No Result
View All Result
Thursday, September 28, 2023
25 °c
Tripoli
25 ° Fri
24 ° Sat
24 ° Sun
24 ° Mon
  • 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

Weeks of domestic and international ‘‘ongoing negotiations to lift oil blockade’’, leaks of potential Libya oil revenue distribution agreement

bySami Zaptia
June 30, 2020
Reading Time: 3 mins read
A A
13
SHARES
57
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

(Logo: NOC).

London, 30 June 2020:

Libya’s state National Oil Corporation (NOC) announced yesterday that it is hopeful that Libya’s oil blockade will be lifted soon. It revealed that there have been ‘‘weeks of negotiations’’ both with domestic and international stakeholders – under UN and US supervision.

It referred to states interfering in Libya’s affairs as ‘‘regional countries behind oil blockade’’.

The NOC statement read: The ‘‘NOC confirms there have been ongoing negotiations to resume oil production over the past several weeks with the between the GNA, NOC and regional countries, under the supervision of the UN and the US. The corporation is hopeful that those regional countries will lift the blockade allowing NOC to resume its vital work for the benefit of all the Libyan people.

RELATED POSTS

Internal Security arrests NOC Chairman’s Office Manager for corruption in supply of medicines for Derna and its environs

Eastern Libya authorities must lift restrictions on journalists: Amnesty International

NOC is determined that the agreement will guarantee transparency and that oil revenues will achieve social justice for all Libyans. The corporation also intends the agreement will include solutions to protect the oil facilities and make sure they are never used as a military target or a political bargaining chip again’’.

On Friday (26 June) , the US embassy had tweeted ‘‘As responsible actors in Libya return to UN-facilitated ceasefire talks and demand an end to foreign interference, allowing the NOC to immediately resume operations is a critical step to re-establish Libyan sovereignty’’.

On the same day, the NOC had expressed its deep concern at ‘‘the presence of Russian and other foreign mercenaries inside (its) Sharara oilfield’’. Today it revealed that the 164-day oil blockade has cost Libya US$ 6.3 bn in lost potential revenues.

The role of the tribes / Hafter?

Yesterday, a statement was issued by a so-called ‘‘Libyan Cities and Tribes Move (ment) to Conserve (Libya’s) Oil Resources’’ stamped and dated from the eastern oil crescent area of Zueitina.

After paying tribute to Khalifa Hafter and referring to the ‘‘conspiracy by Turkey’’ to usurp Libya’s wealth, the statement said its movement had blockaded Libya’s oil production and exports demanding that a system be put in place to ensure that oil revenues do not end up in the hands of ‘‘extremist militias’’.

However, the statement conceded that the blockade had led to increased food prices, the dollar exchange rate and the inability of the state to pay wages.

The movement claimed, that as a result of these negative repercussions of the oil blockade, it has now ‘‘granted full authority’’ to Hafter’s Libyan National Army (LNA) ‘‘General Command to communicate’’ with UNSMIL and the international community to ‘‘find a solution to prevent oil revenues from falling into the hands of terrorist militias’’.

The alleged proposed deals

It will be recalled that one of the purported drivers for Hafter’s April 2019 military attack on Libya was the inequitable distribution of Libya’s oil wealth. The east accuses Tripoli and western Libya of corruption, leaking Libya’s oil wealth to ‘‘Islamists’’ domestically and their backers internationally and financing ‘‘terrorist militias’’.

The ‘‘solution’’ referred to in the tribe’s statement that ‘‘prevents’’ oil revenues from falling into the hands of ‘‘terrorist militias’’ seems to be a process of diving up Libya’s rentier oil cake at source to its three historical regions. The proposed distribution process would bypass the much-hated Tripoli Central Bank of Libya and its (three times sacked) Governor Saddek El-Kaber seen as a corrupt Islamist in the pockets of western Libya militias by the east.

There are several unsubstantiated versions of the proposed plans floating about. One is a version of the Iraq ‘‘food for oil’’ scheme where the international community would oversee how Libya’s oil revenues are distributed.

