Libyan National Oil Corporation (NOC) informed that it had found illegal trials to sell crude oil independently without its prior approval, warning potential buyers not to enter into these contracts, reported Reuters.

NOC had identified these attempts to sell oil at a huge discount which would cost Libya hundreds of millions of dollars in lost revenue, reported Libya Herald.

NOC pointed out in an official statement that it is the only authorized body, backed by the UN resolution, to export crude oil and oil products from Libya. The statement added that only the 16 international oil companies that already hold contracts with NOC could buy oil or charter tankers from Libyan ports.

The statement gave clear warnings that if individuals traded in such contracts, this will lead to “serious legal consequences and financial losses.” It added that “NOC does not accept responsibly or liability whatsoever for any loss or damage incurred as the result of entering into contracts with unauthorized individuals.”