Category Archives: Finance

Libya: Central Bank (CBL) Imposes 5 Inspection Companies to Control Trade with Libya

 

In its attempt to stamp out corruption, the Central Bank of Libya (CBL) has imposed the following 5 Companies to Inspect all goods traded with Libya: Lloyds, Bureau Veritas, DNV-GL, GQS (Global Quality and Services) & GITO (General Inspection Technical Office)

Attached is the Official Circular (In Arabic only).

Advertisements

Libya: National Oil Corporation warns oil market against illegal contracts (Statement)

 National Oil Corporation (NOC) today reasserted that it is the only body authorized by United Nations resolutions to export crude oil and oil products from Libya.

 NOC confirmed that term contracts covering the entire production for 2017 for all Libyan crude grades have already been entered with 16 international oil companies. Only these companies are legally contracted to buy Libyan crude oil and to charter shipping tankers from Libyan ports for 2017. The companies are the following: ENI, Total, OMV, Repsol, Rosneft, LukOil, Cepsa, Saras, API, Glencore, Socar, Unipec, Vitol, Gunvor, Petraco, and BB Energy. 

 NOC identified a group of individuals abusing the status of political division in Libya by entering into illegal contracts with unknown or unqualified companies. 

NOC said these individuals, and others associated with them, have offered Libyan crude oil for sale at huge discounts below the Official Selling Price (OSP). if implemented the losses to the state of Libya of these contracts would be hundreds of millions of dollars in lost revenue. 

NOC warned the maritime market and crude oil market that these contracts are illegal and that entering into them may lead to serious legal consequences and financial losses. NOC does not accept responsibly or liability whatsoever for any loss or damage incurred as the result of entering into contracts with unauthorized individuals. 

NOC also confirmed that all crude oil exports are paid by documentary letters of credit, and at the Official Selling Price (OSP) without any discount.

 NOC – Tripoli 26.03.2017

 

NOC Libya: Full Statement issued by NOC’s Chairman on Fuel smuggling

Eng. / Mustafa Sanalla, NOC Chairman of the Board of Directors, said: “I was deeply hurt by the story I heard yesterday of a Libyan family who suffocated to death as a result of using charcoal for heating due to the power cuts. This family is one example of thousands of tragic cases that the ordinary desperate Libyan citizen suffers from because of the criminal practices by the gangs who smuggle the subsidized fuel across the borders and because of everyone who closes a field or hinders the operations of a productive public facility. The millions that the country loses because of these gangs’ crimes could have been used in improving the power networks and the maintenance of the power plants in order to solve the rotational load shedding problem”

“I shouldn’t forget to pay tribute to the souls of those patriotic martyrs of fuel smuggling combating soldiers who were assassinated by the smugglers’ treacherous bullets”

“There is no justification other than the ridiculous attempt to defend the fuel smuggling bandits, trying to justify their crimes and disguise clear facts by telling lies and fraud. This is shame on every traitor and unperceptive individual who shouts with falsehood by defending and ingratiating those killing criminals.”  

“The responsibility of the occurrence of any security breaches of any kind, size or motive at Zawia Refinery will be assumed by the gangs of fuel smuggling. We will consider such breaches as terrorist acts and the doer of such acts, whoever are, will be considered supported by those gangs and will be charged of terrorism. Unprecedented local and international procedures will be taken against whoever tries to abuse the wealth of the Libya people. We will never be tolerant with this issue in any way.” 

“I urge again the inhabitants of the western region, in general, and people of Zawai city and Zwara city in particular. I call upon their conscience and patriotism to stand together against the criminal bandits and to pull out these poisonous weeds from their land, because they are the first to be affected by those gangs due to the shortage of fuel in petrol stations or its unavailability at the official price, in addition to the interruptions of the desalination station in Zwara  resulted from the fuel smuggling gangs’ stealing of the fuel’s allocations despite Brega Oil Marketing Company’s providing the distribution companies with the required quantities.”

Mr. Sanalla also explained that “Economy Controllers affiliated with Ministry of Economy in different regions are the entities which give permission to the four distribution companies (namely, Sharara Dahabia, Rahela, Libya Oil and Turek Sari’a) to issue licenses for the petrol station after  separating of distribution activity and transfer of oil products under the Resolution of the General People’s Committee (previously) of the year 2007 No. 289 and 293 and under the current political division which led to dividing the distribution companies departments, which has to be stopped sooner and not later.”

“These gangs are part of international criminal organizations that are involved in smuggling fuels, humans, and drugs across the borders. Their presence is a threat for both the Libyan national security and the International security in the Mediterranean region. Everyone must be awakened from the hangover of their narrow-minded material interests that they are chasing, because the threat that Libya is facing is a very huge one.”  

NOC Tripoli – 6 January 2017 

 

Libya: NOC’s Statement to Soon Lift ‘Force Majeure’ Following Opening of Oil Ports in East Libya

Libya’s National Oil Corporation today said it would begin work immediately to restart exports from Oil Crescent ports.

“We welcome statements from the Libyan National Army allied with House of Representatives and the president of the HoR, Aguila Saleh, that the ports should be placed under NOC’s control,” said NOC chairman Mustafa Sanalla. “ our technical teams already started assessing what needs to be done to lift force majeure and restart exports as soon as possible.”

“As Libyans we have a common interest in keeping our oil flowing. By raising oil production and exports we can reduce our budget deficit and pay for vital services.” 

“We can raise production to 600,000 b/d within four weeks and to 950,000 b/d by the end of the year from around 290,000 b/d at present. However, this is dependent on receiving essential funds from the budget and on the Oil Crescent ports and the closed pipelines in the southwest being opened and kept open.”

“I hope this marks the beginning of a new phase of cooperation and coexistence between Libya’s factions, as well as an end to the use of the blockade as a political tactic.”

Under a unity agreement signed in July, ‎NOC recognizes the Presidency Council as the highest executive authority and the House of Representatives as the highest legislative authority. A central aim of the agreement is to ensure that Libya’s oil wealth is used for the benefit of all Libyans.

all exports from Libya must be according to UN Security Council resolution 2259.

Tripoli 13/09/2016