Spain’s government estimated on Tuesday that joint business between Spanish and Libyan firms should amount to more than $17-billion following a visit to Madrid by leader Moammar Gadaffi.
Gadaffi’s visit focused on ”the interest of both countries to promote economic cooperation, telecommunications, tourism and even water management,” the government said in a statement on its website.
Spanish corporate investment in defence and aeronautics should total around €2-billion, while reciprocal investments in energy should top $5-billion, it said.
Spanish oil company Repsol YPF is already involved in Libya where its has both exploration and production activities. Repsol plans to expand its production to about 400 000 barrels per day by 2010 from about 265 000 barrels currently.
Infrastructure contracts available to Spanish companies should have a value of up to $10-billion as part of Libyan investment which is expected to be worth a total of $50-billion.
Spanish construction and services firm Sacyr Vallehermoso said on Sunday it had joined forces with the Libyan Company for Development and Investment to work on infrastructure projects in the North African country.
Sacyr said it would hold 60% of a new joint venture, SV Ledico Libya, with the rest owned by the state-owned Libyan group. – Reuters