Libyan technocrats ink "fair oil revenue distribution" accord in London

Libyan technocrats ink "fair oil revenue distribution" accord in London

October 15, 2017 - 14:13
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Written By: AbdulkaderAssad

Libyan organizations' representatives and international organizations' delegates have blueprinted a pamphlet inclusive of measures aiming at securing oil industry in Libya so they can guarantee a fair distribution of oil revenue and keep it away from the reach of embezzlers and thieves.

The signing came at a meeting that was held in London's Saint George at the House of Windsor with attendees from NOC, CBL, and municipal delegates as well as tribal, UN, international oil firms, World Food Program's delegates, in addition to diplomats from the UK, US, Russia, European Union, Spain and Italy, and other oil experts and economists.

A statement issued on the National Oil Corporation's (NOC) website, said that the "doctrine of principles" was signed to protect the oil sector in the transitional phase until a government is formed alongside a parliament that would work together as per the Libyan Political Agreement (LPA) to allow all Libyans to benefit from oil revenues.

"Only the NOC and its firms are entitled by laws to practice all matters related to the oil industry in Libya. The revenue will be transparently transferred to the Central Bank of Libya (CBL) and the Libyan people will be informed of the details." The statement reads, adding that the government will fund all the NOC firms in a transparent fair manner, at the right time and by the needed and requested amounts of money in order to guarantee steady production and fixed income for Libya.

It also added that official authorities should condemn the closure of oil facilities as well as the looting of oil, oil products and equipment, reiterating that the ones responsible for those violations will be subject to a legal pursuit both in Libya and in the international circles.

"There will be no payments for those who commit such violations." The newly signed doctrine remarks.

It added that security of the oil entails implementing the security measures and plans agreed upon with the authorities as per international standards that are accredited by the NOC, explaining that new contracts for investments by the foreign companies will be done in a transparent procedure and in compliance with Libyan laws.

NOC's Chairman Mustafa Sanallah said at the end of the meeting that all the attendees of the meeting will work together as technocrat entities to help materialize the agreed upon principles so that the entire country can benefit from the oil sector.