National Oil Corporation unifies its administrations

National Oil Corporation unifies its administrations

July 03, 2016 - 16:16
Posted in:
Written By: AbdulkaderAssad

Officials at the Libyan National Oil Corporation agreed on a new system that will see the two administrations – in Tripoli and the parallel one in Al-Bayda – unified aiming at shelving the disagreements over which of the two has the right to export oil, a statement by the NOC explained.

The statement added that the Head of the Tripoli-based NOC, Mustafa Sanallah, will remain the Head of the NOC, while the Head of the eastern NOC, Naji Al-Maghrabi will be appointed as a board member.

The agreement, signed on Saturday, would also be inclusive of the principles of the political agreement that was signed in Skhirat, Morocco, which means that the Tobruk-based HoR will be considered a legislative authority and the UN-proposed government an executive authority. After that, the NOC must present periodic reports for the committees formed by the authorities.

“Oil resources in Libya will be guarded and all Libyans shall benefit from them with no exception.” The NOC said, adding that they agreed on a unified budget for the rest of this fiscal year, pointing out that they will work on solving the division repercussions, in addition to taking care of the infrastructure especially in Benghazi, taking into consideration that the board of directors must meet in Benghazi regularly, depending on the security situation in the city.