Our source has obtained documents confirming that the General Electricity Company of Libya (GECOL) was the first entity to report a fuel supply shortfall estimated at $1.9 billion. The company officially notified the Attorney General’s Office to investigate the missing fuel and take necessary legal actions. Supporting documents are attached.
Clarification from Power Plant Directors
Power plant directors across Libya held a meeting today, denying the allegations circulating about fuel supply management. They confirmed that the fuel delivered to power plants is limited and strictly regulated, varying according to electricity demand.
Commitment to Financial Oversight
GECOL emphasized that it operates under regular audits by the Audit Bureau and other regulatory bodies in compliance with Libyan laws. The current administration has closed the financial statements for previous years, a process left incomplete since 2010, reinforcing financial transparency.
To ensure financial integrity, GECOL has engaged three international auditing firms—Grant Thornton, KPMG, and PwC—to review its financial records and final accounts.
Clarification on Meter Procurement
Regarding the electric meter supply contract, GECOL confirmed that all agreements followed legal procedures and received approvals from relevant authorities, including:
- Council of Ministers
- Audit Bureau
- Central Bank of Libya
- GECOL’s Pricing and Expert Committees (comprising senior directors)
The company also clarified that revenue from electricity meters goes directly to the Central Bank of Libya, not GECOL, as per legal provisions.
Call for Investigations
GECOL reiterated its readiness to cooperate with judicial authorities to investigate the missing fuel and hold those responsible accountable. Additionally, it warned against misinformation aimed at misleading public opinion or diverting attention from the real culprits.
Response to Expert Committee Report
GECOL criticized the UN Expert Committee’s report, stating it lacked accuracy and relied on unverified sources, including social media posts and fabricated documents. The company clarified that business proposals submitted to GECOL do not automatically become contracts, countering claims in the report.
