By Ghaith Shennib
TRIPOLI (Reuters) – Libya said on Wednesday the headquarters of three more state firms as well as the state energy corporation would move from Tripoli to the eastern city of Benghazi, in a measure intended to devolve more authority to the oil-rich region.
The Star Online
May 29 (Reuters) – Libya confirmed on Wednesday that the headquarters of the state energy firm would move to the volatile eastern city of Benghazi, a response to demands for more authority for the oil-rich region which may prove a headache for international companies.
[EXCERPT] Libyan Oil Minister Abdel Bari Ali al-Arousi said his country was ready to recover from civil war and take its rightful place as the powerhouse of North African energy producers. In its monthly report for May, OPEC said that Libya’s economic recovery, despite lingering violence, was “exceptionally strong” with an 80 percent increase in gross domestic product year-on-year. Arousi told delegates at last week’s offshore energy conference in Houston that his government was looking to bring investors back to a country that boasts more than 40 million barrels of oil reserves. Amid accusations that gunmen are now influencing decisions in Tripoli, international players may have an obligation to keep Libya from sinking once again.