Libya’s National Oil Corporation (NOC) has announced unification with its parallel corporation, whereby employees will be incorporated into the staff of the NOC and its subsidiaries. Under NOC No. (763) of 2021, dated September 2, 2021, employees affiliated with the parallel corporation will be merged into the NOC, with the aim of ensuring a unified and more streamlined oil and gas sector.
The unification comes after an agreement made by the Chairman of the Energy and Natural Resources Committee of the Libyan House of Representatives and Mustafa Sanalla, Chairman of the NOC. In line with the Government of National Unity’s objective to establish an integrated, goal-oriented and growth-focused oil and gas sector, the merger is expected to significantly enhance human capacity, while eliminating sectoral division.
“The Government of National Unity, since its approval, has been keen on unifying all the economic institutions of the Libyan State and has given the issue special attention. It took some time to work on this goal and today we are ending the era of division in the oil sector forever, and we issue a decision appointing, integrating and merging all those affiliated to the (formerly) parallel corporation,” stated Sanalla.
“The oil sector represents a top priority in the concerns of the Prime Minister of the National Unity Government due to the sensitivity of this vital sector and its great role in preserving Libya’s economy from collapse. Therefore, there is complete agreement between His Excellency and the NOC that requires preserving the unity of the sector, keeping it away from disputes and pouring all out interest into attracting investment, increasing production and achieving huge returns to the Libyan state treasury to strengthen the national economy,” added Sanalla.
Organized by Energy Capital & Power with the endorsement of the Office of Prime Minister H.E. Abdul Hamid Dbeibeh, the Libya Energy & Economic Summit 2021 (November 22-23, Tripoli) will unite local and foreign investors, policymakers and financiers for two days of discussions and deal-making. To learn more about Libya’s sectoral revival and find out more information regarding speaker or sponsorship opportunities at the Libya Energy & Economic Summit 2021, please visit www.libyaenergysummit.com or contact James Chester at [email protected].