The details of another version is that the oil blockade would be lifted, and oil production and exports would resume as normal – but revenues would no longer flow into the Tripoli Central Bank of Libya’s overseas (Libyan Foreign Bank) account – but rather into a new account not under its control but rather under the control of the more neutral and technocratic National Oil Corporation (NOC).

The oil revenues flowing into this account would then be frozen for a few months during which the conflicting stakeholders would hammer out a distribution mechanism of the oil revenues between the three historical Libyan regions of Western Libya (Tripolitania), the South (Fezzan) and East (Cyrenaica).

Whilst the concept may seem commendable at first sight in its thrust towards decentralization and equitable distribution of wealth, both proposals do present numerous potential domestic and international difficulties – ranging from sovereignty to legitimacy, accountability and conflicting international interests.

The proposal would need the approval of both the internationally recognized Libyan government in Tripoli and the eastern authorities – as well as the ‘‘interfering’’ international stakeholders. For example, what would be the incentive for Russia, France, UAE and Egypt to support such a deal? If, for example, as reported, Turkey will get some old debts for part-completed projects as well as new projects from Tripoli – what will Russia, France, UAE and Egypt get?

It will be recalled that the outgoing UNSMIL head, Ghassan Salame, believes that many in the international community do not want to see Libya’s oil flowing again too soon in view of low international crude oil prices.

 

NOC expresses deep concern at ‘‘Russian mercenary’’ presence at Sharara oilfield

 

Salame blames international community for Libya failure

 

 

 
Tags: Berlin Libya conference 19 January 2020Khalifa HafterNOC National Oil CorporationtribesUS Embassy
Share5Tweet3Share1

Related Posts

UNDP installs solar power for Jufra municipality to operate water wells
Libya

UNDP installs solar power for Jufra municipality to operate water wells

September 27, 2023
Switzerland offers extra CHF 1 million for Libyan flood effort
Libya

Switzerland offers extra CHF 1 million for Libyan flood effort

September 27, 2023
Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Attorney General orders arrest of company’s representative for importing banned GM corn

September 27, 2023
Sweden providing initial US$ 1.35 million to Libya’s Storm Daniel humanitarian efforts
Libya

Sweden providing initial US$ 1.35 million to Libya’s Storm Daniel humanitarian efforts

September 27, 2023
Seminar on collaboration between Italy and Libya on women’s rights
Libya

Italian Cabinet gives green light for a state of emergency to intervene in Libya, allocates € 5 million

September 26, 2023
Internal Security arrests NOC Chairman’s Office Manager for corruption in supply of medicines for Derna and its environs
Libya

Internal Security arrests NOC Chairman’s Office Manager for corruption in supply of medicines for Derna and its environs

September 26, 2023
Next Post

NOC clarifies type of deal under discussion to end oil blockade – discounts numerous reports

Interest-free Aman bank loans to buy Eid rams

Interest-free Aman bank loans to buy Eid rams

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Dutch embassy assesses security standards, rules and procedures at Tripoli’s Mitiga airport

    Civil Aviation Authority concludes meetings with Turkish Civil Aviation team inspecting airports for possible return of Turkish airliners

    70 shares
    Share 32 Tweet 16
  • Eastern Libyan government calls for international reconstruction conference for Flood Daniel hit areas

    65 shares
    Share 34 Tweet 13
  • Internal Security arrests NOC Chairman’s Office Manager for corruption in supply of medicines for Derna and its environs

    51 shares
    Share 21 Tweet 13
  • Libya’s eastern government meets Egyptian companies to discuss post Storm Daniel reconstruction

    47 shares
    Share 19 Tweet 12
  • UNSMIL head Bathily calls on polarised Libyan political entities to follow their citizen’s lead by unifying post the Derna disaster

    56 shares
    Share 30 Tweet 11
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

UNDP installs solar power for Jufra municipality to operate water wells

Switzerland offers extra CHF 1 million for Libyan flood effort

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.

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

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow 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
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?