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Saturday, May 21, 2022

Reopening Libya’s Oil Ports Will Enhance Economic Stability

The Head of Libya’s Oil Crescent Development Authority, Ali Al-Solh said that the move to reopen the oil ports will “enhance economic stability, preserve infrastructure, and help Libya benefit from global oil and gas prices.”

In press statements, Al-Solh said that the reopening of the oil facilities came as part of the demands to establish a mechanism to preserve oil revenues. This is with the National Oil Corporation’s (NOC) account in the Libyan Foreign Bank (LFB), until the issuance of a state budget law.

He indicated that Libya is able to increase its oil production, but divisions and faulty financial policies have reduced the ability of the corporation to develop and invest in the sector.

On Tuesday, Libyan Prime Minister-designate, Fathi Bashagha announced the reopening of all oil fields and ports. This came after efforts by the Libyan Parliament and his government to end the oil blockade.

In a statement, he said that the decision came after the Oil Crescent Bloc agreed to lift the blockade on oil facilities. The statement indicated that the bloc’s decision came upon instructions of Parliament Speaker, Ageela Saleh.

Saleh informed the US Ambassador to Libya, Richard Norland, on Sunday that “the oil fields will be opened after a mechanism for equitably distributing revenues to all regions is set up.”

“Saleh confirmed that he will work to resolve the crisis,” the Libyan Parliament said in a statement. Saleh informed the US ambassador to Libya, Richard Norland, on Sunday that “the oil fields will be opened after a mechanism for equitably distributing revenues to all regions is set up.”

“Saleh confirmed that he will work to resolve the crisis,” the Libyan Parliament said in a statement.

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