German oil firm accused of withholding $900m from Libya

A German oil producer has been accused by the head of Libya’s National OilCorporation of withholding more than £697m from the Libyan state and colluding with unlawful efforts by Libya’s UN-backed government to take over the sale of the country’s vastly profitable oil contracts.

The power struggle between the NOC and Wintershall – which denied that it owed any money and said it had always met its obligations to the state – has long-term implications for global oil prices and the Libyan economy...Read more HERE