March 13, 2020 / 5:26 PM / 19 days ago

Libya's NOC to cut all non-essential expenses - statement

CAIRO (Reuters) - Libya’s National Oil Corp (NOC) has implemented austerity measures, along with its subsidiaries, to cut all non-essential expenses due to a shut down of facilities, a statement on NOC’s Facebook page said on Friday.

“This includes freezing or postponing some contracts, stopping most overtime pay, reduction of some services and other measures,” the statement added.

“The lack of revenue caused by blockading facilities means that we will have to reduce our costs,” NOC Chairman Mustafa Sanalla said.

“We call on those responsible for the closure to immediately lift the imposed blockade and spare oil sector workers and citizens from more suffering. We also call on the rest of the state’s bodies to maintain the remaining reserves and reduce their expenses as well,” Sanalla added.

Reporting by Nayera Abdallah. Editing by Jane Merriman

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