BREAKING NEWS

Rebels to respect oil contracts signed by Libya

By REUTERS

MARCH 10, 2011 18:45

BENGHAZI, Libya - The National Libyan Council based in the rebel-controlled east said on Thursday it respect all oil contracts signed by Libya after a violent revolt that has slashed output of the OPEC producer.

"We have already assured people we respect all contracts signed by Libya, this is especially true regarding the oil industry," council spokesman Hafiz Ghoga said, adding the council was acting as an emergency administration and so had a right to oil revenues and to spend them according to priorities.

"We are seeking to increase our production of oil but the bombardment of certain oil industry locations will definitely affect our levels of production," Ghoga told a news conference.

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