NOC warns oil market of illicit contracts to purchase Libyan oil

NOC warns oil market of illicit contracts to purchase Libyan oil

March 26, 2017 - 22:53
Posted in:
Written By: AbdulkaderAssad

The Libyan National Oil Corporation (NOC) has emphasized its position as the one and only legitimate entity in Libya that is recognized by the UN resolutions to be entitled to sell Libya's crude oil.

In a statement issued on Sunday, the NOC reaffirmed that the contracts that include all of 2017 Libya's oil production have been signed by the NOC with 16 international oil firms.

"Only the firms that we signed contracts with are holders of legitimate purchase claims of Libyan oil and thus are entitled to hire oil vessels from the Libyan oil terminals in 2017." The NOC remarked.

It indicated that it had depicted some individuals, who are using the current political fragmentation in Libya, signing tens of illicit contracts with obscure firms, which are not qualified for purchasing Libya's oil.

"They offered to sell Libya's oil with even discount offers on the official selling price, thus losing Libya for those contracts (if of course were to take effect) hundreds of millions of dollars compared to the legal contracts the NOC signs." The statement says.

The NOC also warned the oil naval and oil markets of being engaged in such illegal contracts as they would bring harmful damage to Libya's oil industry, saying it is not responsible for any compensations that might be demanded if any entity experienced any kind of loss due to those contacts.

Meanwhile, the parallel NOC in eastern Libya announced this month that it had backed off from a previous deal that aimed at uniting the two NOCs signed in Tunisia, confirming that it would make new contracts to sell Libya's oil via the eastern government of the Tobruk-based House of Representatives.