Acting National Oil Corporation (NOC) chairman Masoud Sulaiman has disscussed the various issues surrounding fuel procurement with the chairman of the Audit Bureau, Khalid Shakshak. The discussions in Tripoli on 21 January covered the quality, availability, supply and pricing of fuel in line with demand as well as government recommendations.
Masoud outlined the procedures for the supply and distribution of fuel, explaining that specialised firms inspect all shipments to guarantee quality, that the quantities arriving in Libya were fully recorded and that the price paid for supplies was subject to tenders.
The two also discussed the observations made by the Audit Bureau about the NOC’s activities in 2023.
This meeting was the second in two days. On 20 January, the two chairmen included the Governor of the Central Bank of Libya (CBL), Naji Issa, in their discussions. These focussed on of the feasibility of transferring oil export revenues directly to the CBL so as to ensure the availability of foreign currency and the ability to finance salaries and, in doing so, achieve maximum transparency.
It was agreed to form a committee to review the fuel swaps system whereby oil is exported in return for refined products.
The heads of the three institutions agreed that the swaps system required to be ended urgently.
