NOC welcomes GNU, reconsiders unfreezing oil revenues in the Libyan Foreign Bank

Announcing the oil revenues of February, the NOC reaffirmed the importance of transparency and revisited the idea of unfreezing oil revenues in Libya's Foreign bank

The NOC welcomed the appointment of Libya’s new government and expressed its desire to work with the GNU to improve the country’s capabilities and resources. [Photo: AP]
In their scheduled announcement of revenues garnered in February, Libya’s National Oil Cooperation disclosed the profits made from the sales of crude oil and its derivatives and revisited the possibility of unfreezing oil revenue funds in the Libyan foreign bank.

the NOC announced that the general oil revenue obtained in February amounted to US$ 1,235,710,353.98, a slight drop from January’s 1.4 billion record-shattering revenues but the NOC’s numbers remain consistent taking into consideration that February is 28 days long.

The NOC reiterated that the amount was deposited into the account of the National Oil Corporation at the Libyan Foreign Bank in Tripoli, in line with the temporary arrangement to ensure the transparency of oil revenues and spending.

In regards to the frozen revenues, the NOC stated that the arrangement
should come to an end with the formation of Libya’s new government which was recently confirmed by the parliament.

Chairman of the NOC, Mustafa Sanallah welcomed the confirmation of Libya’s government of national unity.

“It is my pleasure, on my behalf, and on behalf of the Board of Directors of the National Oil Corporation and its subsidiaries, to congratulate the honourable Libyan people on the occasion of the national unity government gaining confidence from the Libyan Parliament, and I pray to Allah that it will be the beginning of a new phase that achieves the hopes and aspirations of the Libyan nation.” Said the Chairman.

“I was honored today to meet Mr Abdulhamid Al-Dabaiba, President of the National Unity Government at his headquarters in the capital, Tripoli and his speech was clear and frank in his support for the National Oil Corporation and its affiliates in order to achieve its goals of increasing production and achieving greater revenues to support the national economy.” He added.

Sanalla also added that the NOC looks forward to working with the newly appointed minister of oil and gas to expand and improve on Libya’s resources and capabilities.

He added, “The sovereign role represented in chairing the Minister of Oil and Gas, Engineer Mohamed Emhemmed Aoun, the delegation of the State of Libya to OPEC in ministerial meetings and other international forums is an important and vital matter. The state of Libya must be among the leading countries in the oil industry.”

The Prime Minister gave instructions to begin building a stock of liquid fuel in power plants, drinking water desalination plants and fuel distribution stations in all NOC warehouses in various regions of the country, in preparation to meet the increasing consumption during the blessed month of Ramadan and to mitigate the suffering of all citizens in all parts of the country.

The NOC also added that the revenues made in the time since the lifting of the force major in late 2021 until March 10, 2021, amounted to 7,767,439,801.73 US dollars.

It concluded by asserting that it will continue to disclose the detail of every dirham made in Libyan oil and gas in keeping with its valued principle of transparency from January 2018 until this day.

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