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The National Oil Corporation releases figures of January oil revenues

TRIPOLI – The National Oil Corporation (NOC) announced its revenues from oil exports for January 2021. In a press statement, the NOC said that the monthly amount reached USD 1,409,093,619.13, adding that it has been deposited into its account at the Libyan Foreign Bank as per the UN-brokered political agreement.

 |  Libya Times Editor  |  Business

TRIPOLI – The National Oil Corporation (NOC) announced its revenues from oil exports for January 2021. In a press statement, the NOC said that the monthly amount reached USD 1,409,093,619.13, adding that it has been deposited into its account at the Libyan Foreign Bank as per the UN-brokered political agreement.

The statement broke down the revenue sources as follows. Crude oil: 1,256,651,711.66; gas and condensate: 138,132,119.78; petroleum products: 13,312,747.69; and petrochemicals : 997,040.00.

The NOC Chairman, Mustafa Sanalla, said that Libya’s oil production has risen in a record time thanks to the hard work of its employees and partners.

The statement contained strong criticism of unnamed government officials whom it accused of failing to fulfil obligations related to NOC essential operational budgets, including the allocation of hydrocarbons for January and February 2021 which continued to be financed through special arrangements with banks, warning that it “reserved the full right to hold accountable official authorities that have violated their obligations”.

The criticism is thought to be aimed at Al-Seddiq al-Kabir, the controversial governor of the Tripoli-based Central Bank, whom many government officials had repeatedly accused of mismanagement and lack of cooperation.  

The statement added: “The Attorney General's Office will be briefed on the full background to determine the motives behind heading to the collapse of vital facilities in the country, and to bypass the law in these emergency circumstances as these irresponsible actions may constitute criminal offences because of damage to the stability of vital facilities and national security”.


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