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Libya’s National Oil Corporation (NOC) may use the funds of the Libya Investment Authority (LIA) the country’s sovereign wealth fund to pre-empt (‘post-empt’ would be more accurate) Total’s $450mn purchase of US firm Marathon Oil’s 16.33% stake in the country’s 300,000 b/d Waha concession, reports suggest.
This comes as further evidence emerges that Marathon and Total may have sought to push the deal through before it attracted scrutiny.
Marathon’s Q1 filings on 2 May seemingly contradict the position given by Total on its own earnings call the previous week. Total says that it gave Libya a full month from the deal being announced on 2 March to raise any objections ( MEES, 27 April ).
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