FACTBOX-Foreign investments in Libya since sanctions ended

(Reuters) - U.S. companies are hoping Secretary of State Condoleezza Rice's visit to Libya on Friday will improve access to a country in desperate need of foreign investment and expertise as it emerges from years of sanctions.

But the oil-rich north African state remains a risky bet due to an opaque bureaucracy, erratic decision making and the lack of a transparent business culture.

Here are the main sectors that stand to gain from improved U.S. ties and some examples of inward investment deals since the end of the international embargo.

POTENTIAL INVESTMENT SECTORS

OIL/GAS - This sector, the pillar of Libya's economy, is already open to U.S. participation. But better relations, in particular the provision of more visas for U.S. executives, are expected to help deepen the U.S. role in the energy sector. The main U.S. companies involved so far are Amerada Hess, ExxonMobil, Chevron and Occidental Petroleum Corp.

INFRASTRUCTURE - Water, telecoms, transport, power generation and distribution, construction and engineering.

BANKING - Libya wants to modernise its primitive state-dominated banking sector and is seeking outside expertise.

HEALTH - Libya is upgrading its health sector and wants to attract international medical expertise to support this effort.

EXAMPLES OF INWARD INVESTMENT

January 2005 - Libya names Amerada Hess and Occidental, Australia's Woodside Petroleum Ltd and Brazil's Petrobras among winners in its first post-sanctions upstream oil and gas licensing round.

May 2007 - During a visit to Libya by UK Prime Minister Tony Blair, Tripoli agrees to buy British missiles and air defence systems and oil giant BP signs major gas exploration deal with an initial exploration commitment of at least $900 million (509 million pounds).

July 2007 - Libya selects a 145 million euro offer from BNP Paribas for 19 percent stake and strategic partnership in Sahara Bank, the first partial privatisation deal for Libya.

December 2007 - Libya awards permits to Russia's Gazprom, Algeria's Sonatrach, Royal Dutch Shell and Poland's PGNiG in its first gas-focused exploration licensing round.

December 2007 - France heralds billions of euros in Libyan deals for airliners, utilities, construction and nuclear power during a visit to Tripoli by President Nicolas Sarkozy. Among the announced deals were orders for 21 Airbus aircraft, worth a total of around $3.2 billion at list prices.

April 2008 - Russia agrees to cancel $4.5 billion of Libyan debt, unlocking big military and civilian deals including a 2.2 billion euro ($3.48 billion) contract for Russian state railways.

August 2008 - Rome and Tripoli sign a $5 billion colonial compensation deal under which Italian firms will build a highway across Libya and win access to energy contracts.

(Reporting by Tom Pfeiffer; Editing by Victoria Bryan)