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Chinese oil giant ends ops in Libya, Syria: report
Posted By aaron On August 24, 2011 @ 1:33 pm In World News | Comments Disabled
August 24, 2011
China’s largest oil and gas producer has shut down six major projects in war-torn Libya, Syria and other restive nations because of political instability, state media said Tuesday.
The decision came as Libyan leader Moamer Kadhafi’s regime appeared close to collapse after rebels took over the capital Tripoli, and as other countries in the Middle East and Africa experienced bouts of unrest.
The projects in Libya, Niger, Syria and Algeria were run by Great Wall Drilling Co (GWDC), a subsidiary of the state-owned giant China National Petroleum Corp (CNPC), the Beijing Times newspaper reported.
Quoting company insiders, it said the exploration projects had been terminated due to “political instability” and to “protect the staff’s safety.”
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