Petroleum Africa
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Tuesday, April 7, 2015
In an attempt to divert some oil revenues away from the rival government in Tripoli, Libya’s Prime Minister Abdullah al-Thinni from the internationally recognized government said his government would run its own oil sales and deposit revenues abroad.
Thinni authorized his internationally recognized government’s oil corporation to open a separate bank account in the UAE for oil revenues and to seek independent oil sales.
Prior to this all sales have gone through the country’s central bank and NOC in Tripoli.
“The purpose of opening a bank account in the United Arab Emirates is the collection … of oil revenues,” Al-MabrookBouSeif, head of Thinni’s NOC in eastern Libya, told Reuters.
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