Chinese interests won't be harmed

BEIJING - The turmoil in Libya will not affect Chinese oil firms' investment in Africa, and the decreasing asset valuation in the region may instead open up buying opportunities for domestic companies, Citigroup said on Tuesday.

"The problem is only in Libya. Whatever the resolution of the political unrest is, we remain confident that Chinese assets and interests will not be affected in Africa," Ade Ayeyemi, head of the Africa Division of Citibank's Global Transaction Services, said.

China National Petroleum Corp (CNPC), the biggest oil producer in China by capitalization, which has oil exploration business on Libya's northwestern coast, evacuated its staff from the country in February as concern increased over the turmoil in the country.