The head of Libya’s east-based administration threatened Saturday to block oil and gas exports from territory under its control, claiming the UN-recognised government in Tripoli was wasting energy revenues. Oussama Hamad also said in a statement that he had “frozen” 2022 oil revenues “equivalent to more than 130 billion dinars (around $27 billion)” as a first step. Hamad accused the government in Tripoli of wasting energy revenues by making “extravagant spending”, without elaborating. He also demanded a “fair distribution of oil revenues”. Libya sits atop Africa’s biggest oil reserves but has been engulfed by conflict since a NATO-backed revolt toppled longtime dictator Moamer Kadhafi in 2011.

Source: Libya Today June 24, 2023 19:04 UTC