Contest of wills over Libyan oil revenue, warn analysts

Parliament speaker wants to shift them to another bank

17 March, 11:13

    (ANSAmed) - CAIRO, MARCH 17 - Eastern Libya is currently engaged in a dangerous contest of wills with the country's central bank over oil revenue.

    The country has the largest amount of oil reserves in Africa.

    Libyan parliament speaker Aqila Saleh has sent a letter to the head of the National Oil Company (NOC), Mustafa Sanalla, asking him not to transfer revenue from oil sales to the Libyan Central Bank and to instead deposit them into an account of the Libyan Arab Foreign Bank.

    The analyst Jalel Harchaoui noted this on Twitter, warning that : "Regardless of whether or not Sanalla complies, the gesture presages a higher probability for a physical oil #blockade." "Fearing the political repercussions of a blockade on exports, Agila Saleh & Haftar are now opting to use the mechanism that brought about the end of the GNA: demanding NOC's Sanalla move to freeze oil proceeds in the Libyan Foreign Bank's account to deny the CBL/GNU access to" dollars, noted another analyst, Emadeddin Badi, on Twitter.

    He was referring to the Government of National Accord (GNA) under Prime Minister Fayez al Sarraj and the Government of National Unity (GNU) under the current Prime Minister Abdel Hamid Dbeibah, whose rival is Fathi Bashagha, backed by Saleh and General Khalifa Haftar.(ANSAmed).

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