ALBAWABA - Following the stoppage of oil and gas production, the National Oil Corporation of Libya has recorded significant financial losses of more than $120.3 million in only three days.
The House of Representatives (HoR) in eastern Libya issued an order to shut down all ports, oil fields, and associated institutions, which caused this interruption.
On August 26, the HoR-appointed administration issued a "force majeure" order, therefore stopping export and industrial activities. In reaction to continuous disagreements about the direction of the Central Bank of Libya, this dramatic action was taken.
Following the kidnapping of its Information Technology Director, Musab Muslim, on August 18, the Central Bank of Libya suspended all operations, precipitating an intensification of hostilities.
This led to the Presidential Council's unanimous approval of the Central Bank's selection of a new governor and board. The council underlined that these adjustments were required to guarantee both the Central Bank's smooth functioning and financial stability.
But on August 19, the House of Representatives overruled the Presidential Council's ruling, exacerbating the situation.
Since 2011, Siddiq al-Kabir has held the position of Governor of the Central Bank of Libya.
