Brussels, 31/08/2011 (Agence Europe) - The EU is preparing to lift sanctions against Libyan oil companies from Friday 2 September, AFP reports. This move will affect 28 companies out of the 50 or so hit by EU sanctions. EU member states are reported to have come to technical agreement on Wednesday 31 August. Sanctions will be lifted gradually, as some followed on from application of UN Security Council resolutions and, thus, can only be lifted by the UN. Initially, restrictions on six Libyan ports and three oil companies will be ended. An announcement of this decision could come before the conference in Paris of the Friends of Libya opens on Thursday 1st September. This meeting is expected to bring together representatives of more than 60 countries, with the aim of producing a roadmap for Libya's transition towards democracy. Funding of the National Transitional Council (NTC) is a priority for the international community so that its viability can be ensured. In this, oil and Libyan assets frozen abroad form the most pressing issues to be resolved. Lifting of sanctions would be a clear indication that the conflict in Libya is nearing its end, though the whereabouts of Colonel Gaddafi remain unknown. The Elysée Palace says that “it is essential that the transition process which is beginning is as successful as military operations have been”, AFP reports. The EU is expected to be strongly represented at the Paris meeting. Expected to attend are European Council President Herman Van Rompuy, Head of the European Diplomatic Corps Catherine Ashton, and European Commission President José Manuel Barroso. (J.K./transl.rt)