The National Oil Corporation (NOC) of Libya has officially denied conducting any negotiations regarding crude oil supplies to Nigeria’s Dangote Refinery, according to a statement released on the X platform.
This announcement contradicts claims made last week by a senior executive at the Dangote Refinery, who told Reuters that the company was in talks with Libya to procure crude oil for its facility, which boasts a capacity of 650,000 barrels per day.
In its statement, the NOC clarified that it “has not engaged in negotiations or discussions about supplying crude oil to any refinery in Nigeria.”
It further emphasised its commitment to its existing contracts with international partners and adherence to the legal mechanisms for selling Libyan crude oil, stating that it does not operate under a spot sale mechanism.
The NOC also highlighted that the pricing of crude oil is determined through a committee of experts and is officially approved by the corporation and the Libyan Ministry of Oil and Gas.
According to the NOC, Libya’s current crude oil production stands at approximately 1.28 million barrels per day.
Mohamed Al-Mnifi, the Head of the Libyan Presidential Council, has announced Libya’s intention to launch significant projects aimed at increasing its natural gas production capacity.
Preparations are underway for a new round of oil and gas exploration licenses to be offered in 2024, covering both onshore and offshore areas in Libya.
In his speech at the Gas Exporting Countries Forum in Algeria, Al-Mnifi highlighted that political and security progress in Libya, along with national reconciliation, has enabled international companies to return to Libya for exploration, production, and development activities.
Al-Mnifi emphasized Libya’s commitment to the goals of the forum as an effective platform for member countries to cooperate and coordinate on natural gas-related issues.
He advocated for the exchange of views and joint analysis of market conditions and the growth prospects and applications of natural gas.
Al-Mnifi also stressed Libya’s efforts to work with African peers and friends in the Western Mediterranean to foster cooperation that allows African producers to access global and European markets.
