Libya "Lost $1bn in Oil Industry Chaos"

The Libyan Minister of Oil and Gas, Dr. Abdulbari Alarusi [Al Arusi], has told the Financial Times that Libya lost $1 billion due to the disruption in oil production in the past five months alone.

"When fields get in the hands of strangers, production there gets put on hold ... We recruited many former rebels who fought against the Gaddafi regime. In principle, we are able to cope with the problem of the security of the oil industry, but the situation is quite complicated."

In an effort to increase security at its oilfields, the Libyan government has boosted its Petroleum Facilities Guard (PFG) to 18,000 members.

(Source: RT Business)

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