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Dabaiba approves financial arrangements worth 37.6 billion dinars for the National Oil Corporation

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Tripoli, 14 April , 2022 (Lana) - The Minister of State for Cabinet Affairs in the Government of National Unity, Adel Jumaa, revealed the details of the national plan to support the oil and gas sector announced by Prime Minister Abdel Hamid Dabaiba, Wednesday.

Jumaa said, during the launch ceremony of the plan, that the national unity government had approved emergency financial arrangements for the National Oil Corporation for the year 2022, at a value of 37 billion, 640 million and 145 thousand dinars.

The Minister of State for Cabinet Affairs explained that the committee formed under the decision of the Prime Minister of the Unity Government No. 154 of 2022, which includes from a number of sectors to develop the oil sector, has reached the adoption of emergency financial arrangements for the corporation.

 He explained that the financial arrangements were distributed over the first chapter expenses amounting to 3 billion and 5 million and 349 thousand dinars, operating expenses (Chapter Two) 7.9 billion, and the expenditures of the development plan of the National Oil Corporation 16.9 billion dinars, in addition to allocating 6.4 billion to pay previous obligations on the National Oil Corporation . According to the decision to approve the financial arrangements, the previous expenditures will be covered from the oil revenues expected to be collected during the 2022 fiscal year, and the Council of Ministers will approve the plans and projects submitted by the National Oil Corporation, accompanied by the approval of the Ministry of Planning, according to the studies discussed. The resolution stressed the commitment of the National Oil Corporation and its subsidiaries, which are funded from the state's public budget, to provide the Ministry of Finance with periodic reports on its expenditures, collected revenues, royalties and taxes.

The Prime Minister of the Government of National Unity, Abdel Hamid Dabaiba, announced , Wednesday, the launch of a national project to support the oil and gas sector and raise production rates. The Prime Minister said that the project includes allocating a budget to the National Oil Corporation and its subsidiaries with the aim of overcoming the obstacles facing the sector and initially increasing production to 1.4 million barrels during the current year. He explained that the government formed a committee to follow up on the implementation of the oil and gas sector support project, whose membership includes the relevant institutions, namely the ministries of finance, planning, the civil service, the Central Bank of Libya, the Audit Bureau, the National Oil Corporation and its subsidiaries. He pointed out that the national unity government aims, through the plan, to increase oil production rates over the next three years.

=Lana=