Libyans agree in principle on unified oil structure - minister

17 May 2016 - 13:56 By REUTERS

Rival Libyan factions have reached an agreement in principle to have one oil organisation for the strife-torn north African OPEC member, the foreign minister of the new U.N.-backed unity government said on Tuesday. "These institutions can only be managed centrally. That's why it was agreed that both institutions from east and west be united, so that there is only one oil company, one investment company and one central bank," Foreign Minister Mohammed Siyala told reporters in Vienna."The first steps to achieve this are being taken now, there is an agreement on the basic points and principles and now we're waiting for the implementation."The West is counting on the unity government to tackle Islamic State in Libya and stop new flows of migrants heading across the Mediterranean, though the new leaders are still not in control of the capital city, Tripoli. ..

There’s never been a more important time to support independent media.

From World War 1 to present-day cosmopolitan South Africa and beyond, the Sunday Times has been a pillar in covering the stories that matter to you.

For just R80 you can become a premium member (digital access) and support a publication that has played an important political and social role in South Africa for over a century of Sundays. You can cancel anytime.

Already subscribed? Sign in below.



Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.