Head of NOC says parallel institution sells Libyan oil under market value

Head of NOC says parallel institution sells Libyan oil under market value

June 28, 2018 - 11:25
Posted in:
Written By: HousamNajjair

The Chairman of the National Oil Corporation (NOC), Mustafa Sanallah, stated on Wednesday that the parallel Oil Corporation in east Libya has a history of manipulating oil prices and has already offered to sell oil at a price lower than the official prices in the market.

Sanallah added in a media statement that the parallel NOC has been negligent towards the sovereignty of the state, saying that the contracts it had signed with some companies are available to the UN Sanctions Committee for consideration.

According to Sanallah, the NOC in Tripoli will not misuse the rights of the Libyan state with one dinar, adding that sales operations are published on a daily basis on their official website.

He concluded by saying that the parallel institution has offered Libyan oil for less than the official price and that no one has done this since the start of oil production in 1961.

Sanallah stressed that the NOC is managed professionally by technocrats, and not in a political manner, noting that there are no exceptions with those who close the oil facilities.

 

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