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Exclusive: Tunisia bank helping Qadhafi evade fuel embargo

Alubaf International Bank Tunis is providing a letter of credit to traders willing to break an embargo on supplies of fuel to parts of Libya still under Muammar Qadhafi’s control

Clarification: An earlier version of this article, published on 28 June, said Alubaf International Bank, of Tunis, was a subsidiary of Alubaf Arab International Bank, of Bahrain. Since publication, Alubaf Arab International Bank of Bahrain has pointed out to us that it is not connected with Alubaf International Bank, of Tunis, and that it disposed of its subsidiary in Tunisia in 2003. IN A DOCUMENT passed to Petroleum Economist by rebel sources, Alabuf Tunis offers a “standby letter of credit” for the supply of 20,000 tonnes of gasoline to Zawiyah, a port in western Libya. The letter of credit is addressed to Raseel Import and Export, a Jordanian firm, guaranteeing payment from a company

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