Tripoli: The President of the Presidential Council, in his role as Chairman of the Supreme Finance Committee, has initiated the formation of a technical committee to reassess oil and electricity contracts. This committee is expected to scrutinize contractual policies enacted by public institutions in the energy sector, which includes agreements with both foreign and local enterprises. The committee will be led by Fakhri Adam Al-Mismari.
According to Libyan News Agency, the committee is composed of six members: Mohamed Ahmed Abdel Nabi Al-Shahati, Othman Al-Manawi Al-Hadhiri, Hamdi Awad Bouzid-all oil experts-along with Miloud Masoud Al-Rajbani, a financial expert. The team also includes the Director of the Foreign Affairs Office of the Presidential Council as the General Coordinator, and Alaa El-Din Abdel Salam Al-Huwaik as the Rapporteur.
The committee’s responsibilities include conducting comprehensive legal, technical, and financial reviews of contracts formed in the oil and electricity sectors over the past five years. They will ensure these contracts adhere to Libyan laws and regulations without compromising national sovereignty. The committee is tasked with evaluating the impact of these contracts on public interest and national revenue, and their alignment with Libya’s needs. Coordination with relevant oversight, accounting, and legal authorities is also a key function, as is maintaining communication with the Sanctions Committee’s experts under Security Council Resolution 1970 (2011) to ensure compliance with UN resolutions.
The decision further involves reviewing the budgets allocated to the National Oil Corporation (NOC) and the General Electricity Company (GECOL) in recent years, verifying expenditures including maintenance, production increase plans, and auditing the crude oil-fuel swap program. The committee will ensure transparency and proper documentation of these activities.
Additionally, the committee is charged with assessing the effectiveness of exceptional budgets in meeting stated objectives and comparing actual results with approved budgets. Recommendations for legal standards to enhance transparency in public tenders for exploration and development contracts will also be part of their mandate. A periodic report with observations and recommendations for amending, canceling, or renegotiating contracts will be submitted to the Supreme Finance Committee.
The committee’s reports and decisions will require approval from the Chairman of the Supreme Finance Committee and will be forwarded to relevant executive and oversight bodies for necessary actions. The committee is empowered to seek external assistance as needed to fulfill its responsibilities.