Lybian PM says oil running out fast !

Dr Shukri Ganem, Libya’s prime minister.

http://www.gulf-news.com/Articles/BusinessNF.asp?ArticleID=143767

CLIP>>” “The challenge we face today is that oil has become a problem for us. We can not think beyond oil. It is going to run out in the near future… He predicted a further increase in the price of oil. …Research reports suggest that oil consumption will exceed the level of oil production, putting pressure on future oil prices.<< Libya tells Arabs to end dependence on oil
Dubai | By Saifur Rahman, Staff Reporter | 15/12/2004 | Print this page

Arab countries must end their dependence on oil or face disaster, a Libyan official said yesterday.
“If the oil wealth disappears, many oil-producing countries will face catastrophe,” said Dr Shukri Ganem, Libya’s prime minister.

“The challenge we face today is that oil has become a problem for us. We can not think beyond oil. It is going to run out in the near future.

“And due to our heavy dependence on oil, we are vulnerable to frequent fluctuations in its world price,” he said.

He predicted a further increase in the price of oil.

“Research reports suggest that oil consumption will exceed the level of oil production, putting pressure on future oil prices. Opec’s role in determining the oil price will increase as a result,” he said.

Dr Ganem discussed Libya’s reform strategy. Libya, which has been politically isolated for decades, is in the process of rejoining the global community.

The country has undertaken massive social, economic and political reforms to diversify and prepare itself for foreign direct investment.

“We are now offering subsidies to encourage expansion of agricultural operations. We are focusing on the diversification of the economy, empowerment of people,” he said.

“We have relaxed foreign investment laws to attract foreign direct investment. We are also focusing on the non-oil economic sectors, such as property and tourism, which are major employment and revenue sources,” he said.

Dr Ganem also spoke about terrorism and the Palestinian-Israeli conflict.

“We oppose all forms of terrorism, including state terrorism. Our country is one of the biggest victims of terrorism. We strongly condemn state terrorism.

“Terrorism is a phenom-enon used by others against us. For example, foreign enemies put mines in our lands that made agriculture difficult for our farmers.”

Dr Ganem spoke about the possibility of a single-country solution to the Palestinian-Israeli conflict.

“By 2020, we hope to see a single state in Palestine in which Arabs, Muslims, Christians and Jews live side by side in peace. In South Africa, the blacks, whites, Arabs, Muslims, Indians and Jews live together. Why can’t they do the same in Palestine?” he said.

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