• NOC looking to increase transparency and reassure foreign buyers of oil
  • Assurances come as country’s two rival governments continue to battle for control of Libya’s mineral wealth
  • State has biggest proven oil reserves in Africa

Libya’s National Oil Corporation (NOC) has opened its books to international oil companies, in a bid to increase transparency and reassure foreign buyers of oil.

UK-based news agency Reuters has quoted NOC chairman Mustafa Sanallah as saying regular meetings are taking place with the Washington-based World Bank and the IMF to keep them on board with the current payment system for Libya’s oil exports.

“They know where our money comes from, and where it is sent in Libya,” Sanallah said. “The money flow is very clear to them, and they are happy with this.”

The assurances come as the country’s two rival governments continue to battle for control of Libya’s mineral wealth.

The state has the biggest proven oil reserves in Africa.

Fighters on both sides of the conflict are paid through the country’s central bank, using funds from oil exports.

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