The Chairman of the Libyan National Oil Corporation, Masoud Suleiman, welcomed the Special Representative of the UN Secretary-General and Head of the United Nations Support Mission in Libya, Hanna Tetteh, at the corporation’s headquarters in Tripoli.
The National Oil Corporation’s media office stated that the meeting highlighted the broad outlines of the corporation’s ambitious plans to develop the sector and increase production, as well as to expand sustainable development projects in areas adjacent to oil sites throughout Libya.
The discussions also focused on enhancing the autonomy of the corporation and its subsidiaries, distancing them from any political or geographic disputes that could threaten their outstanding performance and the impressive results achieved, notably the increased rates of crude oil and gas production, which promise greater economic stability for Libyans than ever before.
On another note, the UN mission stated that Tetteh emphasized the critical importance of the corporation’s commitment to transparency and accountability in its operations and contracting processes.
She also welcomed the decision to halt the transactions of swapping crude oil for fuel and urged further measures to restore Libyan confidence in this vital sector of the Libyan economy.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
