US Treasury lifts sanctions on Libyan oil subsidiaries

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US Treasury allows trade with Libyan oil producers

The US Treasury has lifted sanctions on several Libyan oil subsidiaries, following international efforts to aid the National Transitional Council in rebuilding the country.

On Friday, the Office of Foreign Asset Control (OFAC) issued a licence reversing sanctions imposed in February when unrest first broke out in Libya. This new regulation allows US nationals to engage in any transactions involving entities owned or controlled by the Libyan National Oil Corporation, with the exception of Zueitin