French, US, Canadian Oil Ventures in Libya

French, US, Canadian Oil Ventures in Libya

Thursday, April 14, 2011
Deutsche Presse-Agentur (dpa)

Three Libyan oil ventures involving French, US and Canadian companies had their assets frozen by the European Union on Thursday, as it issued a fresh round of sanctions in a bid to increase pressure on the regime of Moammer Gaddafi.

Sanctions against a total of 11 Libyan energy firms came into force Thursday.

The three joint ventures are between Libya's National Oil Corporation and France-based Total, and the US-based Occidental Petroleum Corporation and Petro Canada.

The other companies targeted by the sanctions are all subsidiaries of the National Oil Corporation.

These sanctions add to the 16 energy companies already placed under sanctions, implementing a "de facto oil and gas embargo," said German Foreign Minister Guido Westerwelle on Tuesday while announcing the extra sanctions.

The EU also froze the assets of 15 other Libyan companies, including banks, investment firms and Libyan Arab Airlines, which is owned by the Libyan government.

Libya's ambassador to Chad and the governor of Libya's southern Ghat district were also hit with travel bans and asset freezes for recruiting mercenaries to support Gaddafi's regime.

Some two dozen people, including Gaddafi, his relatives and close associates, had earlier been targeted by EU sanctions.

One, however, had his travel ban and asset freeze lifted on Thursday, former foreign minister Musa Kusa, who had been defected on March 30, in Britain.