The National Oil Corporation (NOC) of Libya confirmed on Monday that it has transferred $14.36 billion to the Central Bank of Libya (CBL) between January and 25 November 2024. The transfers were made through 21 bank transactions, addressing allegations of delayed oil revenue transfers.
The NOC issued a statement rejecting claims that delays in transferring oil revenues had caused late payment of public sector salaries. The corporation emphasised its commitment to transparency by publishing a detailed schedule of its financial transfers to the CBL.
According to the NOC, it has consistently transferred oil revenue to the Central Bank on time, stating, “We have never delayed a transfer and remain committed to ensuring timely payments, often completing transfers ahead of schedule.”
The statement highlighted the NOC’s efforts to achieve record oil and gas production levels, which are crucial for Libya’s economic stability. However, it acknowledged that recent declines in oil revenue were not due to any negligence on the NOC’s part but were linked to issues such as the Central Bank crisis and production halts, including the shutdown of the Sharara oil field.
The controversy arose after Omar Ali Baseesa, a financial advisor at the Ministry of Finance in the Government of National Unity, blamed the NOC for delays in transferring oil revenues. He claimed the Ministry had to secure loans from the CBL to cover October and November salaries.
Baseesa added that October’s salaries were covered by a Central Bank loan and raised concerns about the November payroll, questioning the status of NOC revenue transfers.
The NOC reaffirmed its commitment to supporting Libya’s economic development and ensuring transparency in its financial operations.
