Pensions of the oil sector’s employees should increase by 67 percent, Chairperson of the National Oil Corporation (NOC) Mustafa Sanalla urged governor of the Libyan Central Bank Sadik al-Kabir on Sunday.
During their meeting, Sanalla highlighted the NOC’s financial needs to maintain its institutions after they were recently attacked.
He emphasized that NOC cares for the financial and living conditions of employees in the sector, as they are essential to achieve its objectives in rising the production and improving Libya’s economy at large.
For his part, Kabir said he is ready to provide full support for NOC, which is the main source of Libya’s budget.
Previously, Sanalla said in the opening speech at Benghazi International Oil and Gas Forum and Exhibition on Oct. 24 that Libya’s future is largely dependent on the oil and gas sector revenues.
He stressed the importance of transparency to ensure the fair distribution of oil revenues across the country.
“Every Libyan citizen has the right to see how every dinar of their oil wealth is spent,” he stated.
Sanalla highlighted recent challenges facing the NOC, including attacks on oil fields and the NOC’s headquarters, reassuring Libyans such challenges have only increased the determination of the NOC to re-build Libya.
He spoke highly of the conference, describing it as an “important step” in encouraging the return of international partners to work in Libya, with their potential role in the enhancement of production capacity and oil revenues.
Earlier this month, Sanalla announced that Libya’s current oil production exceeded 1 million bpd despite local security challenges. He added that BP and Eni plan to restart their exploratory drilling operations at a field near the Libyan border with Tunisia in the first quarter of next year.
Moreover, the NOC is negotiating with several international oil companies to increase investment and production in Libya’s oil industry when security across the country improves.
