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[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--------


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