Libyas rebel government will honor all energy contracts granted legally under Muammar Qaddafis 42-year rule and work to restore oil output to prewar levels within a year, said rebel reconstruction leader Ahmed Jehani.

Citadel Capital, an Egyptian private equity firm, has won a contract from Iraqs government to build an oil refinery in the country with capacity of 150,000 bpd.

According to Frost & Sullivan, the approaching end to the Libyan struggle for change is unlikely to result in sustained peace with forces loyal to the old regime still remaining active.

Petrofacs earnings for the first half of the year rose 6.6 per cent to US$246mn compared with the same period last year and revenues increased by 25.2 per cent to US$2.7 billion as the result of new awards.