NOC lifts force majeure on "safe" oil facilities

NOC lifts force majeure on "safe" oil facilities

September 20, 2020 - 15:23
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Written By: SafaAlharathy

The National Oil Corporation (NOC) has announced a partial lifting of force majeure which include only "safe" ports, as described by the company, stressing it's adhering to professional and non-political constants in any arrangements related to lifting the force majeure measures on the oil fields and ports.

"The force majeure has been lifted on secure oil fields and ports, and companies operating in sedimentary basins, as well as all relevant departments, have been directed to start work to prepare to recommence production as soon as possible," the NOC said on Facebook on Saturday.

The state's oil firm though underscored that these restrictions will remain in fields and ports still infiltrated by Russian Wagner mercenaries and other armed groups.

It explained that the presence of fighters in oil facilities would impede oil operations and activities, stressing it is committed to the highest international standards for the transparency of its commercial operations.

As for the issues related to the management of Libyan financial affairs and the budgeting process, the NOC said this was a political issue outside its jurisdiction, emphasizing it will operate with complete transparency under the direction of the executive authority regarding the disposal of new revenues.