China in a bid to safeguard its investments in Libya and quell the tension that is mounting in the country between the Libyan rebels and Muammar Gaddafi, urged the government to protect the strong oil trade links between the two countries, following a warning issued by a Libyan rebel about severing ties with China after dethroning Muammar Gaddafi.
AGOCO, a Libyan rebel oil firm on Monday said that Russian and Chinese firms may lose out on oil contracts in light of of the nations not backing the protests against Gaddafi.
"China's investment in Libya, especially its oil investment, is one aspect of mutual economic cooperation between China and Libya, and this cooperation is in the mutual interest of both the people of China and Libya," the deputy head of the Chinese Ministry of Commerce trade department, Wen Zhongliang, was quoted by Reuters as saying.
Libyan oil imports comprise 3% of China's consumption. The Chinese Foreign Ministry on Monday, quickly made amends by stating that Beijing will support the will of the Libyan people, and is hoping that the country will return to peace and normalcy.
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