Gaddafi courts Italian investors

Muammar Gaddafi on Friday courted Italian investors with a promise of priority treatment, saying oil-rich Libya could act as a gateway to fast-growing Africa.

“Italian companies will have priority in Libya and we will not favour the supply of gas and oil to other countries at the expense of Italy,” the Libyan leader told an enthusiastic audience at Confindustria, the Italian business lobby, in Rome.

Libyan officials confirmed that Libya, which has built a $70bn sovereign wealth fund on its oil and gas exports, planned to spend $12bn on attracting foreign investment, including five-year tax breaks, free trade zones, cash grants and joint venture projects.