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FINANCIAL NEWS
Libya investigating decentralization of oil management in east
23 Mar 2012
(MENAFN) Chair of the Libya Oil and Gas Summit said that the country introduced plans to grant more autonomy to Libya’s oil rich east, thus power would be devolved to subsidiary firms previously controlled by the state’s National Oil Corporation (NOC), reported Arab News.
The chairmnan said that previously, subsidiaries did not have control over exploration, upgrading and training. All that will change as the country is eyein more decentralization.
It is worth noting that Libya’s east was starved of cash during Muammar Qaddafi’s 42-year rule, and calls for federal rule have been fuelled by long-standing complaints it has been deprived of its fair share of wealth.
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