
Recent legal opinion on foreign investment in Libya does not impose blanket ban in oil sector: Tumi Law Firm
On 23 January the Legal Department of Libya's Ministry of Justice issued a legal opinion clarifying the scope of Law No. 9 of 2010 on the Promotion of Investment on permitted investment structures for foreign investors in Libya. The legal opinion was interpreted to confirm that foreign investors in Libya may operate through a Libyan branch or through any other legal form. It was also interpreted to confirm that foreign investors are permitted to invest in Libya on a 100 percent ownership basis – that is, without the participation of Libyan shareholders – except in the oil and gas sector. Law No. 9 was deemed not to apply to oil and gas projects. However, leading Libyan law firm, Tumi Law Firm, says careful reading of the Ministry of Justice's 11-4-2…