LIBYA: National Transitional Council says it will make oil and the protection of the country's installations a priority

Record ID: 343582

  • Title: LIBYA: National Transitional Council says it will make oil and the protection of the country's installations a priority
  • Date: 30th May 2011
  • Summary: BENGHAZI, LIBYA (MAY 29, 2011) (REUTERS) LIBYAN NATIONAL TRANSITION COUNCIL (NTC) MINISTER FOR OIL AND FINANCE ALI TARHUNI ARRIVING TO GIVE NEWS CONFERENCE CAMERAMAN (SOUNDBITE) (English) LIBYAN NATIONAL TRANSITION COUNCIL (NTC) MINISTER FOR OIL AND FINANCE ALI TARHUNI SAYING: "In the west there is no oil is flowing , there is no oil is sold. We know that. The main iss
  • Embargoed: 14th June 2011 13:00
  • Keywords:
  • Location: Libya
  • Country: Libya
  • Topics: Domestic Politics,Energy
  • Reuters ID: LVAF5CBX9RJJZUVAXD46741RGU4T
  • Story Text: The minister for oil in Libya's eastern National Transition Council (NTC) said on Sunday (May 29) that the new government will make oil a priority as it faces the uphill batlle of making economy work without any real national income.
    The NTC's Ali Tarhuni said they would not have recourse to private security firms and would secure Libya's oil installations with their existing resources.
    "In the west there is no oil is flowing , there is no oil is sold. We know that. The main issue with oil now is the protection of oil fields and the protection the workers. That's the primary goal for me its to make sure of that and we are working day and night to make sure that we have that protection and we made the decision that for the safety and the protection of the oil field , we will not use private security firms," Tarhuni said.
    The country, whose oil accounts for a fourth of Italy's demand, is the first major oil exporter to be thrust into acute turmoil since protests began sweeping through the Middle East in January, unseating presidents in Tunisia nd Egypt.
    An estimated 300,000 to 400,000 barrels per day (bpd) of Libya's 1.6 million bpd of production has been halted, as companies evacuate staff and suspend operations, according to the latest Reuters calculations.
    But Tarhuni said it was extremely difficult to make the economy work without the steady income Libya used to enjoy from oil revenues.
    "I think even our friends have to be reminded that we are in a war and not only that I am trying to manage this economy, a war economy, I do not have any resources , not a single dime came into the treasury , not a single dime. And running any economy even during peaceful time is a big challenge, let alone as i said a war economy" he said.
    As the revolt aimed at ending Gaddafi's 41-year rule intensifies, oil infrastructure could enter the power play. Unlike in major African exporters Nigeria and Angola where oil is mostly offshore, installations are mostly on land in Libya, making them potentially more vulnerable.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register