NOC receives a billion LYDs in funding, lifts force majeure on Hariga port
Libya's National Oil Corporation lifts force majeure on Hariga oil port after receiving a billion dinar in funding from the GNU
After resolving a budget dispute with the new Government of National Unity (GNU), Libya’s National Oil Corporation (NOC) lifted force majeure on Hariga port today.
The GNU agreed to allocate 1 billion dinars ($225 million) as part of an agreement to end the force majeure it had declared on exports through Hariga, according to a statement issued by the NOC.
According to the statement, Chairman the NOC, Mustafa Sanalla held an emergency meeting at the headquarters of the Arabian Gulf Oil Company in Benghazi with the heads of Companies of the Gulf, Sirte and Ras Lanof and the Under-Secretary of State for Oil and Gas, Refat Al-Arabar.
The lengthy discussion focused on national corporations’ financial crises, including a study of the unparalleled backlog of obligations, which caused financial difficulty and made it difficult for all factories, wells, and surface facilities to continue operating safely. At this conference, the following goals were decided upon:
First, the Corporation updates a statement on all oil companies’ accrued obligations and their schedules, with the aim of paying the receivable within two months of the statement’s date, with national companies receiving priority.
Second, the National Petroleum Corporation immediately announces the removal of force majeure from the port of Al-Hariga. In parallel, instructions are given to companies engaged in production and exports.
Third, the NOC directs a competent company with a good reputation and credit rating to assess all oil-related infrastructure, including surface facilities, wells, and reservoirs, in order to establish plans for the integrity and maintenance of all Libyan State assets in a timely manner.
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