Petroleum Africa
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Thursday, May 19, 2016
The rival factions in the battle beleaguered North African country of Libya have come to terms on an outline agreement to join forces and form a single national oil company (NOC). Both governments, the east and west, had their own NOC which led to some confusion with international oil firms on just who do deal with.
The news was announced by the Foreign Minister of the UN-backed unity government, Mohammed Siyala, following the talks that led to a deal being reached between the two that would allow for exports to resume from the Hariga port.
“These institutions can only be managed centrally. That is why it was agreed that both institutions from east and west be united, so that there is only one oil company, one investment company and one central bank,” Minister Siyala said
NOC East Chairman, Nagi Elmagrabi, revealed that crude exports from Hariga are due to restart “within about three days.”
“We agreed to keep the NOC neutral, away from political conflicts,” Elmagrabi concluded.
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