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National Oil Corporation announces February revenues: More than $1 billion from January sales

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Tripoli – March 11, 2026 (LANA) – The National Oil Corporation (NOC) announced details of oil production and revenues, as well as the mechanism for settling fuel payments. The NOC clarified the revenue collected during February 2026 and its distribution among the relevant financial entities, as part of its efforts to enhance transparency and regulate payment processes related to fuel supplies to the local market.

In a statement published on its official Facebook page on Wednesday, the NOC explained that total oil revenues collected during February 2026 amounted to $1,001,088,082.32, representing the value of crude oil sales for January, in accordance with the collection mechanism adopted by the oil sector.

The NOC added that the revenues were transferred to the oil revenue account at the Libyan Foreign Bank, prior to the implementation of the agreed-upon financial procedures between the relevant authorities, including the Central Bank of Libya, the Audit Bureau, and the Ministry of Finance, in the presence of the Attorney General's Office.

According to the statement, the Libyan Foreign Bank allocated $295,668,926.12 from total revenues to cover part of the costs of supplying fuel to the local market for February, in accordance with the approved financial arrangements.

The remaining amount of $705,419,156.20 was transferred to the Central Bank of Libya after the completion of the allocation procedures for the fuel value.

Regarding the settlement of fuel payments for January 2026, the National Oil Corporation (NOC) stated that the value of the in-kind guarantees allocated to cover fuel supplied to the local market during that period amounted to $768,457,930.53. This was due to the lack of direct financial allocations for fuel imports, necessitating the application of the mechanism in place at that time for settling these payments.

The NOC confirmed the implementation of a new mechanism for paying for fuel through letters of credit via the Libyan Foreign Bank, starting with the February revenues, which will be collected during March.

Under this mechanism, all oil revenues will be transferred to the Libyan Foreign Bank before any payment procedures are initiated. This ensures that the payment process for fuel supplied to the local market is conducted in accordance with the approved financial frameworks, as stated in the announcement.

The National Oil Corporation (NOC) emphasized that the data it publishes regarding oil revenues reflects the amounts actually collected in the oil revenue account at the Libyan Foreign Bank. The NOC affirmed that these procedures are part of regulating the payment mechanism for fuel, ensuring the regular flow of oil revenues, and managing payment operations transparently, in accordance with applicable financial arrangements.

...(LANA)...