The National Oil Corporation (NOC) reported this week that the general revenue for the month of March 2021 resulting from the sales of crude oil, gas, condensate, petroleum products and petrochemicals has reached record levels of US$ 2,052,178,786.17.

The increase is attributed to the fact that the revenues of February reflect 28 days in the calendar, while the collection of the value of the exported shipments takes place within thirty days, which gave an increase in the revenues of March compared to the achieved revenue in February. An amount of US$ 2,000,000,000.00 was transferred to the sovereign's account of which US$ 1,498,632,437,86 were from the revenues of the month of March, according to the instructions of the Prime Minister of the Government of National Unity.

The Chairman of the Board of Directors of the National Oil Corporation (NOC), Mustafa Sanalla, commented:
"The National Oil Corporation continues to settle part of these revenues with the financial obligations on their due date for the hydrocarbons of the first quarter of 2021, which was a result of the failure to reach an agreement between the Central Bank of Libya and the Ministry of Finance during the previous Government of National Accord, which delayed the liquidation of hydrocarbons allocations.

The National Oil Corporation dealt with the challenges with special arrangements with the knowledge of the executive authority at that time, as well as the Attorney General's office and the President of the Government of National Unity also was fully informed of the position,” at his meeting with the Chairman of the Board of Directors on March 14, 2021. This is all out of NOC’s feeling of national responsibility towards the citizen and within the framework of implementing the applicable wise measures to serve the country and the citizen in all regions of Libya and to prevent the collapse of the vital facilities in the country."

KeyFacts Energy: NOC Libya country profile