Libya’s NOC set to move HQ to Benghazi, signs deal with Artelia
Libya’s National Oil Company set to relocate to region where most of its hydrocarbon reserves are located.
Libya’s National Oil Corporation (NOC) has announced that it has signed a contract with French consultancy and engineering group Artelia to manage the development of an office complex in the eastern city of Benghazi which is intended to house the company’s new headquarters, reported Reuters.
A possible move for the NOC from Tripoli to Benghazi has been mooted for years, as most of the country’s oil reserves are to be found in the eastern region of the North African nation.
A statement from the NOC, and cited by Reuters, stated that the new complex would constitute offices for other oil companies and a branch of Libya’s central bank, in addition to a hotel complex and conference centre.
The agreement has been signed by NOC chairman Mustafa Sanalla and Artelia’s executive director Alberto Romeo and the necessary capital will come from commercial banks. No details on the potential cost or of the intended time-frame have as yet been revealed.
Former Libyan leader Muammar Qaddafi had originally moved NOC to Tripoli.
Benghazi itself has suffered serious damage to its infrastructure after several years of continued uprisings and fighting since the Civil War in 2011.
Libya has managed to produce around 1mn barrels per day of crude oil despite frequent outages due to security issues and a myriad of disputes.