Libya’s NOC pursues USD6b in unpaid oil bills

06 Oct 2011

(MENAFN) Libya’s National Oil Corporation (NOC) said that the corporation started negotiations with international oil firms in order to pay their unpaid bills with a value of more than USD6 billion, reported Arab News.

The NOC added that the new Libyan authorities promised to honor oil agreements that were signed during the Qaddafi regime; however, the negotiations would put the relations of the new administration in Libya with the ousted-regime’s partners under the test.

It also said that the companies included ConocoPhillips and Exxon Mobil, the US oil majors, British BP, Austrian energy group OMV, trading firm Vitol and Italian oil firms Eni and Saras.

It is worth noting that if oil companies tried to halt payments, or refused to pay interest on payments, then future relations with the NOC and commercial prospects in Libya would be damaged.

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