Libya's Surprise Oil Minister Change Throws Spotlight on Output [Financial Post (Toronto, Ontario, Canada)]
ENI S.p.A. (E)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — The dramatic replacement of Libya's oil chief may help drive deals and revive the OPEC member's beleaguered energy sector, but a fragmented political picture still leaves numerous hurdles for international firms to negotiate. Oil Minister Mohamed Oun was suspended this week as a government agency investigates alleged violations including “circumventing the law and wasting public money.” Within hours, a replacement was named from within the board of the state-run National Oil Corp., which has frequently been at loggerheads with the ministry on policy. Oun has denied any wrongdoing and said the probe should be expedited. Article content Article content Khalifa Abdul Sadiq's move to the hot seat likely aligns the NOC and the ministry, potentially laying the ground for a short-term revival of the sector that's key for Libya's economy and a crucial s
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