NOC affirms Libya's sovereign rights over Eastern Mediterranean resources
The National Oil Corporation (NOC) has reaffirmed its commitment to Libya's sovereign rights over the resources of the Eastern Mediterranean within Libyan borders.
In a statement, the corporation affirmed its commitment to implementing exploration programs to protect Libya's sovereign rights and national interests in exploring and developing hydrocarbon resources, including in the Eastern Mediterranean.
The statement clarified that all agreements and partnerships concluded by the Libyan state are based on the principles of international law and serve the long-term interests of the Libyan people. Economy Tagged: National Oil Corporation maritime borders
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Libya Observer
an hour ago
- Libya Observer
CBL detects unrecorded 3.5 billion dinars in withdrawn banknotes
Libya's Central Bank (CBL) has uncovered 3.5 billion Libyan dinars in 50-dinar banknotes that were not officially registered, raising concerns over possible large-scale unregulated currency circulation. In a preliminary count of withdrawn notes, the bank said the unaccounted cash is part of a second issuance printed in Russia during a period when Libya was operating with two rival central banks. According to the Central Bank's statement, the total amount printed was 6.65 billion dinars, but the returned amount exceeded 10.2 billion — suggesting that billions in notes were printed and circulated outside the official issuance framework. 'These notes are not recorded in the issuance department of the Benghazi branch and are therefore in violation of banking laws,' the bank said, citing Article 39 of the Banking Law. It described the finding as an illegal appropriation that caused 'serious damage to the national economy.' The bank said it had informed the Attorney General and the House of Representatives and promised to release final results once the count is complete. The unregistered money, printed by the former rival eastern-based Central Bank, was distributed primarily in areas under the control of Khalifa Haftar. Although initially rejected by Tripoli authorities, the notes were later accepted under pressure and circulated nationwide. The Central Bank warned that the excessive, unauthorised issuance contributed to inflation, currency devaluation, and increased risks of money laundering and terrorist financing.
Libya Observer
21 hours ago
- Libya Observer
Libyan and Turkish energy ministers discuss expanding oil and gas cooperation
Libya's Minister of Oil and Gas, Khalifa Abdel Sadek, held talks with his Turkish counterpart, Minister of Energy and Natural Resources Alparslan Bayraktar, to explore avenues for strengthening bilateral cooperation in the energy sector. According to the Libyan Ministry of Oil and Gas, the meeting, held in Istanbul, focused on opportunities for collaboration in offshore and onshore oil and gas exploration, as well as the rehabilitation and development of oil and gas fields. The two sides also discussed the potential role of Turkish companies in hydrocarbon projects and infrastructure development within Libya's energy sector. The talks highlighted the importance of knowledge exchange and learning from Turkey's experience in the field, with the aim of achieving mutual benefits and supporting the stability and growth of Libya's energy sector. The ministry emphasized that the meeting is part of ongoing efforts to boost regional and international partnerships, supporting energy transition and sustainability goals. Tags: Minister of Oil and Gas Turkey
Libya Observer
21 hours ago
- Libya Observer
Economy Ministry warns against speculation on the Dinar, assures gradual stability of exchange market
The Ministry of Economy and Trade in Libya's Government of National Unity issued an official warning on Sunday, cautioning against engaging in speculative activities targeting the Libyan dinar exchange rate. The ministry stressed that such practices would only lead to losses, citing similar outcomes observed over the past five years. In its statement, the ministry stressed that Libya's financial position remains robust, rendering speculative attempts ineffective. It added that the Central Bank of Libya (CBL), in coordination with relevant economic authorities, is moving ahead with a comprehensive monetary restructuring plan, expected to be officially launched at the beginning of the fourth quarter of this year. The ministry noted that recent fluctuations in parallel market exchange rates do not reflect actual foreign currency demand. Instead, they stem from manipulation involving old banknotes being withdrawn from circulation, leading to the emergence of a secondary market that distorts the real exchange rate. The statement also referenced an official letter from the Central Bank Governor to the Minister of Interior, dated 23 June 2025, which granted formal authorization to more than 132 currency exchange offices and companies. These entities are expected to begin operations soon as part of a broader effort to organize the exchange market and gradually dismantle the parallel market. The ministry vowed to draft an upcoming list of newly approved companies. Additionally, the ministry revealed that monetary authorities are preparing to launch a new financial product aimed at directly reducing prices in the informal market and encouraging transactions through legal channels only. The Ministry of Economy and Trade urged citizens, importers, and traders to exercise caution, warning against heeding rumors or unofficial advice in the currency market. It emphasized that economic stability is a shared responsibility, beginning with public awareness and ending with the strict enforcement of official policies.
