Administrative Control Authority rejects acquisition of Marathon’s share by Total

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Administrative Control Authority rejects acquisition of Marathon’s share by Total

September 19, 2019 - 12:37
Written by: SafaAlharathy

The Administrative Control Authority (ACA) has called on the Presidential Council (PC) to prevent the acquisition of U.S. Marathon Oil’s share by French company Total S.A.

"The ACA has noticed that the National Oil Corporation is about to complete the procedures regarding the acquisition of Marathon Oil’s stake by Total S.A. Such a process will jeopardize the public interest and prejudice the destiny of the Libyan people," the Administrative Control Authority said in a .

It also urged the PC to convene an emergency meeting with the Audit Bureau, the Administrative Control Authority, the NOC, and the Central Bank of Libya (CBL) to come up with appropriate proposals regarding this issue.