Sanallah reiterates NOC will not release oil revenues, demands transparency from the CBL

Sanallah reiterates NOC will not release oil revenues, demands transparency from the CBL

November 30, 2020 - 12:39
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Written By: SafaAlharathy

The Head of the National Oil Corporation (NOC), Mustafa Sanallah, reiterated on Sunday that the corporation will not release the oil revenues due to the lack of transparency and a clear mechanism from the Central Bank regarding the disbursement of the income.

Sanallah explained in a video statement that the NOC is keeping the revenues in the NOC sovereign accounts at the Libyan Foreign Bank in Tripoli, stressing that this is carried, within the legal process.

Sanallah warned that Libya is going through a dangerous dilemma due to the monetary policies of the CBL governor. "Dinosaurs, fat cats, and monsters" have made fortunes out of public money," he said.

He pointed out that during recent years the Libyan state has earned around 186 billion USD of oil sales, but the living conditions for the Libyans continued to decline, according to his statement.

The NOC chair repeated more than once during his speech that "those currently arguing about the issue of oil revenues did not say a word when oil facilities were forcibly shutdown" referring to the Central Bank.

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