Libyan NOC Sounds Alarm For Illegal Sales

Libya’s National Oil Corporation warned in a statement yesterday that it had detected attempts for illegal sales of crude oil from “a group of individuals.” NOC is the only one who is authorized to export oil from the country as per UN resolutions following the civil war, and it can only sell it to 16 companies with which it is in contractual relations. NOC said that illegal sales are often made at huge discounts to the official selling price, causing losses of hundreds of millions of dollars. Reuters recalls that previously,…

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