FINANCIAL NEWS

Libyan rebels eyes bringing back old oil partners

25 Aug 2011

(MENAFN) The National Transitional Council’s minister of infrastructure and reconstruction, Ahmed Jehani, said that the Libyan rebels are seeking to bring back business partners of Muammar Qaddafi’s regime, part of a strategy to restart oil production as soon as possible, reported The National.

Jehani also said that the rebel government plans to honor contracts that were on the time of Qaddafi and has held talks with all oil companies that were pumping in Libya before the conflict concerning that matter.

The council’s minister added that oil companies and contractors and anyone who has a stake in this country is welcome to come back. He stressed that these companies would be of a great help to lift international sanctions of Libya.

It is worth noting that Libya, a member of Opec, pumped about 1.6 million barrels per day before the civil war broke out in February. However, production has plummeted to about 300,000 bpd.

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