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Libyan Parliament Denounces Sale of Libyan Assets

January 30, 2023
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On Sunday, the Economic and Investment Parliamentary Committee denounced the sale of Libyan assets in Africa, at public auction.

In a statement, the Committee said that “these properties belong to the Libyan African Investments Company (LAICO), in the capital of the Central African Republic, Bangui.”

It also vowed to “initiate a criminal case in the event that the auction continues to be announced.”
It confirmed that the “selling process in this way, and at this time, is a legal and moral violation and plundering of the capabilities of the Libyan people.”

In addition, it called for “stopping the auction immediately and taking all required measures to hold those responsible accountable and to protect Libyan investments in CAR and other countries around the world.”

Neither the authorities in Bangui, or the Tripoli-based Government of National Unity (GNU) in Libya have issued comments regarding the sale of the Libyan assets at public auction.

In CAR, Libya owns a five-star hotel, two residential buildings, and land obtained by the Libyan state in return for loans granted under an agreement signed between the two countries in 2007, according to LAICO.

Notably, Libya’s state-run National Oil Corporation (NOC) signed an $8 billion dollars gas deal with Italian energy giant Eni on Saturday, as Prime Minister Giorgia Meloni visited Tripoli.

European governments have been scrambling to find alternatives to Russian gas since last year’s invasion of Ukraine saw deliveries slashed to less than half their pre-war levels. This sent prices soaring to record highs, and triggered costly state subsidies to protect consumers.

Eni said it was the first major project in Libya since early 2000, and involves the development of two offshore gas fields. “The overall estimated investment will amount to $8 billion, with significant impact on the industry and the associated supply chain, allowing a significant contribution to the Libyan economy.” The company has an 80% share of Libya’s gas production.

On Sunday, the Economic and Investment Parliamentary Committee denounced the sale of Libyan assets in Africa, at public auction.

In a statement, the Committee said that “these properties belong to the Libyan African Investments Company (LAICO), in the capital of the Central African Republic, Bangui.”

It also vowed to “initiate a criminal case in the event that the auction continues to be announced.”
It confirmed that the “selling process in this way, and at this time, is a legal and moral violation and plundering of the capabilities of the Libyan people.”

In addition, it called for “stopping the auction immediately and taking all required measures to hold those responsible accountable and to protect Libyan investments in CAR and other countries around the world.”

Neither the authorities in Bangui, or the Tripoli-based Government of National Unity (GNU) in Libya have issued comments regarding the sale of the Libyan assets at public auction.

In CAR, Libya owns a five-star hotel, two residential buildings, and land obtained by the Libyan state in return for loans granted under an agreement signed between the two countries in 2007, according to LAICO.

Notably, Libya’s state-run National Oil Corporation (NOC) signed an $8 billion dollars gas deal with Italian energy giant Eni on Saturday, as Prime Minister Giorgia Meloni visited Tripoli.

European governments have been scrambling to find alternatives to Russian gas since last year’s invasion of Ukraine saw deliveries slashed to less than half their pre-war levels. This sent prices soaring to record highs, and triggered costly state subsidies to protect consumers.

Eni said it was the first major project in Libya since early 2000, and involves the development of two offshore gas fields. “The overall estimated investment will amount to $8 billion, with significant impact on the industry and the associated supply chain, allowing a significant contribution to the Libyan economy.” The company has an 80% share of Libya’s gas production.

Tags: AfricalibyaLibyan AssetsLibyan parliament
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