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China says Libya ready to compensate Chinese companies

Libya has said it is ready to compensate Chinese companies, China's foreign ministry said on Wednesday, raising the possibility that Chinese businesses that suffered losses during the country's unrest may receive some payment.

November 23, 2011 11:00 by

Foreign ministry spokesman Liu Weimin made the comments to reporters at a press briefing in Beijing.

China has limited investments in exploring and producing oil in Libya, and is instead focused on servicing the sector. China’s companies also have significant construction contracts in the country.

China said earlier this year that it had suffered severe economic losses as a result of the political turmoil in Libya. (Reporting by Sui-Lee Wee; Writing by Don Durfee; Editing by Chris Lewis)

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