NOC "Opens Books" to Oil Firms

Reuters reports that the National Oil Corporation (NOC) has opened its books to international oil firms to reassure them that payments for exported oil were not being used to fuel hostilities between rival factions.

Among the companies that the NOC met last month were ConocoPhillips, Occidental Petroleum, Total, OMV, Eni and Statoil.

The Tripoli-based company also meets regularly with the International Monetary Fund (IMF) and the World Bank.

NOC Chairman Mustafa Sanallah said:

"They know where our money comes from, and where it is sent in Libya ... The money flow is very clear to them, and they were happy with this."

 He added that international companies needed to "be sure the money is not going to some militias."

Meanwhile, Libya's internationally recognised government said it wanted all oil exports to be paid for through an alternative payment structure involving banks in Dubai.

(Source: Reuters)

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