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Weapons of Mass Destruction (WMD)

Libyan rebels vow to honor Gaddafi-era contracts

RIA Novosti

15:10 24/08/2011 MOSCOW, August 24 (RIA Novosti) - Libya's National Transitional Council (NTC) will honor all business contracts signed with foreign companies during the reign of Muammar Gaddafi, the BBC reported on Wednesday, citing the TNC's London-based spokesperson.

"They will be honored," spokesman Guma Al-Gamaty said.

On Wednesday, rebels ransacked Gaddafi's Bab al-Aziziya bastion in Tripoli, seizing weapons and smashing symbols of his government.

Former Libyan energy minister Omar Fati Ben Shatvan, who escaped the North African state earlier this year, said in April that Russia and China would not be able to take part in the development of oil and gas fields in Libya over their failure to support the rebels.

A breakthrough in economic cooperation between Russia and Libya took place after the first visit of Russian President Vladimir Putin to Libya in April, 2008. Moscow wrote off a $4.5 billion Libyan debt and in exchange Tripoli signed major contracts with several Russian companies.

Gazprom Neft, the oil arm of Russian gas giant Gazprom, failed to sign the final documents on a deal to develop Libya's Elephant oil field with Italy's Eni before the uprising.

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