Libya NOC News

  Add NOC News  

Rift between NOC and Presidency Council worsens

The row about between the National Oil Corporation (NOC) and the Presidency Council (PC) deepened today in a flurry of increasingly bitter exchanges.

NOC chief Mustafa Sanalla is claiming that the PC has welched on promises last November to fund the oil business properly while the PC is insisting that it has honoured all its promises to NOC .

Last night, a letter from the PC to Sanalla was leaked on the internet. It claimed that it had given NOC all the money it needed and that the NOC chairman should stop making statements to the media which it said “lacked credibility”.

Today, Sanalla shot back that he had never received the letter and only learnt of its contents through the media.  NOC later put out a statement saying that there were  considerable difference between the amounts the PC had agreed to furnish NOC in a deal last November and the figures it quoted in its letter yesterday.

NOC said that for instance it was LD150 million short on salaries. The PC had promised to pay LD 1.35 million but had only produced LD 1.2 million. Likewise, NOC  claimed today that the PC committed itself to providing LD 2 billion for investments and repairs but had only come up with LD 1.6 billion.

Under Qaddafi, Libya’s state oil company was deprived of any control whatsoever over its cashflow. Its sales proceeds went to the account of the Central Bank of Libya (CBL) in the Libyan Arab Foreign Bank. The NOC still, as under the old regime, has to go to the government for every dinar it wants to spend.

It was Sanalla’s drive to acquire greater control over budgeting and cash allocation that opened the breach with the PC . With their Resolution 292 this March, Faiez Serraj and his fellow council members have sought to remove from NOC much of its control over its commercial and trading relationships.



Home Advertising Our Services Contact us Login Register

Libya Add Your Topic

Dear Visitor you can add free your News, Jobs, Tenders or any topic categorized under by clicking at the appropriate link below.

  Libya Tenders  

  Libya News  

  Libya Events  

  Libya Jobs  

  Libya Jobs Seekers  

  Libya Training  

  Libya NOC News  

  Libya Government  

  Libya xGPC News  

  Doing Business in Libya  

  International Companies  

  Libyan Companies  

  Libyan Training  

  Libya Auctions  

  Libya Laws  

  Libya Regulations  

  Libya Projects  

  Libya Telecom and Technology  

  Libya Announcements  

  Libya Scholarships  

  Libya Airports  

  Libya Exhibitions  

  Libya Sea Ports  

  Libya Free Zones  

  Libya Banks  

  Libya Small business  

  Libya Finance & Economy  

  Libya Healthcare  

  Libya Real Estate  

  Libya Islamic Finance  

  Libya Industries  

  Libya Construction  

  Libya Competitions  

  Libya Agriculture  

  Libya Culture  

  Libya Demography  

  Libya Geography  

  Libya Roads  

  Libya Business  

  Libya Oil  

  Business in Libya  

  Libya Grants  

  Libya Volunteer  

  Libya Rent