European oil companies lining up for Libyan treasure

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Nicholas Sarkozy with President George W. Bush

WASHINGTON – European oil companies are lining up now for Libyan "treasure" – the contracts that would allow them to profit from the nation's oil production as the "rebels" are expected to assume full power in the country in coming weeks and months, according to a report from Joseph Farah's G2 Bulletin.

The companies linked to the NATO members who played major roles in the bombing, enforcement of the "no-fly" zone and other actions are expected to be the major beneficiaries of the expected changeover in power from the longtime regime of dictator Moammar Gadhafi to the rebels who have been backed by the Western alliance.

Expected to be the biggest losers in the developing scenario are Russia and China

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Britain, France and Italy are expected to be the main beneficiaries of almost exclusive access to vast oil and natural gas reserves in Libya. These countries were the primary members of the North Atlantic Treaty Organization coalition involved in bombing Libya in support of the rebels.

Sources say that that the early decision to launch attacks was for the stated purpose of stopping Gadhafi from bombing his own citizens. But it actually may have been initiated more with the prospect of securing lucrative oil production contracts.

France was the first country to give diplomatic recognition to the rebels as the legitimate government of Libya. The Italians recognized the rebels in April while the UK granted diplomatic recognition of the National Transition Council of the rebels in July.

The concern about civilians being targeted by Gadhafi forces led to the United Nations Security Council in March to agree to UNSC Resolution 1970 and 1973. That created a no-fly zone against Gadhafi's air force and later tanks and artillery.

To date, the U.S., also a partner in the campaign, has spent almost a billion dollars in supporting the NATO bombing effort.

All three European countries, as principal NATO members, began bombing Libya in late March following UN passage of the resolution. Germany, which had even greater oil equities in Libya prior to the bombing than France and Italy, chose to step aside in any direct bombing role.

But in the expected post-Gadhafi era, Germany may regret not having been involved early on in support of the rebels. Sources say that Berlin already is attempting to make amends for not participating in the NATO air strikes.

It's doing that through its eagerness to participate in Libya's reconstruction efforts, knowing that such assistance could bring in lucrative contracts.

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