The Libyan National Oil Company (NOC) warned today that within the next 72 hours it may declare a “state of emergency” at its facilities in the Gulf of Sirte, as it will not be able to meet its commitments under the contracts it has signed. .
“We are considering declaring a state of force within 72 hours, unless oil production from the Sirte Bay terminals resumes,” said NOC leader Mustafa Sanala. He also called on “all parties” to ensure that the oil facilities are reopened and exports resumed.
By invoking the “state of force majeure” the company will not be obliged to comply with its contractual obligations and will not be responsible for it.
Libya, the country with the largest oil reserves in Africa, sank into chaos after the overthrow of Muammar Gaddafi in 2011 and is currently going through a serious constitutional crisis. Two governments have been vying for power since March, one in Tripoli, led by Abdelhamid Dibayba, and the other, led by Fati Bashaga, backed by General Khalifa Haftar, the strongman of the east.
Against the backdrop of this division, six oil facilities and terminals in the eastern part of the country have been forcibly closed since mid-April by groups close to the eastern powers demanding that Dmeiba hand over power to Bashaga.
“Faced with a recurring reality, with the closure (of the facilities) in the Gulf of Sirte, there are those who tend to demonize the oil sector in the capital but we will not be left with our hands crossed,” Sanala said, implying his strained relations. with the Minister of Petroleum, Mohammad Aoun.
Despite the country’s abundant oil, Libyans are without electricity for about 12 hours a day, when the temperature is around 40 degrees. The National Electricity Company (Gecol) reported that “about 1,000 megawatts” of energy were lost because the gas supply was cut off due to the closure of the facilities.
Dibbea “made available” Gecol’s board of directors, pending an “administrative inquiry”.
Source: ΑΠΕ-ΜΠΕ
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
