National Oil Corporation (NOC) Chairman Mustafa Sanallah has reviewed the 2019 Libyan oil and gas sector budget with the governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer.
Sanallah called during the meeting for the implementation of a 67% salary increase for all oil workers as per the 2019 budget, in fulfillment of resolution 642, adopted on October 27, 2013, issued after efforts of the NOC Board of Directors at that time, according to the statement posted on NOC’s website.
“The resolution was not implemented as a result of a block on all salary increases, including this decision, under Article 29 of Law No. 13 of 2014, on the adoption of the General Budget for the year 2014, issued by the General National Congress.” The statement remarks.
Sanallah stressed that oil sector workers are national role models and deserve sincere appreciation for their efforts and sacrifices in increasing production, thereby rebuilding Libya’s economy.
He also emphasized that improvement of oil sector workers’ living conditions is a top priority of the NOC’s Board, and that he expects tangible results within the framework of the 2019 budget.
“The exchange rate was also discussed and its impact on the oil sector production, refining, manufacturing and services.” He added.
The two parties, according to a statement, discussed the importance of increasing NOC’s budget given the investment needed to repair facilities damaged due to recent conflicts.
“Investment in the oil sector will generate additional income for the public treasury, positively affecting the country’s economy - especially given NOC’s recent success in increasing production levels to 1.25 million barrels per day; in spite of challenging circumstances.” The statement reads.
On the other hand, CBL’s governor renewed support for NOC as “the only source of income for the country, and the main source of funding for the treasury,” pointing out that the CBL will continue to provide all forms of support to NOC to overcome current difficulties, and to improve its technical capacities and enhance production capacity.