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Spanish king on Libyan business mission

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Spanish king on Libyan business mission

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Spain’s King Juan Carlos has arrived in Libya as part of a two day official visit.

Greeted by Libyan leader Colonel Gadaffi, the king, along with a delegation of Spanish business leaders, is seeking to strengthen ties, particularly in the areas of oil and gas. After years of being in the international wilderness, Libya is seeing an influx of investment from overseas with sanctions now lifted. Spanish oil giant Repsol says it is planning to expand its production in the country, despite threats earlier this week by Gadaffi that Libya was looking at nationalising foreign firms because of low oil prices. Spain’s government estimates business between the two countries could amount to more than 13 billion euros. Libya’s growing oil income has seen a massive increase in investment in infrastructure, much of which fell into disrepair during its long diplomatic isolation.