FINANCIAL NEWS

US allows oil deals with Libya’s TNC

29 Apr 2011

(MENAFN) US Ambassador to Libya, Gene Cretz, said that the US government would take the needed procedures to help Libyan opposition by authorizing international oil deals with the Transitional National Council (TNC), reported Arab News.

Cretz added that although the group didn’t gain a full diplomatic recognition, it proved it was a political organization that worth the States’ support and by helping them in exporting oil, millions of dollars would be added to the rebels’ funds.

He also said that Qatar Petroleum consented to market oil for the council, whereas the Treasury Department’s Office of Foreign Assets Control would cover oil transactions, adding that the first major oil shipment tanker from rebel held territory would arrive in Singapore this week before heading to China.

It is worth noting that US President Barack Obama approved the release of up to USD25 million in nonlethal US supplies to support groups protecting civilians threatened by Muammar Qaddafi’s forces including the TNC. The assistance that might include items like radios and military uniforms, comes atop some USD47 million in US emergency relief aimed at easing the humanitarian crisis caused by Libya’s conflict.

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