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.