Libya NOC News
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NOC meets with Members of the House of Representatives
- Category: Libya NOC News
- Created: Wednesday, 19 April 2017 14:14
Within Members of House of Representatives' communications with NOC, Eng. Mustafa Sanalla, NOC Chairman of the Board, met today with Messrs Yousef Kalikori (Member of the Energy Committee), Abdelqader Yahya, Rajab Amar and Abdessalam Almrabet.
The meeting discussed the position of the oil and gas sector and the difficult circumstances that the sector goes through in addition to the serious and negative impacts on the national economy resulted from the blockade of some oil fields by some armed militias.
The deteriorating security situations in the western part of Sirte Basin was also discussed as well as the delay of paying the budgets required for continuing the production operations.
Eng. Sanalla also explained the importance of increasing production and its effect on the Libyan economy as during the period when most production was interrupted because of blockading oil fields and terminals during the last years all the State's budgets suffered very huge deficiency which used to be compensated for by the Central Bank's reserves but as years went by the reserves have shrunk and the current oil revenues are not sufficient any more. The increase of production has become a must in order to make things return to normal.
It is worth mentioning that the distribution of revenues, the crisis of the exchange rate and liquidity crisis are the responsibilities of the Central Bank, the Ministry of Finance and the high legislative, executive and controlling bodies. NOC has nothing to do with such issues.
The meeting also shed light on NOC's initiatives, plans and programs of sustainable development in the oil companies operations areas.
Messrs Members of the House of Representatives expressed their support to NOC as a one inseparable body and their support for NOC's plans for production increase and the stability of oil sector as being the only economic resource for the Libyan people.
18 April 2017