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Libya: Oil sale to resume as oil terminals handed back to NOC

The internationally recognized National Oil Corporation (NOC) Wednesday announced resumption of operation at the country’s four oil terminals after east-based army relinquished control of the ports it seized last month.

Khalifa Haftar, head of the so-called Libyan National Army (LNA) Wednesday restored Zueitina, Hariga, Ras Lanuf and Es Sider to Tripoli-based NOC following intense international pressure.

The LNA seized terminals late last month after opponents attacked Haftar forces at Ras Lanuf and Es Sider terminals.

Haftar indicated that he overran the terminals on grounds that oil proceeds are used to fund terror groups.

A statement by the NOC on Wednesday noted production and export operations would be restored “within next few hours”.

Following the seizure, oil production was put on halt and staffs at Ras Lanuf and Es Sider were evacuated.

NOC Chairman Mustafa Sanalla following the restoration, pledged to bring transparency to revenues.

“The real solution is transparency, so I renew my call on the responsible authorities, the ministry of finance and central bank, to publish budgets and detailed public expenditure,” he was quoted as saying in the NOC statement.

Earlier in the week, UN-backed head of Presidential Council Faiez Serraj called on the UN to help form an international committee that will review spending of oil revenues.

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Posted by on Jul 12 2018. Filed under Finance, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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