The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah said the NOC had transferred 16.883 billion dollars of oil revenue to the government on the last seven months.
Sanallah told reporters on Tuesday that the NOC made excellent revenues due to the improved oil prices, saying it can gain more profits in the rest of the year, denying that the NOC had received its requested budget: a statement made by the Governor of the Central Bank of Libya Al-Siddiq Al-Kabir to Bloomberg.
He also said the government can take alternative measures to support the oil sector, given the fact that the House of Representatives hasn’t approved its budget.
“9000 workers of the NOC haven’t received salaries and we have also debts to foreign companies, one of which is worth 190 million dollars. There’s deliberate negligence of the measures needed to support the NOC financially due to the illegal Audit Bureau’s review of the NOC accounts. Despite that, the NOC achieved a high revenue due to the efforts of the workers and the hike in global prices.” Sanallah explained.
He called on the companies that consume energy to resort to renewable energy instead of gas because of the shortage of funding for the NOC.
