July 30, 2009 / 11:49 AM / 9 years ago

Verenex draws up draft claim against Libya

LONDON, July 30 (Reuters) - Verenex Energy Inc. VNX.TO of Canada has drawn up a claim against Libya for arbitration in its dispute with Libya over the company’s proposed sale to China, the chief executive of Verenex said.

Libya has said it will pre-empt a C$10-a-share bid for Verenex, a small oil firm working in Libya, by China National Petroleum Corp (CNPC) [CNPET.UL]. But it has not made a formal offer for Verenex and has not given consent to the Chinese deal.

Verenex requires Libyan consent for the Chinese deal, announced in February, to go ahead. Verenex CEO 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 said. (Editing by Barbara Lewis)

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