Neoliberal reform in post-Gaddafi Libya

Ventures Africa, April/May:

The efficacy in distributing oil wealth throughout the country will not necessarily be a cure for all of Libya’s ills but it will be the jumping-off point for recovery from the collapse of the previous government and a disruptive civil war. Part of the difficulty involved in making sure oil revenue is properly used will be reforming Libya’s National Oil Corporation (NOC), formerly the Libyan National Oil Company, which had been run under 40 years of Qaddafi’s dictatorial rule. Oil produced prior to 2011 in Qaddafi’s Libya was subject to 95 percent tax aimed mostly at multinationals. The figure has now decreased to approximately 75 percent, on par with energy giants like Russia and Norway. With nothing but time to bide, the proper divestiture of oil revenue to a vulnerable population, coupled with a flourishing democracy, may just reverse the bygone days of Qaddafi’s centralised socialism.