Warnings on the Libyan government’s decision to embezzle oil revenues

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Benghazi, Libya – Libya’s internationally recognized government has decided to divert revenues from the long-established state oil company and the Central Bank to its own coffers – in an effort that experts say is “risky” and likely to harm fail.

Libya has been ruled by two governments and two parliaments since August, when an alliance of Islamist-backed militias invaded the capital Tripoli.
The internationally recognized government fled to the far east of the country and settled in the city of Tobruk.
The National Oil Corporation, founded in 1970, is based in Tripoli where the Central Bank of Libya – repository of the country’s oil wealth – is also headquartered.
The NOC and the Central Bank have so far remained neutral in the dispute, continuing to operate independently of any administration.
But, deprived of vital funding, the government in Tobruk announced last month the creation of a rival company, the National Oil Company, in the second city of Benghazi.
He took another step on Saturday, ordering the company to start exporting rough, open a bank account in the United Arab Emirates and open offices in Britain, Germany and the United States.
Benghazi-based NOC chairman Mabrook Abu Seif told AFP he had already started negotiations with oil companies that have contracts with his Tripoli rival.
Abu Seif did not name the companies or provide details on the nature of the talks, but he insisted that the old contracts would be “respected and implemented once the obstacles are removed”.

AFP

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