US unveils proposal for managing Libyan oil revenues

US unveils proposal for managing Libyan oil revenues

The US ambassador to Libya, Richard Norland, unveiled in an interview with the Turkish Anadolu Agency possible US initiatives related to oil fields in Libya currently blocked for political reasons as the global oil supply problems become more acute.

Norland said it is the worst time to block Libyan oil production, adding that Libyans could have benefited from the current high prices and global markets which need the oil.

“But the polarized political situation in Libya does raise the risk that competing political forces will try to gain control of the oil revenues. That is why the US, along with its various partners including the UN, EU, and Egypt, is proposing a mechanism to manage oil revenues until agreement is reached on the broader political issues.” Norland explained.

According to Norland, their proposed mechanism would only dispense oil revenues on salaries, subsidies, oil production, and key imported goods such as food and medicine. He added that this would be done with full transparency and accountability.

“Of course, Libyan stakeholders will be the ones to decide whether to implement this, but there are compelling reasons for leaders to ensure revenues go only to benefit the Libyan people.” Norland added.

Norland said Russia’s unprovoked and unjustified invasion of Ukraine is a reflection on a massive scale of the destabilizing role Russian Wagner Group mercenaries have played in Libya and the Sahel region, adding that the mercenaries tried to topple the government in Tripoli and interfered in the elections scheduled for December 24 of last year.

Norland told the Anadolu Agency that the US was aware of reports that the mercenaries were being transferred from Libya to Ukraine to fight for Russia, as well as reports of Moscow’s attempts to recruit foreign fighters against Kyiv.