Oil wealth ‘must be shared’ with citizens says Soros
3 March 2011 Last updated at 19:02 ET
Citizens of oil producing nations must see more benefit from their country’s national resources, billionaire investor George Soros has told the BBC.
Revolts in Libya were partly the result of “revulsion against a corruption” fed by the misuse of oil money, he added.
More “transparency and accountability” was needed from other producers such as Russia and Saudi Arabia he said.
Mr Soros also predicted the Iranian regime would be overthrown in the “bloodiest of the revolutions”.
Libya produces 1.6 million barrels of oil per day and is the 17th largest producer in the world.
And Colonel Gaddafi’s hold on power has been dependent on the billions of dollars in oil revenue that pour into the country.
Talking of the wave of governments being challenged in North Africa and the Middle East, Mr Soros said: “What has caused the revolutions is a revulsion against a corruption that is fed by the misuse of natural resources like for instance in Libya.
“Transparency and even more importantly accountability in the use of natural resources is what you need for people living in those countries to get the benefit of those national resources.
“Libya produced enormous wealth which Gaddafi took as his own and now the people rebelled against it.”