Libya’s Government of National Accord (GNA) said it had allocated 1.5 billion Libyan dinars ($1.06 billion) for the National Oil Corporation (NOC) to maintain oil production in 2019-2020, according to a resolution shared with journalists on Saturday.
The resolution said 1.2 billion dinars was allocated “for projects that contribute in maintenance of current production rates and increase the productive capacity of the oil and gas sector”. A further 300 million was allocated for pay the NOC’s obligations to other companies.
The resolution stated that the Central Bank deposit the sum in “an emergency account” for the NOC to spend as planned.
It also said the money would be drawn from fees imposed since 2018 on sales of foreign exchange, in a bid to end the gap between the official and parallel foreign exchange markets.
Libya’s current oil production is around 1.3 million barrels per day.