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Mon 9 May 2011 01:17 PM

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Libya rebels receiving oil payments via Qatar fund

Gulf state is filtering cash for oil sales through a trust fund for forces fighting Libyan leader Gaddafi

Libya rebels receiving oil payments via Qatar fund
Rebels fighting a fierce back-and-forth battle with forces loyal to Libyan leader Muammar Gaddafi are selling oil they control in order to fund their efforts

Oil payments for Libyan rebels selling crude oil are being
made through a Qatari trust fund in US dollars, a member of the oil and gas
support group for Libya said on Monday.

"The payments for the Libyan crude are made through a
bank account in Qatar and the payment is made in US dollars," said the oil
industry source, who asked not to be identified.

"So far around one million barrels have been sold at
$100m and the money is used to buy basic commodities like food and other
aid," the source said, speaking on the sidelines of a meeting of Libya
opposition tribal councils in Abu Dhabi.

Rebels fighting a fierce back-and-forth battle with forces
loyal to Libyan leader Muammar Gaddafi are selling oil they control in order to
fund their efforts, with assistance from Qatar.

"We have set up an oil and gas support group in Doha
and we now have an office there," the source said. "Qatar is helping
with marketing the crude and our main target market is now southern
Europe."

Qatar's prime minister Sheikh Hamad bin Jassim bin Jabor Al
Thani said last week there was no shortage of money to finance a new fund to
offer aid to Libyan rebels. The Qatari prime minister said that Kuwait had
already contributed $180m and Qatar between $400m to $500m to the campaign.

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