Minister of Oil examines mechanisms for disbursing the sector’s liquidated budget

GNU's minister of oil looks into the distribution of the sector's salaries and ways to expand Libya's oil operations and increase production

Libya’s National Oil Corporation received the first portion of its assigned budget this week in the form of 1.35 billion dinars.  [Photo: Ministry of Oil]
Mohamed Oun, the Minister of Oil and Gas in the Government of National Unity, and Refat Al-Aqbar, the Under-Secretary for Production, addressed mechanisms for disbursing the oil sector’s liquidated budget benefit.

The meeting in Tripoli comes a day after the Libyan National Oil Corporation received 1 billion and 350 million dinars from the Government of National Unity, with 350 million dinars being allocated to the Gulf and Sirte firms.

The meeting between Oun and Al-Aqbar focused on the expansion of Libya’s investment operations, as well as the assignment of concerned departments to examine the potential of increasing production in working fields and the treatment of fields.

The two parties also spoke about the maintenance that needs to be done on all of the fields and how to improve the working environment for the sector’s employees.

The NOC announced this week that it had received 1.35 billion dinars on its account with the Libyan Central Bank, and that the remaining funds would be received shortly.

The NOC said it had given 350 million dinars to Sirte and Arab Gulf companies, with the remaining one billion dinars going to the NOC’s other oil companies.

The NOC expressed gratitude to all who assisted in resolving the financial crisis, and expressed hope that the remainder of its budget would be sent to its bank account soon, allowing it to carry out its production plans.

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