US slaps sanctions on 14 Libyan oil companies
The US has slapped sanctions on 14 companies controlled by Libya''s state oil company, cutting off a key source of funds for the Muammar Gaddafi''s regime.
March 23, 2011 / 15:10 IST
The US has slapped sanctions on 14 companies controlled by Libya's state oil company, cutting off a key source of funds for the Muammar Gaddafi''s regime.
"The Libyan National Oil Corporation has been a primary funding source for the Qadhafi regime," said Adam J Szubin, Director of the Treasury Department''s Office of Foreign Assets Control (OFAC).
"Consistent with UN Security Council Resolution 1973, all governments should block the National Oil Corporation''s assets and ensure that Qadhafi cannot use this network of companies to support his activities," Szubin said.
The National Oil Corporation is the centerpiece of Libya''s state-owned oil apparatus, and controls a network of companies involved in oil exploration, production, and sale.
The 14 units include oil exploration, distribution, trading, refining, and oilfield services businesses.
The firms are Arabian Gulf Oil Company, Azzawiya Oil Refining Company, Brega Petroleum Marketing Company, Harouge Oil Operations, Jamahiriya Oil Well Fluids And Equipment, Mediterranean Oil Services Company and Mediterranean Oil Services GMBH.
Sanctions were also slapped on National Oil Fields and Terminals Catering Company, North African Geophysical Exploration Company, National Oil Wells Drilling and Workover Company, Ras Lanuf Oil And Gas Processing Company, Sirte Oil Company for Production Manufacturing of Oil and Gas, Zueitina Oil Company and Waha Oil Company. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
