BusinessLibya

NOC’s accumulated dues reach LYD 2.7 billion: audit report

A latest report of the Audit Bureau said the National Oil Corporation’s (NOC) accumulated dues reached $2.7 billion of crude oil sales to international partners for the period from 2010 to 2017, including $2 billion only in 2017.

According to the report, the NOC did not show any seriousness in the collection of its dues while the organization needs funds to maintain its oil reservoirs affected by the previous wars, totaling 38 reservoirs until the end of 2017.

The Presidency Council (PC) member, Ahmed Maiteq, said earlier the PC has allocated $4 billion to develop the work of the NOC in 2019, so as to increase production. The NOC hopes to record a daily production rate of more than 2 million barrels by 2020, according to the chairperson of NOC

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