The Oil Corporation condemns the fallacies of the Central Bank


The National Oil Corporation denounced what it said were “fallacies” in the statement of the Central Bank of Libya regarding oil revenues.

The corporation said in a statement on Sunday evening that it had seen the statement of the Central Bank of Libya issued on November 19, in which it indicated that the data of the National Oil Corporation had been inaccurate for many years, as the statement claimed.

The corporation added: “Although all the previous monthly data of the Central Bank clearly confirmed the completion of the numbers matching operations with the National Oil Corporation, which refutes the malicious claim issued by the Central Bank.

The Foundation expressed its strong condemnation of the fallacies and misleading reported in the Central Bank of Libya statement issued on November 19, 2020 regarding revenue and spending from 1-1-2020 until 10-31-2020, according to the text of the statement.

The NOC noted that the actual oil revenues during the period from 1-1-2020 to 10-31-2020 deposited with the Central Bank of Libya amounted to (3.7) billion US dollars, equivalent to (5.2) billion Libyan dinars according to the official exchange rate and not as stated. With the statement of the Central Bank, and by comparing the actual revenues during the period with the estimated revenues according to the financial arrangements and their value (5.0) billion Libyan dinars, it becomes evident that a surplus of (200) million Libyan dinars has been achieved and not a deficit of (2.6) billion Libyan dinars as stated in the bank’s statement, which may have been due to The bank did not calculate the collections for the month of January 2020, which amounted to (2.5) billion Libyan dinars.

The National Oil Corporation also reported that it is in the process of contracting with a major international company to review and audit the financial and administrative systems of its own.

The Foundation continued: “In light of the above, we reassure all the Libyan people with the accuracy of the payment and collection systems, and we confirm that all the revenues of the Libyan state, as well as the rights of foreign partners, are carefully documented and kept in the institution’s accounts at the Libyan Foreign Bank. Clear transparency before the Libyan people about the mechanism of disbursing oil revenues during the previous years and about those who benefited from these revenues in foreign currency, which in total exceeded (186) billion US dollars during the past nine years.

The NOC indicated that withholding revenues in the Corporation’s accounts at the Libyan Foreign Bank is “temporary” until a comprehensive political settlement is reached, the most important of which is the fair use of revenues between all cities and villages in Libya.

The National Oil Corporation also confirmed again that it has adopted transparency and full disclosure of revenues for all the Libyan people on its website since January 2018 and has called on all Libyan financial institutions, specifically the Central Bank, to do the same in order to ensure the legal and rational use of oil revenues in which the corporation and its sector workers Oil is strenuous efforts to produce and stabilize it. However, the intransigence of the Central Bank and the lack of commitment to transparency and disclosure of state expenditures created a suitable environment for closing oil, and the central’s dark policies were used as pretexts for the lockers, according to the text of the statement.

The statement also stated: “Instead of the Central Bank concentrating its efforts in addressing the challenges represented by the rise in the price of the dollar in the parallel market and stopping the bleeding of documentary credits at exchange rates that can only be described as misleading, solving the liquidity problem and facing the increasing challenges in the banks of the eastern region, as we see it. He tries to distract the public opinion from the basic issues and claims falsely and in shame, and suddenly there are errors in matching the numbers with the institution after withholding revenues from him and asking him to disclose the expenditures of past years.

The Foundation concluded its statement by saying: “We assure the Libyan people that we do not personalize the issues by issuing this statement, but we assess the reality of its results, which are clearly visible to us. Claiming things that were denied in their previous statements, which indicates a state of confusion and dispersion in which the Central Bank is experiencing, and we ask it to correct its malicious statement immediately, otherwise the National Oil Corporation will resort to the Public Prosecution Authority.

He suggested a correction


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