Libya's Oil Sector Faces Huge Losses
The shocking report reveals that seven major cases of financial and administrative corruption have severely impacted the sector between January and June 2025.
One of the largest violations involved Waha Oil Company, which awarded a procurement contract worth 769.9 million Libyan dinars (approximately $154 million) to a company named 'Amwaj Al-Sidra' in blatant violation of public procurement laws. In addition, $140 million was paid through letters of credit without proper legal authorization, while defective drilling equipment was delivered in March amid suspicions of collusion in purchasing operations.
Other reported violations include fraudulent accommodation invoices for oil field workers amounting to 5 million Libyan dinars, and an inflated security contract valued at 8.2 million dinars, where prices were allegedly exaggerated by more than 70%.
Despite the severity of these violations, the National Oil Corporation (NOC) has not issued any official statement or clarification regarding these contracts as of the end of June 2025.
Al-Qarj described the sector as being 'drenched in corruption,' warning that such abuses jeopardize the stability of Libya's most vital economic resource. He called for immediate investigations and the prosecution of those involved in the scandals. Tags: Corruptionlibyanocoil
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