GNU approves emergency financial arrangements for NOC, worth 37.6 billion dinars

GNU approves emergency financial arrangements for NOC, worth 37.6 billion dinars

April 14, 2022 - 12:14
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Written By: SafaAlharathy

The Government of National Unity (GNU) has officially adopted emergency financial arrangements worth 37 billion 640 million and 145 thousand dinars for the National Oil Corporation (NOC) for 2022.

The government made the announcement at a special ceremony on Wednesday evening to mark the launching of the oil and gas sector development plan in the presence of Prime Minister Abdul Hamid, Dbeibah, an array of ministers and officials.

Outlining the terms of the arrangement, Minister of State for Cabinet Affairs Adel Jumaa started by confirming that the committee formed by PM Dbeibah has concluded by adopting emergency financial arrangements for the NOC.

The distribution of the sum goes as follows: Expenses of (Chapter One), three billion and five million and 349 thousand dinars, operating expenses (Chapter Two), seven billion and 915 million and 839 thousand dinars, expenditures of the development plan: 16 billion and 915 million and 707 thousand dinars, and previous commitments, six billion 435 million and 604 thousand dinars.

Minister Jumaa noted that previous expenditures would be covered by oil revenues in the current fiscal year, confirming that the Council of Ministers and the Ministry of Planning will approve the development plans and projects provided by the NOC.

The decision obliges the NOC and its subsidiaries to provide the Ministry of Finance with periodic reports on its expenditures, collected revenues, royalties, and taxes.

Meanwhile, PM Dbeibah confirmed in his opening speech the adoption of the recommendations forwarded by the government committee assigned to study the mechanisms of developing the sector.

The committee consists of the ministries of finance, planning, the national service, the Central Bank of Libya, the Audit Bureau, the National Oil Corporation, and all its affiliated companies and institutions.