The National Oil Corporation (NOC) reiterated on Sunday that it would not transfer the oil revenues to the Central Bank account, explaining they would be kept in its accounts at the Libyan Foreign Bank.
“The revenues will not be transferred to the account of the Central Bank of Libya (CBL) until the bank has a clear transparency in front of the Libyan people regarding the mechanism of spending the oil revenues during the last years and the entities that benefited from such revenues in the foreign currency which exceeded the total of 186 billion US dollars during the last nine years,” the NOC said in a statement on Facebook.
The state’s oil company indicated that the withholding of revenues in the corporation’s accounts at the Libyan Foreign Bank would be temporary until reaching a comprehensive political settlement, the most important of which is the fair use of revenues between all Libyan cities and towns.
The NOC also revealed plans to contract with a key international company of financial auditing and verification to review its financial and administrative systems, emphasizing that the state’s revenues, as well as the rights of foreign partners, are accurately documented and held in the NOC’s account at the Libyan Foreign Bank.
The NOC’s announcement came in response to the recent CBL statements regarding the public revenues during the period from January 1 to October 31, issued on Thursday.
The CBL said that the NOC’s data on oil revenues was inaccurate, which the NOC deemed as a malicious statement, demanding the bank to withdraw its statements a once.
