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Al-Menfi forms a committee to review oil and electricity contracts.

Pulbished on:

Tripoli, August 11, 2025 (LANA) - The President of the Presidential Council, in his capacity as Chairman of the Supreme Finance Committee, decided to form a technical committee to review oil and electricity contracts and contractual policies concluded by public institutions operating in the energy sector (including contracts with foreign and local companies), headed by Fakhri Adam Al-Mismari. According to the decision, the committee includes six members: 

1 - Mohamed Ahmed Abdel Nabi Al-Shahati - Oil Expert

2 - Othman Al-Manawi Al-Hadhiri - Oil Expert

3 - Hamdi Awad Bouzid - Oil Expert

4 - Miloud Masoud Al-Rajbani - Financial Expert

5 - Director of the Foreign Affairs Office of the Presidential Council - General Coordinator

6 - Alaa El-Din Abdel Salam Al-Huwaik - Rapporteur

The decision assigned the committee the tasks of conducting a legal, technical, and financial review of all contracts concluded in the oil and electricity sectors over the previous five years; verifying the extent to which contracting parties comply with Libyan laws, regulations, and systems, without compromising national sovereignty; 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; coordinating with relevant oversight, accounting, and legal authorities; and communicating technically and periodically with the team of experts of the Sanctions Committee established pursuant to Security Council Resolution 1970 (2011), in coordination with representatives of the Presidential Council and the team, to ensure compliance with UN resolutions without compromising national sovereignty or compromising the rights of the Libyan people. Libyans' Capabilities - Reviewing the budgets allocated to the National Oil Corporation (NOC) and the General Electricity Company (GECOL) over recent years and verifying their expenditures, including maintenance work, production increase plans, and any other expenditures. Auditing NOC contracts regarding the crude oil-fuel swap program and the corporation's commitment to submitting periodic reports on spending, ensuring the availability of supporting documents, and ensuring transparency in allocation and implementation.

The decision also tasked the committee with verifying the extent to which exceptional budgets contribute to achieving its stated objectives, comparing actual results with approved budgets, and making recommendations regarding them. It also mandates establishing legal standards that enhance transparency when issuing public tenders for exploration and development contracts. It also mandates submitting a periodic report to the Supreme Finance Committee, including observations and recommendations for amending, canceling, or renegotiating unfair contracts.

The decision noted that the committee's reports, requests, and decisions are approved by the Chairman of the Supreme Finance Committee and are referred to the relevant executive and oversight bodies to take the necessary action. It also grants the committee the right to seek assistance from whomever it deems appropriate to carry out its work.

...(LANA)...