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Author: LS

Sanalla Accuses Al-Kabir of wasting the state’s oil revenues

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The Chairman of the National Oil Corporation (NOC) , Mustafa Sanalla, accused on Sunday the governor of the Central Bank of Libya (CBL), Siddik al-Kabir, of wasting oil revenues through failed contributions and unfair spending on certain regions to create power centres.

In his statement, Sanalla said that oil revenues went to “fat cats” and “dinosaurs”, which they obtained through fake letters of credit from the Central Bank.

Sanalla said: “The oil money will be kept safe, until there is transparency, or it will be given to the Libyans, but you give it to one “thief” for a dinar and 40 piasters, and he sells it for 10 dinars: “No!”.

According to the NOC chief, 186 billion in revenue from the sale of crude oil have been collected and transferred to the Central Bank of Libya in recent years, but living conditions have deteriorated and most of the revenues went to fat cats.”

Nevertheless, sanalla asked Al-Kabir: “In recent years, we have obtained 186 billion from sales of oil and its products, so where did this money go?

Sanalla said that Libya is going through a very, very dangerous predicament; Because of the “failed” monetary policies of the Governor of the Central Bank of Libya.

GECOL announces theft of electricity wires in Zliten

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The General Electric Company of Libya (GECOL) has condemned on Saturday the continuing theft, looting and attacks on the electrical system and its components.

The company said in a post on its official Facebook page that these illicit works have increased noticeably lately, causing more suffering for the company and increased load shedding citizens across the nation.

The GECOL also pointed out that an outlaw group stole 900 meters worth of wire in the Jihad line in Zliten, causing electricity malfunction and cutting off the supply on one of the switches, creating a large scale power outage on homes and farms in the area.

Husni Bey:” The UAE did not welcome the lifting of force majeure on oil facilities”

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The businessman Husni Bey said during a televised interview for Libyan WTV channel and Tabadul Platform that lifting force majeure on oilfields and ports is an international, Libyan, and UN initiative. According to him, it is the product of a rational effort.
“The UAE did not welcome the lifting of force majeure on oil facilities. Welcoming this step was only possible on the condition that a bank account would have been opened, either in Emirates or in a foreign country, to deposit oil revenues.” Husni Bey said, pointing out that Sanalla did not only reject the proposal, but also demanded to apply the Libyan law and deposit all such revenues in the NOC’s account at the Libyan Foreign Bank.
ِ”Considering the Libyan law, what Sanalla did was 100% legal. The disagreement revolves around the date of transferring the amount.” Bey pointed out, adding that the executive authority has not yet specified the date  since it is among its prerogatives.
The spokesperson clarified that those who participated in the dialogue were not in Sochi. This dialogue had been participated by the United Nations, the US Embassy, France, Egypt, the UAE, Al-Sarraj and Al-Kabir. In addition to other representatives from the east such as Aguila Saleh and those around him.
Husni Bey said: “When the power went down in the east and power plants stopped working because there was no gas, they were obliged to look for any solution… Using the associated gas was the initial proposed solution. However, Sanalla refused the proposal, arguing that lifting the oil blockade cannot be directed towards resolving one aspect of the problem as the force majeure would be announced once again.“
The businessman added that the first party representing the Eastern Region had suggested lifting the blockade on oil facilities with the requirement to obtain a share of oil revenues by as much as 38 %.
According to Husni Bey, a reply was received to report that there were no funds to share, given that oil revenues are devoted to the salaries, the police, the army, education and health. Nevertheless, a part of it is allocated to the Eastern Region.
“Lifting the blockade on oil facilities in return for depositing the revenue into a common bank account so that it would be shared between the Western and Eastern Regions was among many other suggestions that had been put forward.”
“Saudi Arabia, Emirates, Egypt, and the Eastern Region requested to open a foreign account. For his part, Sanalla stressed that he cannot violate the law as the Libyan law imposes selling oil and transferring revenue funds to the Libyan Foreign Bank.”
“Through his speech about freezing the revenues, Sanalla tried not to include the liability of other persons in order to protect the Presidential Council (PC) and any party from the Eastern Region,” Bey said, adding that the National Oil Corporation (NOC) cannot take such a decision individually, it rather needs the PC’s support.
“Transferring oil revenues to the Libyan Foreign Bank is based on a decision taken by the General Secretary of the General People’s Committee in 1994, which was considered illegal at that time.” the businessman said.

