Libya: 'New Level of Complexity': Oil Wealth and Libya's Power Struggle

Mar 23, 2015 | Al Bawaba
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The battle for Libya's oil wealth has taken on new dimensions as rival governments lay claim to the National Oil Company (NOC), further deepening divisions in the volatile North African nation.The latest row erupted last week as UN envoy Bernardino Leon, who is mediating between Libya's warring factions, warned the country was heading towards destruction unless a political deal is found.It also comes as the Daesh terror group, which has made huge profits from illegal oil sales in Syria and Iraq where it has seized chunks of territory, has gained a foothold in Libya.The once lucrative oil industry has fallen victim to the unrest that has gripped the country since dictator Muammar Qadhafi was toppled and killed in the 2011 NATO-backed uprising.