Libya’s National Oil Company earned US$2,052,178,786 from the sale of crude oil, gas, condensates, petroleum products and petrochemicals in March 2021, the company announced on Thursday, stating that this is a record amount of revenue.
“This increase is attributed to the fact that February revenues reflected 28 days on the calendar, while the collection from exported shipments takes place within 30 days, which resulted in an increase in March revenue compared to the earnings in February,” the company said in a statement.
It pointed out that US$2 billion was transferred to the sovereign account, including US$1,498,632,437 from the earnings of March, on instructions of Prime Minister Abdelhamid al-Dbaiba.
In this regard, the Chairman of the NOC’s Board of Directors, Mustapha Sanalla, affirmed that “the National Oil Company continues to settle part of these revenues with the financial obligations as they fall due for hydrocarbons in the first quarter of 2021, as a consequence of the failure of an agreement between the Central Bank of Libya and the Ministry of Finance during the previous Government of National Accord, which delayed the payment of hydrocarbon allocations.
He added that the NOC faced challenges with special arrangements in the knowledge that the executive authority at the time, as well as the Attorney General’s office and the President of the Government of National Accord were also fully informed of the position during his meeting with the Chairman of the Governing Council, on 14 March 2021”.
He assured that “all this is a result of the NOC’s sense of national responsibility towards the citizen and in the framework of implementing the wise measures applicable in the service of the country and the citizen in all parts of Libya and in order to prevent the collapse of the country’s vital facilities”.
The NOC recalled that it transferred US$5,883,719,900 to the Treasury account of the Central Bank of Libya, assuring that the rest of the Treasury’s rights to date is about US$1,074,911,840, while US$79,264,419 constitutes the rights of the NOC.
The Company said it will continue to publicize its oil revenues in a transparent manner, in line with its principles of disclosure and transparency, which it has consistently pursued since January 2018. (PANA/NAN)