On Tuesday, the Central Bank of Libya (CBL) announced that state expenditures amounted to 7.3 billion dinars in 2023, while total revenues amounted to 15.2 billion dinars.
In its monthly report, which covers January and February, the CBL revealed that oil revenues recorded 4.7 billion dinars, while royalties amounted to LYD 10.4 billion. LYD 31 million dinars were from tax revenues, and LYD 25 million from customs, in addition to other revenues amounting to LYD 63 million.
The CBL indicated that foreign currency exchange revenues over the last two months amounted to $3.2 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 Libya’s National Oil Corporation 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,” said Descalzi.
Notably, the Spokesman for the LNA, Major General Ahmed Al-Mismari claimed that “a conspiracy facing the country is being hatched outside of it, due to the greed of international parties seeking to dominate the country’s wealth, under different names such as agreements signed with major countries.”
CBL: 15.2 Billion Dinars Revenue in 2023
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