Related Articles
Forward article link
Share PDF with colleagues

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

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy