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12

OPEC bulletin 10/17

C o n f e r e n c e N o t e s

5

t h

M e e t i n g o f t h e J o i n t M i n i s t e r i a l M o n i t o r i n g C o m m i t t e e

Libya’s NOC Chair says

cooperation will benefit

all stakeholders

I

n an i n t e r vi ew

held after the 5

th

Meeting of the Joint

Ministerial Monitoring

Committee (JMMC),

Mustafa A Bulgasm

Sanalla, Chairman of

Libya’s National Oil

Company, discussed

with the

OPEC Bulletin

the current outlook for

Libya’s oil sector and

plans for the country

to return to a healthier

level of production.

He began by thank-

ing the OPEC Secretary

General, Mohammad

Sanusi Barkindo, and

the OPEC staff for invit-

ing him to the meetings

of the JMMC and JTC.

A historic time

He commended the

Secretary General on

the leadership he has

shown in promoting

cooperation between

OPEC and non-OPEC

producers and running the Organization during a chal-

lenging period.

He added that he was pleased with the report of the

JMMC stating that there had been improvement in the

market regarding demand, and that markets were stead-

ily rebalancing.

“It’s really a historic time, and all of the countries

would like to keep this cooperation at this level to benefit

producers and the market

as well.”

Greater

transparency

Libya’s oil industry would be

strongly supported through

greater transparency, he

added.

“We have to be very trans-

parent with our plans and out-

look. This would be one of

the catalysts to stabilize the

market, understanding what is

going on.”

“If you are working in the dark,

nobody knows what you are doing,

but if you work in a transparent

way, it sends a good message to

all. I think Libya is very keen to sta-

bilize the market and give a good

message to all.”

Infrastructure remains a difficult

challenge in the country, which still

faces many issues related to secu-

rity and investment, according to

Sanalla.

“Our staff works very hard with min-

imum investment. Unfortunately, there

is not too much investment, but we try

to get the best use of whatever we have in the budget

to meet the requirements and keep oil flowing in the

pipeline.”

The country has plans in place to address these chal-

lenges, he explained.

Sanalla concluded by saying that Libya will continue

to focus very hard on improving investment and protect-

ing the country’s oil sector to promote stability.

Mustafa A Bulgasm Sanalla, Chairman of

Libya’s NOC.