Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

NOC National Oil : Chairman Sanalla launches major anti fuel smuggling initiative Fuel theft and smuggling a major corrosive loss to Libyan economy

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/18/2018 | 03:17pm EST

Press Release - 18 April 2018 Geneva-Switzerland

Engineer Mustafa Sanalla, Chairman of Libya's National Oil Corporation, used a keynote speech to the global oil industry to demand a series of measures be taken to save the industry and his country from the significant economic and societal damage wreaked by endemic fuel smuggling.

To an audience of industry experts at the inaugural Oil and Fuel Theft Summit in Geneva, Sanalla underlined how widely Libya has become affected by organised fuel smuggling, saying it costs the economy over $750 million per annum. He went further to explain the societal damage this illegal behaviour is causing, not just in terms of lost revenue, but more seriously the loss of respect of the rule of law.

Sanalla thanked Libyan bodies such as the Libyan Attorney General's Office, the efforts of the NOC itself to stamp out corruption; and international bodies such as US Office of Foreign Assets Control (OFAC) and the Italian government for their assistance against a major international smuggling network. He called upon Libyan institutions and authorities, and the international community such as Interpol, CEPOL and EuroPol, to act on a series of measures that can disable and dismantle smuggling networks.

The proposed new anti-smuggling policy measures include introducing fuel marking systems to aid Libyan and international law enforcers capture evidence of smuggling or theft; encouraging the international community to enact sanctions and asset seizures against criminals so that illicit gains are returned to the Libyan people; expanding the mandate of Operation Sophia to include refined fuels as well as crude oil; working with the Attorney General's office to secure prosecutions of those responsible; and encouraging relevant authorities in Libya to consider a reform on the subsidy system, which is not delivering towards its goals - instead accruing profits for criminals.

'The impact of fuel smuggling is destroying the fabric of the country. The fuel smugglers and thieves have permeated not only the militias which control much of Libya, but also some fuel distribution companies which are supposed to bring cheap fuel to Libyan citizens. The huge sums of money available from smuggling have corrupted parts of Libyan society.'

'With the profits available, the few actions which have been taken to date have not been enough to create a major disincentive for the fuel smugglers. And that is why I am taking this opportunity today to announce a major new strategy to combat fuel smuggling in Libya. And I am calling on those present at this conference, on Libya's friends and neighbours, but above all on the Libyan people themselves, to do everything they can to support it and to eradicate the scourge of fuel theft and fuel smuggling.'

Disclaimer

NOC - National Oil Corporation published this content on 18 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 April 2018 19:16:04 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
12:16aNEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
12:12aJohnson & Johnson receives federal subpoenas related to baby powder litigation
RE
12:01aBOJ may ease further, say small but growing number of economists - Reuters Poll
RE
02/20Most gain on Fed outlook, Sino-U.S. trade hopes
RE
02/20EMAAR PROPERTIES : Dubai's Emaar denies claims of cryptocurrency payment option
AQ
02/20NEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
02/20NEWS HIGHLIGHTS : Top Company News of the Day
DJ
02/20Oil ticks over near 2019 highs amid OPEC cuts, but economic slowdown applies brakes
RE
02/20Asia shares up on Fed outlook, Aussie dollar seesaws after jobs data
RE
02/20Indonesia to give tax sops for skills training, research - industry ministry
RE
Latest news "Economy & Forex"
Advertisement