Libya's unity government to form committee for distributing oil revenues

TRIPOLI, Libya

Libya’s UN-backed unity government has discussed the possibility of forming a committee for the fair distribution of oil revenues.

Mohamed Menfi, the chairman of Libya's Presidential Council, held a meeting on Wednesday with Tripoli-based unity government's Prime Minister Abdul Hamid Dbeibeh, Central Bank Governor Siddiq Al-Kabeer, and National Oil Corporation head Farhat bin Qadara.

According to a statement by the presidency, they "discussed the Presidential Council's project to organize public spending."

The meeting also discussed "the formation of a higher financial committee to enhance transparency.”

This measure will "enhance confidence and establish a fair economic environment conducive to holding free and fair elections.”

The meeting took place two days after the eastern Libya-based strongman Khalifa Haftar set an end-of-August deadline for forming a committee for the fair distribution of oil revenues.

Libya holds Africa’s largest crude reserves and oil revenues, the country’s main source of income, has been a subject of dispute between its warring rivals.

The revenues are managed by the National Oil Company and the Central Bank, both based in Tripoli.

Libya’s oil revenues rose to $22.01 billion in 2022.

Last week, Oussama Hamad, who heads the eastern administration, threatened to block oil and gas exports from areas under its control, accusing the Tripoli-based government of wasting oil revenues.

Libya has been torn by civil war and instability since the ouster of longtime ruler Muammar Gaddafi in 2011.

*Writing by Ikram Kouachi in Ankara