Sada Apologizes to Munther Al-Shahoumi and Its Followers Regarding the Report on Oil Smuggling Suspects – Here Are the True Details

Sada Economic Newspaper extends its apologies to Mr. Munther Al-Shahoumi, who was mentioned as an assistant in money laundering for transferring suspicious funds. The information was based on a fabricated and circulated version of the Africa Intelligence report. The newspaper also apologizes to all individuals whose names were mentioned in that context, as well as to its readers.

The original report from the site stated that the emerging company Arkenu Oil, at the center of the agreement between Abdul Hamid Dbeibeh and Khalifa Haftar, includes individuals close to the Prime Minister (Abdul Hamid Dbeibeh) as well as members of Haftar’s family.

Despite its significant influence on the Libyan oil market, Arkenu Oil Co remains secretive about the identities of its founders and shareholders. According to the UN Panel of Experts, the company is indirectly controlled by Saddam Haftar, the son of Khalifa Haftar, commander of the Libyan National Army.

Arkenu Oil was established in Benghazi, Haftar’s stronghold in eastern Libya, in April 2023, and is officially represented by Munir Abu Bakr Al-Maslati, a former official at the Arabian Gulf Oil Company (AGOCO). Despite its clear ties to the East, the company’s management also has connections with the circles surrounding Abdul Hamid Dbeibah, the Prime Minister of the Government of National Unity.

The company, headquartered in Benghazi, expanded in September 2024 by opening a branch in London under the name Arkenu Oil Co Ltd. Until January, this branch was managed by Sami Abu Sedra, a member of a family closely connected to Abdul Hamid Dbeibeh. Sami Abu Sedra currently works at the Qatari law firm Qlex Law Firm and Legal Consultations, which lists Arkenu Oil as one of its clients. Within this firm also works businessman Munther Al-Shahoumi, known for his close ties to the Abu Sedra family.

Ali Abu Sedra is also a partner in Pearls Capital Partners, a British investment fund registered at the same address as Arkenu Oil Co Ltd in London.

The report also mentions Mohammed Saad Al-Barad’a, a lesser-known figure who served as the director of Arkenu Oil Co until January 2025. He now works for Aseel Holding Co, a Libyan company active in food industries, general industries, and construction. In February, Al-Barad’a established another company in London, Aseel Holding Ltd, in partnership with his relative Abdullah Saad Al-Barad’a and Ali Abu Sedra.

The Major NOC Tender

Thanks to its network of connections, Arkenu Oil manages oil concessions in both eastern and western Libya. The company is now seeking to secure a major oil exploration and development contract tendered by the National Oil Corporation (NOC) on March 3, which allows Libyan private companies to compete alongside major foreign firms.

Arkenu Oil had already been an exception, as it was the first private Libyan company authorized to export oil in 2024. It secured a contract with AGOCO, a subsidiary of the NOC, through Munir Abu Bakr Al-Maslati, to develop the NC4 concession located 150 km south of Tripoli.

Under this contract, Arkenu Oil receives 25% of production, granting it unprecedented benefits compared to state-owned companies. Furthermore, the company’s financial transactions are conducted through the Libyan Foreign Bank (LFB), affiliated with the Central Bank of Libya, which handles fund transfers to the state budget.

In March 2023, Arkenu Oil also obtained authorization to invest in the Latif 59 and NC 129 fields in the Sultan area, thanks to the support of Masoud Suleiman Mousa, who previously held a senior position at the NOC and later became its chairman.