On Thursday, the Central Bank of Libya (CBL) announced that the state expenditures amounted to 18.1 billion dinars in 2023, while total revenues amounted to 26 billion dinars.
In its latest report, which covers the first quarter of 2023, the CBL revealed that oil revenues were 14.3 billion dinars, while royalties amounted to LYD 10.3 billion. LYD 97 million dinars were from tax revenues, and LYD 52 million from customs. In addition to other revenues amounting to LYD 195 million.
The CBL indicated that foreign currency exchange revenues over the last three months amounted to $5.3 billion dollars.
In recent months, Libya’s oil sector has stabilized, and production has risen to 1.2 million barrels per day. The Minister of Oil and Gas, Mohamed Aoun expressed his hopes that “oil production will return to 2010 levels within two or three years.”
In the fourth quarter of 2022, a report by the International Monetary Fund stated that Libya will be the fastest-growing Arab economy in 2023. It is set to have a growth rate of 17.9%, compared to 3.9% for Arab states.
Libya’s total oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022, compared to 103.4 billion dinars ($21.5 billion) in 2021, the CBL announced.
Notably, the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, said last month that the Corporation is seeking to maintain current levels of production and increase to 2 million barrels within 3-5 years.
In press statements, Bengdara said that the NOC’s debts amounted to $1.5 billion dollars. He explained that revenues are paid to suppliers for gasoline and diesel, in order to supply power stations and petrol stations.
In January, Italy’s state-run energy company ENI signed an $8 billion deal with the NOC to develop two Libyan offshore gas fields, as European nations seek to cut their dependence on Russian energy.
According to Reuters, the deal, signed during a visit to Tripoli by Italy’s Prime Minister, Giorgia Meloni, aims to increase gas output for the Libyan domestic market, as well as exports.
This agreement will enable important investments in Libya’s energy sector, contributing to local development and job creation while strengthening Eni’s role as a leading operator in the country.
