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Libya demands local chief execs

LIBYA is now demanding that foreign companies hire Libyan chief executives to run any joint ventures.<br /><br />In a move which will be seen as another step towards nationalism in the country&rsquo;s oil industry, the government directive says firms with foreign participation must appoint Libyan heads.<br /><br />The rule change is likely to be off-putting for foreign firms, especially if they are financing the deal.<br /><br />Other signs of protectionism include a ban on offshore engineering for gas and oil projects and demands that local equipment suppliers are used.