In August, as rebels fought forces loyal to President Muammar Gaddafi, two representatives of a British business consortium took a "rather long and arduous ferry journey from Malta" to the North African country.
The men traveled to Libya at the invitation of the rebel administration. Britain, along with France and the United States, had given political and military support for the uprising against Gaddafi and sponsored the rebel leadership, the National Transitional Council. This was a chance to close some deals.
The visitors keep coming. In the lobby of the Tibesti Hotel in the rebel stronghold of Benghazi, opportunists mix with diplomats, journalists and aid workers. With NATO's help, the rebels have deposed Gaddafi and now control Tripoli, the capital. Elsewhere fierce fighting continues and Gaddafi remains holed up. The country has yet to pay its workers, write a new constitution or even name a transitional government. But it is a land with deep pockets, and plenty of new friends.
French President Nicolas Sarkozy and British Prime Minister David Cameron received a heroes' welcome last week when they became the first western leaders to visit since Gaddafi's ouster. Interim leader Abdel Jalil said the rebels' allies could expect preferential treatment in return for their help.
It was a clear signal that countries which had not backed the NATO bombing campaign, including Russia, China and Germany, or which were slow to denounce Gaddafi, like Italy, stand to lose out.
But if French and British politicians are tallying up the contracts, business executives are leaving little to chance. Foreign companies withdrew from Libya at the outset of the NATO bombing campaign; sanctions imposed on Gaddafi's regime since February have added to the difficulty of doing business.
Despite this, dozens of executives from France, Britain, Italy and other countries have spent months building ties with potential Libyan partners. In a country fractured by tribe and politics, they say it is relationships that will prove decisive machinery.
The potential profits are huge. While there are pockets of damage to infrastructure and former Gaddafi command centers, the country is in far better shape than Iraq was after the fall of Saddam. At the same time, Libya needs new investment in everything from schools to services. According to the French business federation, Libya should offer around $200 billion in investment opportunities over the next 10 years. With a population of just over 6 million and Africa's largest oil reserves, it has plenty to spend. Up to $170 billion worth of frozen Gaddafi-era assets alone should help pay for reconstruction.
Here's how companies are playing this new front in the latest scramble for Africa.
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Western firms, including trading houses Vitol, Trafigura and Gunvor have already been busy. A London-based team for Vitol sold oil products to the rebels in large volumes as early as April, and helped ship their first crude oil cargo. Trafigura expressed interest, although it is not clear if any deals were concluded.
At the same time, some firms remain wary of doing business with the rebels in case they break international sanctions. Though those sanctions are now easing -- Europe and the United Nations have eased theirs -- U.S. firms in particular are hesitant. One engineering executive expressed optimism about the potential in Libya "once things get going" and said he has been attempting to rekindle old relationships. But he, along with another U.S. company official, said sanctions left them unsure about how much they can do. Many told Reuters they are waiting for guidance from Washington.
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