Libya may thwart China national’s takeover of Verenex

Libya will exercise its right to buy Verenex Energy Inc., trumping a proposed C$499 million ($393 million) takeover of the Canadian explorer by China National Petroleum Corp. “We will exercise the right of preemption,” Shokri Ghanem, chairman of Libya’s state-run National Oil Corp., said today in an interview in Vienna. Libya wants to buy the Calgary-based explorer for “purely commercial reasons,” he said. Under the preemption clause, Libya has to match the offer from China’s biggest oil company.