Our site uses cookies to facilitate your visit. By continuing, you agree to our use of cookies.

Cookie compliance notification

List of Cookies used on Argus Media

Analytics Cookie

These cookies allow us to count page visits and traffic sources so we can measure and improve the performance of our site, using a service provided by Google Analytics. The analytical cookies are non-intrusive, which explains why they are already set when a user accesses this website.

Cookies used: __utma, __utmb, __utmc, __utmz, __SC_ANALYTICS_GLOBAL_COOKIE, __SC_ANALYTICS_SESSION_COOKIE

Compliance Cookies

This cookie is placed if you click the Hide button in this message. It tells us you have read the message and stops this message from displaying.

Cookies used: CookieLawCompliance

Functional Cookies

These cookies are used to enable core site functionality like login and logout. They do not contain any personal information and are automatically deleted when you close your browser.



In Japan? You can go to Argus Japan


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.

Send comments to feedback@argusmedia.com
sk/ts 2.4

If you would like to review other ArgusMedia.com content options, request more information about Argus' energy news, data and analysis services.

Copyright © 2012 Argus Media Ltd - www.ArgusMedia.com - All rights reserved.

View more news articles

Share this page

Contact Us

Request a callback

I agree to the Argus privacy policy