Libyan rebels are setting up an alternative national oil company and a central bank to replace the established institutions controlled by the regime of the country's embattled president Muammar Qaddafi.
The Transitional National Council, representing anti-government rebels based in the eastern Libyan city of Benghazi, decided at a meeting on Friday to establish the "Libyan Oil Company as supervisory authority on oil production and policies in the country, based temporarily in Benghazi".
The council has also "designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya".
It said it had appointed an interim director general of the oil company and a governor of the new "Central Bank of Libya, with headquarters temporarily in Benghazi".
The rebel group had signalled some weeks ago that it planned to take such steps, said Samuel Ciszuk, the senior Middle East energy analyst at IHS Global Insight. "It is a realistic move . but it will take some time to get anything logistically up and flowing. There are several hurdles to pass before it will be legally feasible for western companies to deal with them," he said.
"You're creating a de-facto state structure, which is not entirely unproblematic . but when you do that, you send a clear signal."
Last week, the UN Security Council adopted a resolution freezing the overseas assets of Libya's National Oil Corporation (Noc) and central bank on the grounds they were potential sources of funding for Col Qaddafi's regime.
In an earlier resolution, it referred allegations of human rights violations by the regime to the International Criminal Court.
The rebels said their council would "urgently prepare a file on the referral of Qaddafi and his gang and his associates involved in the killing of Libyans" to the court and would begin choosing ambassadors to foreign countries.
Last month, Arabian Gulf Oil said it had broken ties with its parent, Noc, and would work with the Benghazi rebels. The east Libyan company later said it would channel oil payments to the Transitional National Council, but no such revenues have yet materialised.
Yesterday, Arabian Gulf said its output had fallen to 95,000 barrels per day (bpd) from more than 400,000 bpd before the conflict. It said oil was being stored in rebel-controlled facilities in Tobruk, a north-east Libyan port, but no tankers were available to ship the oil out.
On Tuesday, the US Treasury identified 14 companies controlled by Noc and declared them subject to sanctions. Arabian Gulf was among them.
The Treasury said it might modify its decision if the ownership of any of the companies changed.
tcarlisle@thenational.ae
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
The%20specs
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COMPANY%20PROFILE
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
UAE currency: the story behind the money in your pockets
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
Company%20Profile
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COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Company%20Profile
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Signs%20of%20%20%20%20%20%20%20heat%20stroke
%3Cul%3E%0A%3Cli%3EThe%20loss%20of%20sodium%20chloride%20in%20our%20sweat%20can%20lead%20to%20confusion%20and%20an%20altered%20mental%20status%20and%20slurred%20speech%3C%2Fli%3E%0A%3Cli%3EBody%20temperature%20above%2039%C2%B0C%3C%2Fli%3E%0A%3Cli%3EHot%2C%20dry%20and%20red%20or%20damp%20skin%20can%20indicate%20heatstroke%3C%2Fli%3E%0A%3Cli%3EA%20faster%20pulse%20than%20usual%3C%2Fli%3E%0A%3Cli%3EDizziness%2C%20nausea%20and%20headaches%20are%20also%20signs%20of%20overheating%3C%2Fli%3E%0A%3Cli%3EIn%20extreme%20cases%2C%20victims%20can%20lose%20consciousness%20and%20require%20immediate%20medical%20attention%3C%2Fli%3E%0A%3C%2Ful%3E%0A
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
The%20specs
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UAE%20SQUAD
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