LibyaPolitics

Italy unfreezes €1.2 billion of Libyan fund: Italian press

The Italian authorities unfroze €1.2 billion of Libyan frozen funds, which is the total value of Libyan investments in Eni and Juventus Football Club, revealed a Friday report in Italian website Tele Agrinali.

The total value of Libyan frozen assets in Italy amounts to €5.6 billion, according to Statista.

Libya accounts for some 15 percent of the total global hydrocarbons output of ENI, an Italian energy company that has a number of key energy assets in Libya, including with the Greenstream pipeline in the west, according to Forbes.

After the 2011 uprising, several foreign investments left Libya due to the lack of security and instability; however, ENI has stressed that it did not shut down its natural gas production in Libya to provide Libyans with energy.

Following the upheaval, the UN imposed an asset freeze on the Libyan Investment Authority in Belgium, UK, Germany and Italy to prevent the government of former leader Muammar Gaddafi from spiriting away the wealth.

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