Libya oil corp, central bank rally around unity govt

Tripoli: Libya's National Oil Corporation and Central Bank, backbones of its wealth, have thrown their support behind a UN-backed unity government in a blow to a rival administration refusing to cede power.

The two institutions, which have struggled to remain neutral since Libya's 2011 armed revolt and subsequent turbulence, said they welcomed the Government of National Accord, in separate statements.

Prime minister-designate Fayez al-Sarraj and members of the GNA arrived Wednesday in Tripoli where a rival government, unrecognised by the international community, has ruled since mid-2014.

The Tripoli administration, established after the powerful Libya Dawn militia alliance overrun the capital that year, has demanded that Sarraj leave or surrender, branding the GNA "illegal".

Founded in 1970, the National Oil Corporation (NOC) is based in  Tripoli where Libya's Central Bank -- the depositor of the country's oil wealth -- also has its headquarters.

They have continued to operate independently despite the chaos that engulfed Libya after the 2011 uprising that toppled and killed dictator Muammar Gaddafi.

"We have been working with Prime Minister Sarraj and the Presidency Council to put this period of divisions and rivalry behind us," NOC chairman Mustafa Sanalla.

"We have been looking to the future, and now we have a clear international legal framework in place," he added in a statement published Saturday on the NOC website.

The Central Bank of Libya also "welcomed" the GNA and wished them "all the success in carrying out the difficult tasks ahead of them".

It urged Libyans to "now more than ever to unite and collaborate by working together to ensure that security and safety prevail in Libya, to stop fighting and bloodshed, to empower the judicial system and to embrace the rule of law".

A Libyan financial expert said the NOC and Central Bank support amounted to "a resounding vote of confidence" in the GNA.

"The two institutions are the basis of Libyan livelihood and without them the GNA would not be able to function," he said, asking not to be named.