Libya’s National Oil Corporation (NOC) is nearing completion of a new fuel import mechanism designed to prevent delays, tighten oversight, and ensure uninterrupted distribution across the country.
NOC Chairman Masoud Suleiman outlined the progress during a high-level meeting in Tripoli with Central Bank Governor Naji Issa, Audit Bureau President Khaled Shakshak, and Attorney General Al-Siddiq Al-Sour, an unprecedented gathering that underscored the national importance of securing a stable fuel supply chain.
According to the NOC, the meeting reviewed preparations for issuing a major international tender that will invite leading global companies to supply fuel and purchase Libyan crude. Suleiman said the tender reflects the corporation’s firm commitment to transparency, competition, and clean procurement practices.
He stressed that the new system aims to obtain the best commercial offers from reputable global suppliers while safeguarding public funds.
Suleiman explained that the NOC has commissioned an international advisory firm to redesign the fuel procurement contracts to align them with global market standards and modern compliance requirements. The objective is to create a flexible, robust framework capable of adapting to fluctuations in international prices, logistical challenges, and growing domestic demand.
He confirmed that the corporation is putting the final touches on the new mechanism, which is expected to resolve chronic bottlenecks that have previously led to shortages and distribution disruptions in the local market. Suleiman revealed that the NOC has signed a contract with KPMG, one of the world’s leading auditing and consulting firms, to support the overhaul and ensure the process meets international governance standards.
The meeting, held at the Audit Bureau headquarters, also examined several strategic files, including the sector’s financial requirements, fuel-import payment arrangements, and updates on the large-scale global exploration tender launched by the NOC earlier this year.