U.S. Treasury Takes Aim at Libyan Oil Revenues through Sanctions

Equities Editors Desk |

The U.S. government identified 14 companies owned by the Libya's National Oil Corporation on Tuesday in another effort to isolate the regime of Moammar Gadhafi. The asset blocking of the National Oil Corporation by the Treasury Department is intended to prevent Gadhafi from employing the related companies in order support his part of the ongoing conflict in Libya. Last month, President Barack Obama imposed sanction on $30 billion in Libyan assets last month.



The latest action of the Treasury makes the companies subject to executive order by President Barack Obama. The sanctions bar American companies from doing business with Libyan state-owned entities in the hopes it will crimp funding for Gadhafi.

The companies, according to the Treasury are Arabian Gulf Oil Co., Azzawiya Oil Refining Co., Brega Petroleum Marketing Co., Harouge Oil Operations, Jamahiriya Oil Well Fluids and Equipment, Mediterranean Oil Services Co., Mediterranean Oil Services GMBH, National Oil Fields and Terminals Catering Co., North African Geophysical Exploration Co., National Oil Wells Drilling and Workover Co., Ras Lanuf Oil and Gas Processing Co., Sirte Oil Co., Zueitina Oil Co. and Waha Oil Co.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
TMM Timmins Gold Corp n/a n/a n/a 0

Comments

Emerging Growth

Valuesetters Inc

Valuesetters Inc is a next generation technology company. The Company is focused in providing technologies and infrastructure-as-a-service (Iaas) to consumer through enterprise communications, entertainment, and game platforms.

Private Markets

Knightscope

Autonomous security robots providing advanced detection capabilities at $7 per hour - aiming to define the future of security. Help #StopTheViolence.

California Green Tree Development

California Green Tree Development LLC (CGTD) is a for-profit LLC that plans on using California’s booming market of legal cannabis products for medical purposes. As an unprecedented resource, Cannabis has…