Libya’s Gaddafi summons urgent meeting to discuss oil prices

Oct 14, 2005 02:00 AM

Libyan leader Colonel Muammar Gaddafi has called for an urgent meeting of all oil exporting countries in Africa, to discuss the recent upsurge in oil prices. In a statement released by the Libyan embassy in Harare, Col. Gaddafi said his country would host the meeting.
"This call in particular for Great Libyan Jamahiriya, Algeria, Nigeria and Angola to hold a meeting at the level of economic experts in the field of oil as soon as possible, which will be hosted by the Great Libya Jamahiriya," Col. Gaddafi said.

The meeting, he added, would be held to establish ways of helping African countries affected by the upsurge.
"This meeting will entirely be devoted to establish practical means in identifying concrete measures to help the poor African countries devastated by the upsurge in oil prices," he said.

The call comes amid serious fuel problems in southern and central Africa, including in Zambia and Zimbabwe, where the escalating world prices of fuel have had spiral effects on the economies.
The 18th World Petroleum Congress held in Johannesburg, South Africa, at the end of September, revealed that Africa met 8 % of the world's oil and gas demands.

New discoveries in Chad, Cameroon and Gabon, as well as the existing reserves in Nigeria, Angola and Libya, mean the region is expected to become a key supplier in the future.
However, despite their contribution, African petroleum producing countries have not had sufficient control of the exploration and production activities taking place within their borders as concessions for oil mainly belong to large international companies, hence the need to meet and find ways of assisting other African countries.

Source: The Herald
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