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Libya says oil contracts under review

25 May 2012, 10.58 am GMT

Libya says oil contracts under review

London, 25 May (Argus) – Libya's interim prime minister Abdurrahim El-Keib said that Libya is reviewing all contracts signed by the previous regime in the oil sector and all other sectors for any evidence of corruption or illegal practice.

The purpose is to verify contracts, rather than to cancel them, said El-Keib. “We want to respect every contract signed,” he said.

“We are verifying the fact that all the contracts were signed in a legal format,” said El-Keib. “If so, then they will be respected,” he added. Libya would publicly announce any corruption that it finds associated with any existing contracts, but is still in the process of examining them and has not decided to cancel any contracts, he said.

Libya's interim government has put in place a “serious programme” to disarm militias that participated in the revolution that overthrew the previous regime of Moammar Gaddafi, El-Keib said here today. The plan is based on integrating fighters who are still armed into the state system, he said.

“It is important for us that security and stability are achieved,” to enable forthcoming legislative elections to take place in an atmosphere of security, freedom and transparency, said El-Keib. He acknowledged that his eight-month old transitional government faces “numerous challenges”, but said the government has made “excellent progress”.

Libya has achieved an “impressive” crude oil output target, reaching pre-war levels with a speed that “surpassed the predictions of many,” he added. But the country's oil sector remains in need of the expertise of companies that can offer enhanced oil recovery techniques and those firms would be welcome in Libya, El-Keibi said.

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