Oct 11 - Libya Seeks $6 Billion Debt Accrued During U.N. Sanctions

Source Press
Company Libyan National Oil CorporationBP Plc.ConocoPhillipsENI S.p.A.ExxonMobilOMV GroupVitol 
Tags Oil & Gas Trading
Date October 05, 2011

(Reuters) Libya's top oil body is pursuing international oil firms for bills worth around $6 billion that were left unpaid this year due to U.N. sanctions imposed in March, a source in the National Oil Corporation (NOC) told Reuters this week. Negotiations to recoup the unpaid money will put to the test relations between the OPEC member country and its partners from the period of Muammar Gaddafi's rule, who are now seeking to rebuild ties with the new administration. The outcome of the negotiations will also give an indication of the previously all-powerful NOC's authority in the new Libya as rival bodies vie for control of its economic lifeline.

Libyan officials have shown a willingness to honour previous production agreements but with oil now trickling onto international markets, it remains to be seen if old contracts will stand in the trading arena. 

The NOC source said the list of debtors included ConocoPhillipsExxon Mobil Corp, BP, OMV,  Vitol, Eni and Saras. Exxon said on Wednesday it will settle any outstanding debts with Libya.

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