{
  "id": 10668569,
  "title": "Middle East firm allowed to seize Libya's oil company assets over $1bn debt",
  "url": "https://urgent.news/2026/09/29/middle-east-firm-allowed-to-seize-libyas-oil-company-assets-over-1bn-10668569",
  "topic": "world",
  "section": "World",
  "published": "2026-09-29T09:55:12.000Z",
  "source": {
    "name": "The National UAE",
    "slug": "the-national-uae",
    "url": "https://www.thenationalnews.com/news/europe/2026/09/29/middle-east-firm-allowed-to-seize-libyas-oil-company-assets-over-1bn-debt/"
  },
  "original_language": "en",
  "account": "A Middle Eastern construction company, Al-Kharafi Group, has been granted permission by a Paris court to seize assets from Libya's state oil company, the National Oil Corporation (NOC), to recover nearly $1 billion owed due to the cancellation of a tourist resort project. The dispute began in 2006 when Al-Kharafi signed a deal with Libya's tourism authority to build a five-star resort in an area east of Tripoli. Construction was expected to last seven and a half years and cost around $130 million, but the company faced numerous legal challenges and was eventually forced to abandon the project in 2010. Al-Kharafi subsequently sought compensation from Libya, winning a $900 million award in 2013. The Libyan government subsequently blocked efforts to seize assets, including an Airbus A340 owned by Qaddafi, and a luxury jet owned by the Libyan Investment Authority, which Al-Kharafi attempted to seize. In 2022, a French court ruled that NOC, an extension of the Libyan state, could be forced to relinquish assets to satisfy the debt. Al-Kharafi was subsequently approved to seize NOC's stake in its joint venture with French energy company TotalEnergies. The debt, after accounting for interest, now stands at $960.2 million.",
  "summary": "A Middle East construction firm has been given the go-ahead to seize assets from Libya’s state oil company to recover nearly $1 billion after construction of a tourist resort project was cancelled. A court in Paris has ruled that Al-Kharafi Group of Kuwait can pursue the National Oil Corporation' s assets in France, including those held in a joint venture with French company TotalEnergies. The…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The National UAE",
        "title": "Airtel Money seeks Middle East tie-ups and is open to future dual listing in UAE",
        "url": "https://urgent.news/2026/09/28/airtel-money-seeks-middle-east-tie-ups-and-is-open-to-future-dual",
        "published": "2026-09-28T13:46:41.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}