3 days ago
Menfi forms technical committee to inspect electricity and oil contracts
The media office of Presidential Council's Head Mohammed Menfi announced that, in his capacity as head of the High Financial Committee, he intends to issue a decision to form a specialized technical committee to inspect and audit contracts in the oil and electricity sectors, with the aim of reviewing spending patterns and contractual obligations.
According to the media office, the committee will work in coordination with local oversight and auditing bodies, and in communication with the UN Security Council Sanctions Committee under Resolution No. 1970 of 2011.
This step, the media office said, comes amid the allocation of billions to support the two sectors without achieving the desired results.
The committee also aims to establish legal standards to ensure transparency in exploration contracts and the development of fields offered in the public tender round.
The office noted that neither sector has recorded any notable improvement in oil production, while the electricity network continues to suffer—especially during peak demand periods.
According to Central Bank of Libya data, the total expenditures of the National Oil Corporation during 2023–2024 amounted to 24.2 billion Libyan dinars, while total spending by the electricity company during the same period reached 10.3 billion dinars, both under the exceptional financial arrangements budget line. Tags: Mohammad Menfi Electricity fuel crisis
