British companies to rush for £200bn in Libya contracts

British firms are arming themselves for a scramble to win up to 200 billion pounds worth of contracts in Libya, as the North African nation looks to its reconstruction.

UK Trade & Investment, the government department that promotes UK plc abroad, said British firms had ‘a strong commitment to helping the National Transitional Council and any future government in Libya to rebuild’.

Libyan contracts: The National Transitional Council has said it will not sign any new deals until after elections Oil firms Shell (up 35p to 2250p) and BP (up 9.6p to 439.375p) have already held talks with the transitional regime, which has promised to honour existing legal contracts to explore the Libyan desert.

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