Road ahead: Verenex says it does not want to take its dispute with Libya to court
- Verenex on Libya's case over sell-off
- Verenex says Libya puts CNPC deal at risk
- Tripoli primed for Verenex takeover
- Verenex move stalled by Libya probe
- Verenex waits for NOC nod
- Verenex spills red ink
- Chinese on the prowl for assets
- Verenex in Libya sights
- Tripoli to tie up Verenex buy
- China eyes foreign shopping spree
- Libya move sparks Verenex tax fear
- Libya to buy all of Verenex
Verenex set for Libya legal fight
Canadian player Verenex Energy has drawn up a claim against Libya for arbitration in its dispute with Tripoli over the company's proposed sale to China National Petroleum Corporation (CNPC).
Libya has said it will pre-empt CNPC's C$10-a-share bid for Verenex, abut it has not yet made a formal offer for Verenex and has not given consent to the Chinese deal.
Verenex needs Libyan consent for the Chinese deal, announced in February, to go ahead. Verenex chief executive Jim McFarland said that while it was still seeking that consent, filing for arbitration was among its legal options.
"We have put together a draft claim if we need to go that way, but clearly neither party wants to go the legal route on this thing and we've trying to figure out the best way to come up with an amicable solution," he told Reuters.