Libya’s National Oil Corp warns of new attempt at independent oil sales

27 Mar 2017   Libya

Libya’s National Oil Corporation (NOC) said on Sunday that it had identified “illegal” efforts to sell crude oil without its approval and warned potential buyers not to enter into such contracts. Factions based in eastern Libya have previously tried to sell oil independently of NOC in Tripoli, but their moves have been frustrated by U.N. resolutions that remain in place. “NOC identified a group of individuals abusing the current status of political division in Libya by entering into illegal contracts with unknown or unqualified companies,” NOC said in a statement without providing detail on who was involved. “These individuals, and others associated with them, have offered Libyan crude oil for sale at huge discounts below the official selling price (OSP).” The statement added that this could cost the […]

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