Libyan NOC transfers $8 billion to Central Bank

The unity government confirmed the transfer of the National Oil Corporation (NOC) of eight billion dollars from the proceeds of oil sales in two installments from its account in the Foreign Bank of Libya, to the account of the Ministry of Finance in the Central Bank of Libya.

The Speaker of the House of Representatives, Aqila Saleh, demanded, last March, the NOC retain the revenues from the sale of oil in its sovereign accounts with the Foreign Bank of Libya and not refer them to the public revenue account temporarily until the adoption of the general budget law or the issuance of a spending decision by the House of Representatives.

The move raises fears of using the oil sector as a tool for the raging political conflict between the unity government and its rival, the Libyan government backed by the House of Representatives, especially in light of the call of the members of the 5+5 Joint Military Commission from the eastern region to close the ports and oil fields to pressure towards empowering the Libyan government headed by Fathi Bashagha so he can start his duties from the capital, Tripoli.

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