Tripoli— As part of an attempt to bring accountability to the Libyan oil and electricity sectors, a reviewing technical committee has put contracts with foreign and local companies during the past five years under scrutiny.
The committee, termed the Technical Committee for Reviewing Oil and Electricity Contracts and Contractual Policies (TCROECCP), said the feedback from the relevant firms of these sectors were positive and they were coming forward with answers to important inquiries, Al-Rasmiya TV reported.
Established by the Presidential Council (PC) in August 2025, the TCROECCP was tasked with reviewing all oil and electricity contracts and contractual policies in terms of legal, technical and financial aspects of those contracts with foreign and local companies over the previous five years.
The committee confirmed on Tuesday that it would hold face-to-face meetings with firms operating in the oil and electricity in the coming weeks to assess the spending of budgets allocated to these firms and the extent to which targets are being achieved according to the approved plans.
Among the TCROECCP’s tasks is verifying the extent to which contracting parties comply with Libyan laws, regulations, and systems, without compromising national sovereignty. In addition to evaluating the impact of these contracts and decisions to establish holding companies on the public interest and national revenue, and ensure they are consistent with the needs of the Libyan state and people.
At the international level, TCROECCP will communicate technically and periodically with the team of experts of the Sanctions Committee established pursuant to Security Council Resolution 1970 (2011), in coordination with representatives of the Presidency Council and the team, to ensure compliance with UN resolutions without compromising national sovereignty or squandering Libyan resources.