Libya lost $68B from attacks on oil, industry chief says

LONDON (AP) — Libya will fall further into chaos if its factions don't quickly form a unity government, the head of the state oil company warned today, noting the country has already lost some $68 billion in oil sales amid political infighting.

Mustafa Sanalla, who is in London to attend a conference and get support from investors, made his comments just after the internationally recognized parliament in the divided country rejected a plan to move toward a unified government. The vote underscored the turmoil that continues to wrack Libya.

Sanalla argued that without a single government, there will be "neither security nor stability."

"This vacuum will permit the other terrorist group and extremist groups to step in," he told The Associated Press.

The appeal came a week after representatives of Libya's rival factions announced they would attempt to create a government of unity to stabilize a country engulfed in chaos since the 2011 death of dictator Moammar Gadhafi. The United Nations is trying to broker a single government featuring the country's two factions – the Islamist one in the capital, Tripoli, and the internationally backed one in the eastern part of the country.

With each side backed by its own fighters, the Libyans allied with the Islamic State group have gained strength, claiming responsibility for a series of deadly attacks and attacking oil terminals and fields, the sole source of Libya's wealth.