Governor of the Central Bank of Libya (CBL), Naji Mohammed Issa, held a key meeting with Chairman of the National Oil Corporation (NOC), Masoud Suleiman, to explore ways to support Libya’s vital oil sector, which remains the main source of national income and the backbone of the economy.
The meeting, held at the CBL headquarters in Tripoli, focused on the financial arrangements required to enable the NOC to implement its production expansion plans. Discussions also addressed key obstacles, particularly the need for timely access to financial resources.
Governor Issa reaffirmed the Central Bank’s commitment to facilitating access to the necessary funding through proper banking and financial channels. He highlighted the role of the CBL in ensuring economic stability by supporting the NOC’s fuel import operations, managed through the corporation’s accounts at the Central Bank.
The two parties agreed on the importance of holding regular meetings to monitor progress in executing the NOC’s production strategies. They also stressed the need for ongoing coordination to overcome current challenges facing the sector.
The meeting comes amid efforts to revitalise Libya’s oil output, which is critical for the country’s fiscal health and broader economic recovery. Both institutions signalled their readiness to work closely to streamline financial procedures and ensure the uninterrupted flow of petroleum products to the domestic market.
Libya’s oil sector, though rich in potential, continues to face structural and logistical hurdles. Improved cooperation between financial and energy authorities is seen as a vital step toward increasing output and securing long-term energy revenues for national development.
