Libya’s March record oil revenues tip US$ 2 billion mark, NOC transfers US$ 2 to government account

By Sami Zaptia.

(Logo: NOC).

London, 16 April 2021:

Libya’s state National Oil Corporation (NOC) announced yesterday that its March oil revenues reached a record US$ 2,052,178,786.17.

It attributed the increase of March sales to the fact that revenues for February reflected 28 days in the calendar, while the collection of the dues of the exported shipments takes place within thirty days, which gave an increase in the revenues of March compared to February.

NOC transfers from its Libyan Foreign Bank account US$ 2 bn to government account

The NOC also confirmed that it had transferred US$ 2 bn to the sovereign’s account of which US$ 1,498,632,437,86 were from the revenues of the month of March, according to the instructions of Prime Minister Abd Alhamid Aldabaiba.

In this regard, NOC chairman Mustafa Sanalla, commented “The National Oil Corporation continues to settle part of these revenues with the financial obligations on their due date for the hydrocarbons of the first quarter of 2021, which was a result of the failure to reach an agreement between the Central Bank of Libya and the Ministry of Finance during the previous Government of National Accord, which delayed the liquidation of hydrocarbons allocations.”

Sanalla added, “The National Oil Corporation dealt with the challenges with special arrangements with the knowledge of the executive authority at that time, as well as the Attorney General’s office and the President of the Government of National Unity also was fully informed of the position.’’

The NOC pointed out that it has transferred US$ 5,883,719,900.87 to the Treasury account at the Central Bank of Libya, and the remainder of the public treasury rights to date is about US$ 1,074,911,840.00, while the value of US$ 79,264,419.94 constitutes the rights of NOC, and the amount subject to settlements with partners is US$ 2,334,149,253.86.

The NOC warned of the importance of dealing with the overdraft of the Libyan Foreign Bank because of the debts that have been rolled over for years and its return to the adoption of budgets rather than the proposals of the National Oil Corporation.

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