By February, Turkey plans to sign a preliminary 2.7 billion dollars compensation deal for work carried out in Libya before the 2011 civil war, a sector official said, seeking to revive stalled Turkish business operations in the conflict-ridden country.
Turkish business projects were disrupted by turmoil when rebels overthrew Muammar Gaddafi nine years ago, and hit again by ongoing fighting there.
Muzaffer Aksoy, chairman of the Turkish-Libyan Business Council, claimed that the deal will encompass a 1 billion dollars as a letter of guarantee, 500 million dollars in damage to machinery and equipment and unpaid debts of 1.2 billion dollars.
With current projects in Libya on hold due to fighting, the backlog of Turkish contract work in Libya amounts to 16 billion dollars, including 400-500 million dollars for projects which have not yet begun, Aksoy added.
He also announced that “New contracts were signed: projects like power stations, housing, business centres. However, since April, they have not been effected for security reasons,” Aksoy said.