NOC Libya Considering Declaring a State of Force Majeure in Gulf of Sirte Region

Source: 6/27/2022, Location: Africa

In this regard, the Chairman of the Board of Directors commented: "We are considering the declaration of the state of force majeure within the next 72 hours unless production and shipping is resumed at the oil ports in the Gulf of Sirte. We call on all parties to be wise, give priority to the interest of the country, allow oil to flow and not to be dragged behind calls for escalation, and we urge adherence to Libya's sovereignty."

Mr. Sanalla added: "We are facing a recurring reality, there are closures in the Gulf of Sirte region, and there are those who are trying to demonize the oil sector in the capital Tripoli, but we will not stand idly by and we will address them in accordance with legal frameworks." Sanalla added: "The government is responsible for the sovereignty of its institutions. No tolerance should be accepted with any individual, minister or anyone who politicizes the oil sector or uses it as a tool for any negotiations, bargaining or settlements. There must be absolute compliance with the law and international legitimacy and we do not accept compliance in one respect, while turning a blind eye to another."

In a related context, Sanalla said: "I am not a politician, but I can show you the right direction. Libya's stability starts from managing its resources, and you will find the oil sector enthusiastic to work and play its technical and non-political role motivated by the understanding of the genuine politicians on the particularities of this vital sector and its role in the present and future of the country."

On the statement of the five countries, the Chairman of the Board of Directors welcomed the content of the statement, commenting: "I am very pleased with the assurance of these active countries that Libya's resources must be managed in a transparent, responsible and accountable manner throughout the country, and for the benefit of the Libyan people, and that the basic public expenditure package for 2022 should be clear and reflect the priorities in tunnels on the worn-out oil sector, with strict tracking, verification, reporting and audit procedures, and this helps the oil sector carry out its tasks and role without any obstacle."

The Chairman of the Board of Directors concluded this statement by saying: "The situation is very serious. The continued and regular operation of vital facilities from power plants, drinking water desalination and strategic factories is conditionally linked to the continuation of oil production, part of which is exchanged for fuel destined for vital facilities with the approval of the government because the Central Bank of Libya and the Ministry of Finance stopped feeding the hydrocarbon account six months ago. The rates of oil exports have decreased in a way that we cannot meet the demand for fuel in the coming weeks and we expect the General Electricity Company to put up electricity loads because there is no funding to secure liquid fuel."

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