Foreign oil firms in Libya to sponsor football clubs
Sponsorship contracts signed by 16 national, foreign companies to finance football teams in Libya.
TRIPOLI – Foreign oil companies operating in Libya must sponsor first division football clubs if they want to take part in development projects, the state-run National Oil Corporation said on Wednesday.Sponsorship contracts have already been signed by 16 national and foreign companies to finance football teams in the north African state.
The football move comes a year after foreign oil companies in Libya were made to adopt local Arabic names to reflect the country’s history and geography.
OPEC member Libya is Africa’s number two oil producer with a current output of 1.8 million bpd, and is thought to have reserves totalling 43 billion barrels.
Foreign firms flocked to do business with Libya after the United Nations lifted sanctions on the country, ending a 20-year isolation, after Libyan leader Moamer Gathafi publicly renounced weapons of mass destruction in 2003.
Libya holds the majority of the shares in the local subsidiaries of the foreign firms.
Last month NCO said Libya plans to boost its oil production to two million barrels per day this year and is targeting three million bpd in 2012.