The Bank of Commerce and Development warns about “fake” companies

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Sada economic newspaper circulated a leaked letter sent by the Branch Director of the Bank of Commerce and Development to the management of the other branches about a number of front companies.

According to the letter, a number of companies demanded to open bank accounts. However, the bank refused their demands as there was no reliable data about them.  

These companies are: Shara Jamal Sanitation Services Company, Abr Al-Sahel Fuel Distribution Company, Al-Kalaa National Group for the Importation of Food Items as well as Nawat Al-Mostakbal Company for Medical Services.

A reliable source at the GNA’s Ministry of Economy and Industry told Sada economic newspaper that these companies have not been listed in the Central Commercial Register since 2017, which makes it clear that they are front companies.

NOC, LBBC discuss training cooperation

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The Department of Human Resources at the National Oil Corporation (NOC) discussed with the Libyan British Businessmen Council (LBBC) ways to develop the training process to improve the efficiency of oil workers.

More than 30 British training institutions and representatives from the British Embassy, ​​the British Passport and Immigration Department and the British Vocational Education Department participated in the discussions virtually.

The discussions reviewed the possible aspects of cooperation between the National Oil Corporation and the British training institutions, in addition to the external training programs to be implemented in 2021

Libyan officials indicate they won’t discuss an OPEC quota

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“Libya will likely struggle to produce above 1.3 million barrels a day,” said Mohammad Darwazah, an analyst at consultant Medley Global Advisors. “There is not much upside from these levels in the absence of investment.” He added.

According to Bloomberg, Libyan officials have hinted that they won’t discuss a potential OPEC quota for the country until it’s pumping at least 1.7 million barrels daily.

OPEC typically gives any member suffering from conflict several years to recover before trying to cap its output.

The Central Bank says Libya’s NOC Concealed Billions of Dollars

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On Thursday, Sada economic newspaper circulated a leaked letter sent by the Governor of the Central Bank of Libya (CBL), Sadiq Al-Kabir, to the Chairman of the National Oil Corporation (NOC), Mustafa Sanalla, about the NOC’s statement regarding oil revenues.

According to the letter published by the Sada economic newspaper, Al-Kabir stated that the volume of oil revenues supplied to the CBL during October to mid-November amounted to about $15 million despite the NOC’s announcement that production had reached 1.2 million bpd.

He added that this came at a time when the Libyan state was in dire need of foreign cash to meet the demand for “documentary credits, direct transfers, and household goods, as well as affecting the exchange rate and providing liquidity”.

According to the document, the auditing work shows that the NOC did not announce part of the oil revenues to the public treasury, amounting to about $3.2 billion. He noted that this amount, if added to the accounts, could be used to cover the foreign exchange requests.

“Although the CBL welcomed the return of oil production and exports, the bank was surprised by the NOC’s withholding of revenues from state accounts”, Al-Kabir said, adding that the CBL was sufficiently able to manage the state’s foreign exchange reserves, as well as oil and gas revenues.

Bashagha participates in the Mediterranean Dialogues on migration

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 Fathi Bashagha, the Minister of Interior and Government of National Accord of Libya, participated in the virtual 6th edition of the Rome MED Dialogues 2020 that aims to define a “positive agenda” for the Mediterranean area by developing possible shared solutions to health, economic and political risks. Among the strategic issues: the revolution in the energy field and the opportunities offered by the transition to a green and sustainable economy.

During this annual initiative, Bashagha discussedthe New Pact on Migration and Asylum that focus on promoting tailor-made and mutually beneficial partnerships between the EU and its partners.