(Author: Libyan Gazette Editorial Staff)
Libya’s official National Oil Corporation (NOC) based in Tripoli and a competing corporation established by the eastern government have finally agreed to merge forming one unified body.
The United Nations (UN) along with the international community recognize the body based in the west who and has blocked the eastern group from being able to sell oil to international buyers.
The news of the merger was announced on Saturday by the NOC in Tripoli. The unified governing body will be led by the Tripoli based NOC’s chairman, Mustafa Sanallah. Sanallah’s eastern rival, Naji Elmugrabi, will join him on the board of the corporation as confirmed by Elmugrabi himself.
A major factor that led to the agreement was the decision that NOC will now officially relocate to Benghazi.
The NOC’s unified governing body will report to the two governing bodies in Libya, the Government of National Accord (GNA) in the West and their eastern counterpart, as reported by The Wall Street Journal.
The merger between NOC’s two rival governing bodies comes as a good sign that the country is heading in the right direction, towards unity and economic stability.
“It’s the first economic accomplishment of the Presidential Council (GNA) in its first 100 days,” announced Mazin Ramadan, GNA leader Fayez Sarraj’s economic advisor.
Libya’s oil production continues to be at a fifth of its overall capacity. An NOC representative said that negotiations to reopen oil ports across the country continue with the militia groups who control the ports.