NOC waiting to receive $2 billion in funding to cover wages and medicine

Alwasat - Cairo Thu 11 Feb 2021, 12:06 AM
alwasat radio

The National Oil Corporation (NOC) is waiting to receive a portion of the 9 billion dinars in temporary funding, about 2 billion dollars that the government will provide to state institutions to cover wages and medicine bills.

The Central Bank of Libya will transfer funds under a temporary financial arrangement for two months until a consolidated budget for 2021 is fully approved, Bloomberg reported Wednesday, citing sources.

With Libyan oil production rising to around 1.2 million barrels per day (bpd) since the ceasefire in mid-2020, the NOC said this recovery is at risk because it lacks the funds to repair damaged and neglected oil fields, storage tanks, pipelines and ports.

The NOC was forced to close a major pipeline for about 10 days last month due to an oil spill.

"Libya's infrastructure is already in a bad state," NOC Chairman Mustafa Sanallah said in January.

The preparation of the 2021 budget will be entrusted to the new executive branch once it recieves a vote of confidence.

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