Bloomberg News

Libya’s Jibril to Resign Tomorrow After Liberation Is Declared

October 22, 2011

Oct. 23 (Bloomberg) -- Libya’s acting prime minister, Mahmoud Jibril, said he will resign tomorrow after the liberation of the North African country is declared following the death of Muammar Qaddafi.

The interim National Transitional Council “should keep running until a new government is formed,” he said in an interview today at the World Economic Forum in Jordan. “We cannot leave a vacuum.” Jibril said he had asked the acting minister of oil and finance, Ali Tarhouni, to run affairs until a new government is formed.

The NTC has been attempting to persuade as many as 50 foreign companies to return in the past two months and many had refused due to security concerns, Jibril said. Earlier at the forum, he told delegates that Libya has used up about 62 percent of its oil reserves and urgently needs to find alternative sources of income to rebuild its war-torn economy.

“We need a clear vision, the core of which is to replace oil with another source of national income,” he said at the meeting at the Dead Sea. “Our oil is depleting fast.”

Qaddafi’s death brings to an end the heaviest fighting between loyalists and the one-time rebels who now run the country after seizing the capital, Tripoli, in August. The former leader spent some of Libya’s revenue on personal security, building up a militia loyal to his family that was implicated in some of his worst human-rights violations. The NTC had said it would hold elections within eight months once its fighters had taken Sirte, the hometown of Qaddafi, which fell this week.

Oil Production

Libya was producing about 1.6 million barrels of oil a day before the conflict broke out, causing output to slump to a “trickle,” according to the International Energy Agency, as foreign companies fled and fighters battled for control of the oil facilities. Production will be back up to 600,000 barrels by the end of this year, the agency said last week. Libya’s estimated reserves of 47 billion barrels are the ninth-largest in the world, according to the CIA World Factbook.

Libyan oil production is expected to return to full capacity in 12 to 15 months, Jibril said. The reconciliation process paving the way toward elections should be completed within eight months, he said.

--Editors: Digby Lidstone, Riad Hamade

-0- Oct/22/2011 15:30 GMT

-0- Oct/22/2011 16:35 GMT

To contact the reporter on this story: Digby Lidstone in Cairo at dlidstone@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net -0- Oct/22/2011 15:26 GMT


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