National Oil Corporation (NOC) declares that October income from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, was 2.87 billion USD – the highest year-to-date monthly total of 2018. This represents an increase of 1.21 billion USD (+73%) from the September figure.
The 2018 total projected revenue is estimated at 23.7 billion USD – a 73% year-on-year increase.
It should be noted that the sharp rise in monthly revenue is attributable to a busy crude loading schedule at the end of August; resulting in cargo receipts arriving, and clearing, in the October revenue statement.
According to NOC chairman Eng. Mustafa Sanalla: “NOC continues to maintain stable production, irrespective of ongoing national challenges, thanks to the dedication of its staff. Increased revenue deposits to the Central Bank demand further transparency from state actors on allocated budgets and spend across the country.”
NOC publishes monthly revenues to enhance transparency and build public trust. The corporation will continue to advocate for the adoption of economic transparency at the heart of any lasting Libyan political agreement.