Libya Floats New Law to Attract International Investors

The chairman of Libya's National Oil Corporation said a new law being drafted by the government will make the country more attractive to foreign investors.

The NOC's new chairman Mustafa Sanallah told reporters at an oil conference in London that a new round of bidding for oil licences will begin once the law is completed and passes through government.

"Once the draft is ready and we have a permanent government, we will do a new round of bidding," he said.

Foreign firms left Libya in droves after its leader Muammar Gaddafi was toppled and killed in 2011. The Libyan government has struggled to contain the rebel groups that fought in the war to oust Gaddafi, many of whom still remain heavily armed.

Violence has escalated in the OPEC-member country in recent weeks, after new prime minister Ahmed Maiteeq came to power.

Forces loyal to the retired general, Khalifa Haftar, have launched air strikes on Islamist positions in the eastern city of Benghazi on two occasions in May. Rebels allied with the general also stormed the Libyan parliament in Tripoli.

The Libyan government has accused the former general of launching a coup.