No Result
View All Result
Monday, July 14, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

NOC seeks to head off any new independent oil sales

byNigel Ash
March 26, 2017
Reading Time: 2 mins read
A A

By Libya Herald reporters.

The NOC HQ in Tripoli (photo: NOC)
The NOC HQ in Tripoli (Photo: NOC)

Tunis, 26 March 2017:

A new attempt to sell Libyan oil cheaply outside of the National Oil Corporation (NOC) has been lambasted by Corporation chairman Mustafa Sanalla.

NOC has today put out a statement saying it knows of illegal offers to sell oil at a huge discount to official selling prices which, if they went through, would cost Libya hundreds of millions of dollars in lost revenue.

It gave no details of who is offering the contracts but warned shipping companies and the crude oil market that the contracts were illegal.

RELATED POSTS

Top law firm joins new British Libyan Business Association

An academy with a difference in Tripoli

“Entering into them may lead to serious legal consequences and financial losses” it cautioned, “NOC does not accept responsibly or liability whatsoever for any loss or damage incurred as the result of entering into contracts with unauthorised individuals.”

NOC insisted that it already had contracts with 16 international companies for the sale of all Libyan crude to be produced this year.

“Only these companies are legally contracted to buy Libyan crude oil and to charter shipping tankers from Libyan ports for 2017.”

It named the buyers as  ENI, Total, OMV, Repsol, Rosneft, LukOil, Cepsa, Saras, API, Glencore, Socar, Unipec, Vitol, Gunvor, Petraco, and BB Energy.

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

In April 2016 the parallel eastern NOC was frustrated in an attempt to sell a 650,000 barrel cargo to a UAE buyer.  The Indian tanker Distya Ameya loaded at Tobruk but was refused entry to Malta . Meanwhile the UN added it by name to its sanctions list, meaning that it could take the oil to no other port anywhere in the world.  It later sailed to Zawia where its cargo was unloaded.

This article has been updated to include the previous attempt to sell oil outside of NOC

Tags: featuredillegal oil salesLibyaNOC

Related Posts

Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

July 11, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Aldabaiba seeking long term partnership not interim solutions on combatting irregular migration

July 10, 2025
Acting Interior Minister Trabelsi taking steps to counter forged ID numbers and passports
Libya

There are 4 million irregular migrants in Libya: Interior Minister Trabelsi

July 10, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Aldabaiba: Militias have become criminal gangs and a state within the state

July 9, 2025
Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Libyan Russian Economic Forum starts in St. Petersburg
Libya

Libyan Russian Economic Forum starts in St. Petersburg

June 27, 2025
Next Post
Power cuts expected in Tripoli as gunmen close gas pipeline to Ruwais power station

Power cuts expected in Tripoli as gunmen close gas pipeline to Ruwais power station

Sidra elders’ leader abducted: report

Sidra elders' leader abducted: report

ADVERTISEMENT

Top Stories

  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Aldabaiba opens First Phase of Tripoli’s Third Ring Road

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Three health centres opened in Benghazi after maintenance and development

Tripoli based Libyan government plans to complete 150,000 housing units by 2030

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.