The members and head of the board of the National Oil Corporation (NOG) and NOC’s operating subsidiaries welcomed an agreement to unify the NOC at a meeting in Tripoli.
According to NOC's announcement on Monday, unifying the NOCs require agreement on five main issues.
"First, the higher authorities. Second, budgets. Third, what to do about agreements signed since the split, including the possibility of conflicting agreements. Fourth, personnel, including the composition of the board. Fifth, the location of the headquarters," according to statement.
NOC chairman Mustafa Sanalla told attendees the higher authorities for the agreement are the Presidency Council and the House of Representatives.
It is also stated that the headquarters of NOC, as was ordered by the government in 2013, will be moved to Benghazi when security and infrastructure permit.
"With the unity of the country at stake, this is a fully achievable agreement,” Sanalla told.
Sanalla also told that one of the fundamental principles of this agreement is that Libya’s oil must be used for the benefit of all Libyans.
"Funds from the sale of oil by NOC will continue to be paid to the Central Bank, and it is up to the Presidency Council and House of Representatives to ensure that the money is distributed fairly, including to cover NOC budgets,” he emphasized.
Additionally, It is stated that the agreement came into effect immediately on its signing, he said, and does not require further approval since it was negotiated at the behest of Prime Minister-designate Fayez Serraj.
Libya had an output capacity of about 1.5 million barrels per day before the 2011 revolt.(Anadolu Agency)
