TRIPOLI, April 23 (Xinhua) -- Libya's state-owned National Oil Corporation (NOC) refused the U.S. oil company Marathon's sale of its share in Waha company to Total Monday.
The corporation said in a statement it was discussing some arrangements with the government regarding the sale of Marathon's stake in Waha, confirming that Marathon "has not obtained permission of the corporation (to sell)."
"A deal of this kind must be approved by the National Oil Corporation and the Libyan authorities," said NOC chairman, Musrafa Sanallah.
"Any attempt to conclude the deal before obtaining these approvals is a breach of the concession agreement," he said.
"In order to obtain the approval of the National Oil Corporation, this transaction must have the best possible outcome for the Libyan people, taking into account the security situation in Libya and provision of operational budgets on time, including future investment requirements for the concession contract," the statement said.
France's Total announced early in March acquiring of a 16 percent stake in the concession of the Libyan company Waha, from Marathon, in a deal worth 450 million U.S. dollars.
NOC's Waha produces more than 300,000 barrels of crude oil per day, nearly a third of Libya's current daily oil production.