GNU allocates one billion dinars for NOC urgent needs

GNU allocates one billion dinars for NOC urgent needs

April 22, 2021 - 01:21
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Written By: SafaAlharathy

Minister of Oil and Gas Muhammad Aoun has unveiled that they are sending around 1.048 billion Libyan dinars to the National Oil Corporation (NOC) as part of the 2021 budget.

Aoun assured NOC officials at a meeting on Wednesday that 500 million Libyan dinars have already been transferred to the NOC's account while the rest of the amount will be sent after coordination with the Ministry of Planning, as it is included in line 3 of the budget.

In a statement, the ministry said that Aoun was informed of the technical reports, opinions, and proposals presented by the managers of the oil companies to overcome the obstacles facing the sector.

Among the highlights is the liquidating of budgets to enable the implementation of oil operations and help companies get over the local indebtedness.

The minister listened to issues of concern to oil sector employees, chief among them the health insurance and the increase in salaries, as well as demands to review the oil companies' administrative and financial regulations.

"The ministry seeks to solve problems and issues that directly affect those employed or engaged in the oil sector," Aoun said, underscoring that his ministry is in constant contact with the Government of National Unity to urgently elaborate solutions to their problems, including the technical, administrative and financial issues.

It may be worth noting that the NOC had declared the state of force majeure on the exports of the Marsa Al Hariga oil port due to what it described as the Central Bank of Libya's refusal to liquidate the oil sector budget agreed upon within the financial arrangements.