Case No. LI2-579

Date issued: Oct. 05 2011

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TURBOFAC Commentary (390 words)

Notes:

1) See Libya - General License No. 7a, which states that “[a]ll transactions involving the Libyan National Oil Corporation (NOC) or entities owned or controlled by the NOC are authorized…[t]his authorization includes, but is not limited to, the following NOC subsidiaries… Tamoil Group…”

One notable aspect of the guidance letters is that “Tamoil Group” (described in the GL as one of several listed “entities”) was interpreted to include “Oilinvest (Netherlands) B.V…and its subsidiaries”.

Also notable is that the request for guidance was made on September 2, 2011, which was immediately after reports of the Government of Libya shares in Oilinvest being put in “an independent foundation” known as a “Stichting”. The purpose of this was to comply with EU sanctions on Libya, i.e. by severing formal ownership and control of the shares...