Libyan technocrats agree principles to protect oil sector - AP Multimedia Newsroom
11 October 2017

LIBYAN TECHNOCRATS AGREE PRINCIPLES TO PROTECT OIL SECTOR

VNR

 

Key Libyan institutions and representatives have agreed a set of principles aimed at reinforcing existing legal protections for NOC.

Key Libyan institutions and representatives have agreed a set of principles aimed at reinforcing existing legal protections for NOC.

Representatives of Libya’s National Oil Corporation, the Governor of the Central Bank of Libya, tribal and municipal representatives, the United Nations, the International Monetary Fund, major international oil companies, diplomats from the UK, the US and Russia, and specialist advisors agreed the principles at an NOC-convened consultation at St George’s House, Windsor Castle.

The consultation discussed a range of actions to protect the country’s economic foundations during Libya’s political transition, including the legal, financial, judicial and operational principles recommended to maximise and protect sustainable oil production.

The draft Statement of Principles will be forwarded by NOC to the broad-based conference on Libya’s political transition to be convened by the United Nations Secretary General’s Special Representative Ghassan Salamé.

“I am grateful to all the attendees who joined us at this unique gathering for open and frank discussions on how Libya can overcome persistent security and governance problems in its oil sector. We will work together as Libyan technocratic institutions to put into action each one of these principles, and to ensure the whole country realizes the benefits,” said Mustafa Sanalla.

-GVs Windsor Castle

-Interview in ENGLISH with Mr. Mustafa Sanalla, Chairman, NOC

11 October 2017