EconomicPolicyJournal.com: If You Don't Think Libya Is About Oil, Read This

EconomicPolicyJournal.com: If You Don't Think Libya Is About Oil, Read This:




Gaddafi and former Prime Minster Tony Blair in happier times.

  The Treasury just put out a statement concerning various companies owned by Libya's National Oil Corporation that are subject to sanctions. Most intriguing is this part of the statement:

Treasury will continue monitoring the National Oil Corporation’s operations in Libya. Should National Oil Corporation subsidiaries or facilities come under different ownership and control, Treasury may consider authorizing dealings with such entities.

Here's the entire statement:

TREASURY IDENTIFIES 14 COMPANIES OWNED BY LIBYA’S NATIONAL OIL CORPORATION AS SUBJECT TO SANCTIONS

WASHINGTON – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today identified 14 companies owned by Libya’s National Oil Corporation, as subject to sanctions pursuant to Executive Order (E.O.) 13566.

The National Oil Corporation is the centerpiece of Libya’s state-owned oil apparatus, and controls a network of companies involved in oil exploration, production, and sale. E.O. 13566 blocks all property and interests in property of the Government of Libya and its agencies, instrumentalities and controlled entities within U.S. jurisdiction, whether specifically identified by OFAC or not. U.S. persons are prohibited from engaging in business with any Libyan state-owned entity. Today’s identifications are intended to aid financial institutions in meeting their obligations under E.O. 13566.

“The Libyan National Oil Corporation has been a primary funding source for the Qadhafi regime,” said OFAC Director Adam J. Szubin. “Consistent with UN Security Council Resolution 1973, all governments should block the National Oil Corporation's assets and ensure that Qadhafi cannot use this network of companies to support his activities.”

Treasury will continue monitoring the National Oil Corporation’s operations in Libya. Should National Oil Corporation subsidiaries or facilities come under different ownership and control, Treasury may consider authorizing dealings with such entities.

OFAC identified the following as companies owned by of Libya’s National Oil Corporation:

1. Arabian Gulf Oil Company

2. Azzawiya Oil Refining Company

3. Brega Petroleum Marketing Company

4. Harouge Oil Operations

5. Jamahiriya Oil Well Fluids And Equipment

6. Mediterranean Oil Services Company

7. Mediterranean Oil Services GMBH

8. National Oil Fields and Terminals Catering Company

9. North African Geophysical Exploration Company

10. National Oil Wells Drilling and Workover Company

11. Ras Lanuf Oil And Gas Processing Company

12. Sirte Oil Company for Production Manufacturing of Oil and Gas

13. Zueitina Oil Company

14. Waha Oil Company