BREAKING NEWS

Libya's silence on oil deals a setback for transparency

By REUTERS

JANUARY 25, 2013 10:04

LONDON/TRIPOLI - Libya will not reveal the details of its oil sales this year, National Oil Corporation (NOC) officials told Reuters this week, stepping back from pledges to deliver greater transparency after the corruption of the pre-revolutionary regime.

Oil producers commonly keep the details of crude deals secret, yet Libyan officials promised to publish the details of oil deals after over 40 years of secrecy under deposed leader Muammar Gaddafi.

The state firm revealed who would buy Libya's oil in 2012 and began releasing information on prices and volumes of oil shipments on its website - but this lasted just two months, ending in 2011.

Libya's NOC chairman, Nuri Berruien, said any secrecy clauses were introduced at the request of clients, not the NOC, and that most of last year's buyers would continue to purchase its oil.

The state firm would resume publishing details on its yearly activities, he said.

"I have asked them (marketing department) to put all of the activities undertaken last year on the website, like an annual report. I am surprised it is taking this long, but it will be there," Berruien said.

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