...

Libya to change oil payment system

Arab World Materials 11 December 2014 06:40 (UTC +04:00)
Libya's internationally recognized government plans to launch an alternative payment system in an attempt to control the country's oil revenues
Libya to change oil payment system

"In order to control (the oil revenues) and change the (payment) system, we need to set up (a new system) in coordination with banks and NOC (Libya's National Oil Corporation), which will take some weeks," PressTV reported Libya's Prime Minister Abdullah al-Thinni's statement.

The measure aims at circumventing the militants in the capital city of Tripoli as it will nullify their accounts.

"Central accounts existing in Tripoli will be closed," stated the Libyan premier.

Libya is a member of the Organization of the Petroleum Exporting Countries (OPEC). However, the question of the ownership of the Libyan oil resources has baffled the international buyers as the African country currently has two governments, parliaments, and armies.

The country's NOC is also run by two competing directors.

Libya's government and elected parliament moved to Tobruk after an armed group from Misrata seized Tripoli and most government institutions in August.

The new Tripoli rulers have set up a rival parliament and government not recognized by the international community.

Libya plunged into chaos following the 2011 uprising that toppled longtime dictator Muammar Gaddafi. The ouster of Gaddafi gave rise to a patchwork of heavily-armed militias and deep political divisions.

The country has been witnessing numerous clashes between government forces and rival militia groups that refuse to lay down arms. The groups are now turning their guns on each other in an attempt to dominate politics and the country's vast oil resources.

Latest

Latest