Monday, September 1, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libya’s NOC Chief Says Corporation Holds 1.48 Billion Libyan Dinars of Debt

December 12, 2020
Share on FacebookShare on Twitter

The Chairman of the Board of Directors of the Libyan National Oil Corporation (NOC) Mustafa Sanallah said that the last budget of the NOC was 2.1 billion Libyan Dinars (LYD).

He added that it was reduced to 0.5 billion LYD by the Ministry of Finance in the Government of National Accord (GNA), which negatively impacted the work of the NOC.

During his meeting with the General Petroleum Syndicate, Sanallah explained that the budget cuts forced him to reduce spending in areas such as training, tasks, health insurance, supplies, and employee benefits.

Spending on overtime hours, grants, and other benefits were also suspended to reduce the NOC’s total debt levels to about 1.48 billion LYD.

Sanallah listed the debts in detail, according to a statement by the General Petroleum Syndicate, which included 1.8 billion LYD for health insurance, 6.5 billion LYD for maintenence, and 3.7 billion LYD for Labor Day grant, in addition to the Corporation’s obligations on service companies that jnclude 3.8 billion LYD for the Fields Supply Company.

The NOC’s obligations on the service companies include 10 billion LYD for the National Drilling Company, 2.2 billion LYD for the Al-Jouf Company, 3.3 billion LYD for engineering technology, and 10.1 billion LYD for Petro Air.

Tags: BillionCorporationDinarslibyanoc
Next Post

Arab Parliament Reaffirms Support for Libyan Stability

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Egypt Issues Warning to Its Nationals in Libya

Libyan Army Enhances Field Presence With Redeployment

Explosion in Misrata, Where Does That Leave Tripoli?

Spain Detains Cargo Ship Suspected of Carrying Weapons to Libya

Calm Restored in Libya’s Misrata After Ammunition Depot Explosion

NOC Reports Lower Oil & Gas Production in Libya

EDITOR PICKS

Explosion in Misrata, Where Does That Leave Tripoli?

Libyan Army Enhances Field Presence With Redeployment

Egypt Issues Warning to Its Nationals in Libya

Calm Restored in Libya’s Misrata After Ammunition Depot Explosion

Libya’s NOC Chief & US Envoy Discuss Energy Cooperation

NOC Reports Lower Oil & Gas Production in Libya

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR