Since Col. Muammar Qaddhafi renounced his pursuit of weapons of mass destruction in 2003, Libya’s pursuit of oil and natural gas is very much in the news these days, especially in Greece.
A few weeks back, the Greek government expressed concern when Libya’s state oil company published plans to issue permits for exploration and drilling in areas south of the Greek Mediterranean islands of Crete and Gavdos.
The issue gained attention after the Libyans reportedly published an energy map showing territory and waters-in Libya and the Mediterranean Sea-where their company could consider issuing permits.
“The extent of the area pictured on the map in question is such that it creates ambiguities as to the potential for conveying rights for economic exploitation in areas south of Crete, as well as the island of Gavdos,” said Greek Foreign Minister George Koumoutsakos in a statement.
Greek interests
“The ambiguities of this particular map rendered necessary its clarification through actions undertaken by the Foreign Ministry on an official and political level,” Koumoutsakos said.
Greece is particularly sensitive over its territorial rights after arch-rival Turkey laid claims to Gavdos and other islands in the past. But the Greeks can’t be too angry with Libya since, after all, they are interested in its oil, too.
During an official visit Mar. 13 to Libya, Greek President Karolos Papoulias expressed his country’s desire to increase investment in Libya’s oil industry, citing excellent relations.
Those relations can’t be too bad, as suggested by the $100 million loan the Libyans have secured for the purchase of three aframax tankers-all of them bearing Greek names: the Chios Spirit, the Ionian Spirit, and the Aegean Spirit.
The three 2002-built, 112,000 dwt vessels are scheduled for delivery in a few weeks by Athens-based Chartworld Shipping Corp.
Disappearing sun?
The three aframaxes are to go to Libya’s state-owned General National Maritime Transport, which signed the loan Mar. 27 for their acquisition in Tripoli with France’s Calyon Bank. That’s the corporate and investment banking arm of the Credit Lyonnais Indosuez SA group which is leading the syndicated loan.
There was no word of other acquisition projects, but a source close to the deal said it should be seen as the first stage in a bigger medium-term plan involving the purchase of other vessels of aframax size and over, as well as some smaller vessels.
The Libyans really are pulling out all stops in their effort to create a better future for themselves. While there has been no mention of any attempt to consult the oracle at Delphi, Libya’s ministry of religious affairs did call for special prayers in all the country’s mosques ahead of last week’s solar eclipse.
It said the superstitious fear the disappearance of the sun, and the prayers would be to “chase away the evil that might fall on Libya.”✦