The Chairman of the National Oil Corporation (NOC), Mustafa Sanallah, has reaffirmed the NOC's commitment to the principles of good governance and financial accounting.
This came at a recent meeting in the Swiss city of Lausanne on transparency in commodity trading, hosted by the Swiss State Secretariat for Economic Affairs and the Extractive Industries Transparency Initiative EITI .
Sanallah indicated that Libya would need further accountability mechanisms to reduce the risk of corruption, as he put it.
“Our mission is to transparently administer Libya’s resources for the benefit of all Libyans while ensuring good governance for future generations. Libya needs additional mechanisms of accountability that minimize corruption risks and the opportunity for those who would repeatedly attempt to illegally export oil. Transparency helps build a more responsible citizenry – these initiatives incentivize responsible behaviour towards the state’s resources," said Sanalla.