Reply #34: Libya to probe Gaddafi-era oil deals

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Libya to probe Gaddafi-era oil deals
Tue Oct 11, 2011 2:22pm GMT

* Probe to "provide view of the size of corrupt dealings"

* Follows protests in Tripoli by oil workers

* Analysts warns probe may spread panic among foreign firms (Adds background, detail)

TRIPOLI, Oct 11 (Reuters) - Libya pledged on Tuesday a probe of Gaddafi-era oil deals amid mounting pressure from the local industry in a move which analysts said could spread panic among foreign players and even delay the return to normal oil output.

Libya's oil and finance minister Ali Tarhouni told a news conference the country would set up a committee to probe the scale of corruption practised by the previous regime.

"The committee will scrutinise all contracts and projects to provide a view of the size of the corrupt dealing and all that emerges will be investigated and published," Tarhouni told a news conference.

During ousted leader Muammar Gaddafi's four decades of rule world oil many of the world's majors have either operated in Libya or signed oil deals with Tripoli.

more... http://af.reuters.com/article/libyaNews/idAFL5E7LB29Y20111011?sp=true