Tripoli -The GNU-Ministry of Oil and Gas said that the agreement that was signed between the National Oil Corporation “NOC”, with Eni company violates the legislation stipulated in the Libyan Oil Law.
This came in a statement by the Ministry, yesterday, it revealed that the agreement, to develop two gas blocks in the marine area west of Tripoli was made by signing an amendment to the existing agreement concluded with the company in 2008 by changing the agreed shares of production partners and increasing the share of the foreign partner to 37% instead of the current 30%.
According to the Ministry, the agreement is completely contrary to the legal legislation stipulated in Oil Law No. (25) of 1955, NOC Establishment Law No. (24) of 1970, and Decision No. (10) of 1970, as this procedure requires prior approval from the Ministry, to raise the share of the foreign partner, in turn, refers it to the Council of Ministers for a decision, and this did not happen.
The Ministry called on the Chairman of the Board of Directors of the NOC to follow up the legal mechanisms in this regard and to refer economic and technical justifications on the basis of which this amendment was made to the Ministry.
The ministry considered that making the NOC single out the decision to amend the agreements opens the way for other partners to make any amendment to what was previously agreed upon without going through the procedures and legislation stipulated in the Libyan law.
The ministry noted that it is committed to following the legal paths in all its transactions, as it is the legally responsible body before the legislative and oversight authorities, stressing its support and encouragement to invest in areas of oil and gas with international partners for the benefit of both parties.
Source: Libyan News Agency