Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

France watches as Scotland votes

Read more

BUSINESS DAILY

Jack Ma, the man behind Alibaba's record stock market debut

Read more

DEBATE

If Scotland Says 'Aye': Polls Say Indpendence Referendum Too Close to Call

Read more

DEBATE

If Scotland Says 'Aye': Polls Say Independence Referendum Too Close to Call (part 2)

Read more

MEDIAWATCH

Scottish referendum in the media

Read more

WEB NEWS

Young Iranians use illegal technology to bypass internet censorship

Read more

AFRICA NEWS

Homosexuality in Africa: Kenyan movie debuts at Toronto Film Festival

Read more

AFRICA NEWS

Ebola virus: US to send 3,000 troops to West Africa

Read more

THE BUSINESS INTERVIEW

Inger Andersen, Vice President for the Middle East and North Africa, The World Bank

Read more

France

France to release Libyan funds, but denies oil pact

Video by Mounia BEN AÏSSA , Shona BHATTACHARYYA

Text by News Wires

Latest update : 2011-09-01

French Foreign Minister Alain Juppe (pictured) said Thursday that France would release 1.5 billion euros in Libyan assets to help in the country’s reconstruction, but denied knowledge of a prearranged oil deal between the two countries.

REUTERS - France has approval to release 1.5 billion euros ($2.16 billion) of Libyan assets to help the country’s interim ruling council rebuild the country, French Foreign Minister Alain Juppe said on Thursday.

The minister also said he was unaware of a reported deal between France and Libya’s interim rulers that would grant the former access to a large share of Libya’s oil.

Juppe, interviewed on RTL radio shortly before the start of an international conference on Libya in Paris, said the situation in Libya had largely stabilised and it was now time to help the interim rulers after the overthrow of Muammar Gaddafi.

France revealed on Wednesday that it had asked the United Nations Sanctions Committee to unfreeze 1.5 billion euros of a total 7.6 billion euros in assets parked in French banks.

“We have to help the National Transitional Council because the country is devastated, the humanitarian situation is difficult and there’s a lack of water, electricity and fuel,” Juppe said.

The French newspaper Liberation reported on Thursday that it had obtained a letter showing that the National Transitional Council had agreed in April to give France priority access to 35 percent of Libya’s oil.

“I am not aware of this letter,” said Juppe.

“What I know is the National Transitional Council said very officially that concerning the reconstruction of Libya it would turn in preference to those who helped it. That seems fair and logical to me.”

“There’s a declaration by the National Transitional Council but I am not aware of a formal deal. We’re not alone. Italy is also there, (and) the Americans. You know this operation in Libya costs a lot. It’s also an investment in the future because a democratic Libya is a country that will develop, offering stability, security and development in the region.

Date created : 2011-09-01

  • DIPLOMACY

    France gives millions in Gaddafi funds to rebels

    Read more

  • SYRIA

    French ambassador visits flashpoint city of Hama

    Read more

COMMENT(S)