministry of Commerce trade department, Wen Zhongliang, told a news conference.

"We hope after a return to stability in Libya, Libya will continue to protect the interests and rights of Chinese investors and we hope to continue investment and economic cooperation with Libya in the future," said Wen.

On Monday, an official at the Libyan rebel oil firm, AGOCO, said Russian and Chinese firms may lose out on oil contracts for failing to support the rebellion against long-time leader Muammar Gaddafi.

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