In an exclusive statement to our source, legal expert in the oil sector, Othman Al-Hdhiri, said that the National Oil Corporation is going through difficult financial conditions. While some may view this as a path toward bankruptcy, others interpret the situation differently, emphasizing that it is not bankruptcy in the literal sense.
Al-Hdhiri added that the key question lies in understanding why the oil sector has reached such a low level. He explained that the answer lies in administrative and technical failure, in addition to the improper use of allocated financial resources according to their designated budget items.
He further clarified that these combined factors have led to a deterioration in the corporation’s financial and technical conditions. This calls for a comprehensive review and fundamental reforms to ensure the oil sector regains its vital economic role. He also stressed the importance of assigning qualified national talents and experienced professionals to rescue the sector from financial, administrative, and technical collapse.
