Libyan oil stakeholders draft a “Statement of Principles” to safeguard sector
The Libyan National Oil Corporation (NOC) facilitated a two-day consultation involving key domestic stakeholders and international delegates from the EU, US, UK and Russia to discuss how Libya’s oil sector can overcome security and governance challenges. The meeting culminated on 11 October in the publication of a draft “statement of principles” to assist the NOC through the transition period till the establishment of a new Libyan Government as anticipated by the UN backed Libyan Political Agreement. Of significant note is the statement’s non-conciliatory approach on efforts to disrupt oil production, which has cost Libya $126 billion in revenue over the last five years:
Attempts to blockade oil, misappropriate oil and equipment, disrupt or prevent the production or transport of petroleum products are condemned by all parties, and shall be prosecuted to the full extent permitted by Libyan and international law… No concessions or payments will be made to blockaders or disruptors.
To read a draft of the “Statement of Principles” click here.