NOC announces new joint oil company with Germany's Wintershall

01 Novembre 2020

Tripoli, Libya, October 31 (Infosplusgabon) - Libyan National Oil Company (NOC) has announced a newly created joint venture company, Sarir Oil Operations (SOO), that has taken over the exploitation of contract areas 91 and 107, formerly 96 and 97, which were previously operated by the German oil company Wintershall.

In a statement on Thursday, NOC said that the Sarir company has been established as a joint venture between the NOC and Wintershall (WIAG).

The two partners have concluded a sharing agreement on the basis of a Memorandum of Understanding adopted in 2010.

NOC added that it had begun negotiations with Wintershall company to bring the memorandum of understanding into force. The negotiations took 30 months before the deal was approved and signed in December 2019.

The operation had underway supervised by Wintershall, with the aim of completing the formal procedures for the establishment and registration of Sarir company.

"During that time most of the employees were transferred to Sarir to continue running the company's business", it added.

The Chairman of the Board of Directors of NOC, Mustapha Sanalla, expressed his joy at the start of Sarir company, praising "all who have contributed to the completion of this undertaking and in difficult circumstances that the country is going through".

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