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Gaddafi proposes privatisation
14/06/2003 22:03 - (SA)
Tripoli - Libyan leader Muammar Gaddafi has called for the wholesale privatisation of the country's vital oil and other industries, which were nationalised when he seized power in 1969, reports said on Saturday.
In a speech to parliament on Friday, Gaddafi said the public sector had failed and should be abolished, including for the oil industry, "which is the basis of Libya's wealth."
He called for companies to be formed "which would not be the property of the state but of Libyans," who could call on foreign experts to help run them, in order to "develop the oil industry, from prospection to production and marketing."
Similar measures should be applied to the country's banks, airports, road and "other public enterprises," he said.
Oil accounts for nearly 90% of Libya's resources. Its production quota set by the Organisation of Petroleum Exporting Countries stands at 1.3 million barrels a day.
- AFX
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