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Libya has formed a committee to review oil and gas contracts awarded by the government in the past five years.
The six-member committee is charged with reviewing all hydrocarbon and electricity contracts finalised by the government with local and foreign companies over the past five years, local press reports said.
The head of the presidential council Mohammed Al-Manfi has tasked the committee with conducting a legal, technical, and financial review of all contracts concluded in the oil and electricity sectors over the previous five years, it said.
“This review will ensure that contracting parties comply with Libyan laws, regulations, and systems, without compromising national sovereignty,” the paper said, citing a statement by the presidential council.
“The committee will also be tasked with assessing the impact of these contracts and decisions to establish holding companies on the public interest and national revenue, and their compatibility with the needs of the Libyan state and people.”
(Writing by Nadim Kawach; Editing by Anoop Menon)
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