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NOC emphasizes its continued commitment to transparency and disclosure of all oil sales and purchase procedures.

Pulbished on:

Tripoli, 3 May 2026 (Lana) The National Oil Corporation (NOC) stressed that it is still dedicated to being open and clear about all the steps involved in selling and buying crude oil and petroleum products, which are done through the Libyan Foreign Bank (LFB) and monitored by the appropriate regulatory authorities.

In a statement issued by the NOC yesterday, it stated that petroleum products supplied to the local market are procured through letters of credit opened in favor of suppliers by the LFB and are covered by oil revenues according to the mechanism agreed upon with the Ministry of Finance and the Central Bank of Libya (CBL) and under the supervision of regulatory authorities and the Attorney General's Office.

The NOC indicated that it deposits all oil revenues with the LFB, which then transfers them to the CBL after deducting the value of the letters of credit opened in favor of petroleum suppliers; in addition, this mechanism has been in effect since February 2026.

The NOC also confirmed that the barter system has been suspended since March 2025. Furthermore, in kind collateral is required for petroleum product deliveries due to the absence of a budget for April 2025, amounting to $586.9 million.

The corporation published a comparison between the exported quantities and oil revenues for April of 2025-2026, and with regard to fuels, it showed that April 2025 amounted to $586 million (in-kind collateral) and April 2026 amounted to $917 million (this amount is in the form of letters of credit opened for fuel suppliers by the Libyan Foreign Bank according to the mechanism in place), with a difference of an increase of $331 million, and this is attributed to the rise in global fuel prices.

=Lana=