NOC Board and Subsidiaries Welcome Unity Agreement

The members of the board of the National Oil Corporation (NOC), the heads of NOC’s operating subsidiaries and NOC departmental general managers and managers have welcomed the agreement to unify the NOC after being briefed on its contents at a meeting in Tripoli by NOC chairman Eng. Mustafa Sanalla.

Eng. Sanalla explained that unifying the NOCs required agreement on five main issues:

  • First, the higher authorities;
  • Second, budgets;
  • Third, what to do about agreements signed since the split, including the possibility of conflicting agreements;
  • Fourth, personnel, including the composition of the board;
  • Fifth, the location of the headquarters.

Eng. Sanalla told attendees the higher authorities for the agreement are the Presidency Council and the House of Representatives according to and as per the LPA . Detailed audits of budgets for both NOCs have been prepared and NOC is now in a position to merge them. Finally, the headquarters of NOC, as was ordered by the government in 2013, will be moved to Benghazi when security and infrastructure permit.

“With the unity of the country at stake, this is a fully achievable agreement,” said Eng Sanalla.

Eng. Sanalla told the meeting that one of the fundamental principles of this agreement is that Libya’s oil must be used for the benefit of all Libyans. “Funds from the sale of oil by NOC will continue to be paid to the Central Bank, and it is up to  the Presidency Council and House of Representatives to ensure that the money is distributed fairly, including to cover NOC budgets,” he said.

The agreement came into effect immediately on its signing, he said, and does not require further approval since it was negotiated at the behest of Prime Minister-designate Fayez Serraj.

The attendees at the meeting welcomed Dr Nagi el-Maghrabi to the NOC board and expressed their unanimous support for Eng. Mustafa Sanalla’s chairmanship.

(Source: NOC)

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