Rebels set up oil company and bank - The National

Libyan rebels are setting up an alternative national oil company and a central bank to replace the established institutions controlled by the regime of the country's embattled president Muammar Qaddafi.

The Transitional National Council, representing anti-government rebels based in the eastern Libyan city of Benghazi, decided at a meeting on Friday to establish the "Libyan Oil Company as supervisory authority on oil production and policies in the country, based temporarily in Benghazi".

The council has also "designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya".