Libya's Vital Oil in Peril as Conflict Rages, UN Envoy Says
- OPEC member needs quick investments in sector, Salame says
- Government borrowing has some lenders on brink of bankruptcy
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A dearth of investment in Libya’s oil sector, as well as heavy borrowing by the state from local banks, is sharply undercutting the OPEC member’s ability to revive production critical to the economy, the United Nations envoy to the country said.
The warning by Ghassan Salame hangs over tortuous efforts by the North African nation’s two rival leaders to reach a power-sharing agreement that could mark a breakthrough in ending a ruinous eight-year war that began with the ouster of Moammar Qaddafi.