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Libya’s state oil company NOC operates independently

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/03/2015 (11:35)
According to media reports, the internationally recognized government based in east Libya said last week that they wanted oil buyers to pay through a firm also called NOC but based in the eastern city of Benghazi.

Meanwhile, the established NOC, Libya’s state oil firm, is based in Tripoli where a rival government is in charge. A minister of the rival government that controls the capital city said that Libya’s state oil firm NOC is operating independently. A rival parliament was established in Tripoli after an armed faction called Libya Dawn seized the capital in August.
According to oil officials, tanker loadings have not been affected by this situation yet but oil buyers wonder who controls Africa’s largest oil reserves.

Rival government oil minister Mashallah Zwai commented in a statement, “The General National Congress, National Salvation Government and ministry of oil and gas all know well the importance of independence and neutrality of sovereign state institutions, especially the National Oil Corp, and we are therefore leaving the company out of political struggles.” Zwai also warned the official Prime Minister Abdullah al-Zwai and his appointed head of NOC East not to sign any new contracts with firms, according to the statement.

Libya’s oil production has fallen to less than 500,000 barrels a day, a third of what the OPEC member used to pump before a 2011 uprising which toppled Muammar Gaddafi.
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