LIBYA’s National Oil Corporation (NOC) has warned international buyers against illicit contracts to purchase the country’s crude oil.

The NOC, is state-run and is one of the few remaining independent institutions in the conflict-ridden, and politically divided country.

The latest warning comes following this month’s battle between rival armed groups for control of the oil crescent in central and eastern Libya.

The NOC statement suggests that a group of individuals has already signed illegal oil contracts with unknown companies.

The corporation has been vague on the details of who exactly is involved in the alleged attempted transaction, and when this took place, but it says Libyan crude oil is being offered at a “huge discount” to unqualified companies.

It warns that the country stands to lose millions of dollars in revenues if these contracts get implemented.

Libya’s chaos, with its rival regional administrations and armed groups, often challenge the work of state institutions.

The highly contested oil crescent and its lucrative export terminals recently changed hands twice between rival armed groups. — BBC

—  Mar 27, 2017 @ 19:55 GMT

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