German oil firm accused of withholding $900m from Libya

Libya’s National Oil Corporation chief also claims Wintershall colluded with unlawful efforts by Libyan government to take over sale of oil contracts

Diplomatic editor

A German oil producer has been accused by the head of Libya’s National OilCorporation of withholding more than $900m (£697m) from the Libyan state and colluding with unlawful efforts by Libya’s UN-backed government to take over the sale of the country’s vastly profitable oil contracts.

The power struggle between the NOC and Wintershall – which denied that it owed any money and said it had always met its obligations to the state – has long-term implications for global oil prices and the Libyan economy, since more than 80% of Libyan state revenues derive from oil.

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Source: https://www.theguardian.com/

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