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Country Report Libya Product Image

Country Report Libya

  • ID: 2101513
  • March 2015
  • Region: Libya
  • 25 Pages
  • The Economist Intelligence Unit

On March 18th the official government of Abdullah al-Thinni, which is based in eastern Libya, issued an order that all oil sales must go through the proposed eastern headquarters of the state-owned National Oil Corporation (NOC), rather than the Tripoli-based one in western Libya.

The move is clearly an attempt to eradicate the influence on the oil sector of the Tripoli-based Islamist government of Omar al-Hassi. As part of efforts to rebuild the state oil company in the east, the Thinni government has indicated that any oil sales must now be arranged through the Benghazi headquarters of the NOC or be deemed illegal.

In January the official government suggested it would establish a new payments system though an eastern-based central bank, although there has been no detail on how the system would work and there are concerns that it would only exacerbate an already confusing payments process. The existing system requires all buyers to pay the NOC via an account held by the Libyan Foreign Bank, which is a wholly owned subsidiary of the Central Bank of Libya.

Industry List: Energy, Oil and gas
Industry Codes (NAIC): 22
Industry Codes (SIC): 49

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Country Report Libya

Official government tightens restrictions on oil sales
Impact on the forecast

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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