NOC denies reports of negotiations to supply crude oil to Nigeria's refinery
Date
7/29/2024 7:38:27 AM
(MENAFN) On Sunday, Libya's National Oil Corporation (NOC) issued a formal denial regarding claims that it was in talks to supply crude oil to a refinery in Nigeria. This response came in light of a report from the previous week, which had featured a senior executive from Nigeria's Dangote Refinery discussing potential negotiations with Libya about sourcing crude oil for their facility. The Dangote Refinery is notable for its significant processing capacity of 650,000 barrels per day.
In a statement released on the social media platform X, the NOC clarified that it was not engaged in any discussions or negotiations related to supplying crude oil to the Nigerian refinery. The Corporation emphasized its commitment to honoring existing contracts with international partners and adhering strictly to its established procedures for selling Libyan crude oil. The NOC highlighted that its pricing and sales processes involve a thorough review by a committee of experts and require approval from both the Corporation and Libya's Ministry of Oil and Gas.
The statement underscored that any such negotiations, as implied by the previous report, were not part of the NOC's current operational activities. This clarification serves to reinforce the Corporation’s adherence to its formalized and transparent methods of handling crude oil transactions, as well as its commitment to maintaining the integrity of its contractual obligations.
Currently, Libya's crude oil production stands at 1.28 million barrels per day, according to the NOC. This production level continues to be a significant factor in the country’s economic landscape and in its dealings with international partners, further underscoring the importance of adhering to established procedures in the oil industry.
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