The newly appointed CEO of the Oilinvest Group, Mr. Isam Zanati, today made the following statement:

"There has been a degree of speculation in the media over the last few weeks regarding the future of Oilinvest and the Tamoil brand. As the newly appointed CEO of Oilinvest, I wish to make clear that I consider Tamoil to be the crown jewel of Libya's overseas downstream investments.

We are seeking to expand Tamoil's presence in growing markets, and to better position the company as a leading oil and energy group in Europe. We are currently in the process of re-structuring the management to achieve these goals.

We may or may not align with a strategic partnership in the future; however this would only be an option if significant mutually beneficial commercial strategies could be realised."