UN to hold talks on Libya

The United Nations is set to host crisis talks between Libya's warring factions amid warnings that this could be the last chance for peace.

The talks, which are scheduled to start on Wednesday in the Swiss City of Geneva, will be overseen by UN envoy to Libya and the UN chief's special representative Bernardino Leon. Leon is expected to hold a press conference on the talks later Wednesday.

Three years after the ouster of Muammar Gaddafi, two rival governments and their forces are battling for control in Libya. The eastern-based government of Prime Minister Abdullah al-Thinni is internationally recognized. However, the Tripoli-based militant faction called Libya Dawn has set up its own government and parliament.

The delegation representing the self-declared government announced earlier Tuesday that it may postpone a decision on attending the UN-mediated talks, putting the entire initiative in doubt.  The other delegation was reportedly to fly from Tunisia to Geneva, waiting a final decision by UN officials.

The United Sates and the European Union have described the negotiations as the last chance for peace in the war-ravaged Libya.

Once a major exporter of oil, Libya has seen a significant decline in the amount of its production with a current output of around 300,000 barrels per day. The self-declared government in the capital, which is not recognized by the UN and the western governments, continues to control major oil facilities in Western and central Libya.