Africa Map

African Press Agency

African Press Agency Logo

 Environment/Natural Resources
 Global Conflicts/Terrorism
 Science & Tech
 Economic & Social Development
 Country Profile
 Useful Links
 Contact us


[Published: Thursday October 06 2011]

 Libya's NOC seeks $ 6bln in sanctions debts

London, 06 Oct – (ANA) - Libya's top oil body is pursuing international oil firms for bills worth around $ 6 billion that were left unpaid this year due to U.N. sanctions imposed in March, a source in the National Oil Corporation (NOC) told Reuters.

Negotiations to recoup the unpaid money will put to the test relations between the OPEC member country and its partners from the period of Muammar Gaddafi's rule, who are now seeking to rebuild ties with the new administration.

The outcome of the negotiations will also give an indication of the previously all-powerful NOC's authority in the new Libya as rival bodies vie for control of its economic lifeline.

"We are starting to make arrangements for them to repay this money. It is more than $6 billion. They may be able to give us oil products," said a senior source in the NOC who declined to give his name.

Libyan officials have shown a willingness to honour previous production agreements but with oil now trickling onto international markets, it remains to be seen if old contracts will stand in the trading arena.

Billions of dollars in oil payments were blocked in March when the United Nations introduced sanctions on the NOC after Gaddafi launched a violent crackdown on protesters. (ANA)

FA/ANA/06 October 2011--------


North South News website

Advertise banner

News icon Trump/Rouhani
News icon Trump/Nominee
News icon Zimbabwe/Teacher
News icon Rosenstein/Trump
News icon Barbados/Rihana
News icon Iran/Gunmen
News icon Canada/Rohingya
News icon Libya/Fighting
News icon China/US
News icon Tanzania/Ferry

AFRICAN PRESS AGENCY Copyright © 2005 - 2007