Libya's oil firm secures the highest revenue since 2013

Libya's oil firm secures the highest revenue since 2013

September 06, 2018 - 20:17
Posted in:
Written By: AbdulkaderAssad

NOC workers

The National Oil Corporation (NOC) has announced year-to-date revenue for 2018 of 13.6 billion dollars, hitting the highest revenue since 2013.

"Notwithstanding the recent Gulf of Sirte crisis and other national operational challenges, NOC 2018 year-to-date revenue has already eclipsed the 2017 total (13 billion USD)." The NOC said in a statement.

It added that the corporation be allowed to continue its work unhindered, 2018 total projected revenue is estimated at 23.4 billion USD – an 80% year on year increase.

“Despite ongoing challenges in the sector, combined product portfolio revenues bear testament to NOC’s production performance in recent times, including a 2018 peak of 1.3 million barrels of oil in February, We continue to drive performance across our operations and fuel the Libyan economic recovery. NOC staff should feel very proud of this achievement.” NOC Chairman Mustafa Sanallah said.

The NOC clarified that there is no role however in the distribution of budgets and revenues, adding that it merely receives its budget from the Ministry of Finance - as do all other entities financed from public funds.

"I have repeatedly demanded the fair distribution of national oil revenues and called for transparency across government in this regard. This is one of the most important issues facing our country. We are publishing our year-to-date revenue figures in the spirit of transparency, and will henceforth seek to adopt key principles of the Extractive Industries Transparency Initiative financial reporting standard. NOC will ensure it is the governance benchmark against which other Libyan institutions will measure their performance." Sanallah added.

He renewed his call on the Ministry of Finance and Central Bank of Libya to publish detailed approved budgetary arrangements and expenditure.

"Through these measures and this level of transparency, all Libyan citizens will have the ability to see how every dinar and of their oil wealth is spent." He remarked.