Maiteeq Reveals Terms of the Agreement on the Resumption of Oil Production and Export – Al Marsad

Member of the Presidential Council for the city of Misrata, Ahmed Maiteeq, announced today, Friday, in an official statement, the immediate resumption of oil production and export from all oilfields and ports throughout Libya. Al-Marsad reveals here the details of the agreement. 

(Libya, 18 September 2020) – Ahmed Maiteeq announced the formation of a joint technical committee comprising of Libyan stakeholders to oversee oil revenues and ensure the fair distribution of resources. The said committee shall control the implementation of the terms of the agreement over the next three months. The assessment of the committee work and devising the action plan for the next year shall take place at the end of the current year, said Maiteeq.

He elaborated that this agreement will amend and standardize the exchange rate or the relevant fee for all transactions, whether governmental or civil, and for all purposes, abolish price multiplicity, and open interbank clearing and national payments system in all parts of Libya, especially those transferred to the banks of the eastern region.

The terms also provide for opening bank credits and transfers for all purposes permitted by law and to all parties without discrimination and treating banks on an equal footing and under unified legal controls.

The agreement called for setting up an appropriate mechanism to benefit from the fee imposed on the exchange rate by using it in financing development projects, giving priority to urgent projects that directly serve the citizen and the affected areas and their reconstruction, and for supporting the National Oil Corporation (NOC) in a manner that ensures the resumption of production to normal and the implementation of projects—provided that all NOC’s operations are appropriately audited and reviewed to ensure the proper and transparent implementation of the agreement.

The agreement also defined the functions of the joint technical committee as follows:

1- Coordination between the two parties to prepare a unified budget that meets the needs of each party according to the respective estimated expenditures and reconciling any dispute over allocations and finalizing the budget to bind both parties.
2- Supervising the monthly transfer of budget allocations to the two parties through the Ministry of Finance as agreed upon in the budget to pay salaries. The allocations for Chapter Two, Three, and Four shall be quarterly.
3- Obligating the Central Bank in Tripoli to cover the monthly or quarterly payments approved in the budget without any delay and as soon as the Joint Technical Committee requests.
4- Supervising the transfer of Chapter Three allocations (development) and supervising their spending on the aspects and projects agreed upon in the budget.
5- Investigating the complaints of commercial banks to facilitate their functioning with the Libyan Central Bank.
6- Supervising the progress of the clearing and payment system operations to ensure no procedure is disrupted or suspended except for good reasons, no party interferes in these operations, and their procedures are normal as long as they are no suspicious money laundering.
7- Considering requests for additional allocations for the first item of Chapter One of the budget only related to basic salaries, the employer’s share in the insurance, and medical liability insurance.
8- Addressing the public debt of both parties and providing an appropriate mechanism for gradual repayment thereof.
9- Seeking the assistance of experts it deems appropriate in performing its functions and in its field of specialization.
10- Continuing its work until the formation of a national unity government to take over the administration of the country.

Field Marshal Haftar, the commander-in-chief of the LIbyan National Army, also made a statement today saying it was it was decided to reopen oil operations as per conditions and guarantees that ensure the fair distribution of wealth and avoiding plundering or financing terrorism.

© Al-Marsad English (2020)