Libya: No budget breakthrough at NOC

Issue 334 - 10 Nov 2016
National Oil Corporation (NOC) will be paid less than one-fifth of the budget it has requested from the Government of National Accord (GNA) to maximise increases in oil production over the coming year. According to the framework set out by chairman Mustafa Sanalla following a high-level meeting in London on 1 November, NOC needs $2.5bn to get production back to 800,000 b/d in 2017. However, it appears that it will get the equivalent of $425m. The decision reflects both the lack of authority within Libya’s ruling institutions and a desperate lack of cash within the Treasury, which cannot even spare funds for potential revenue-generating investments.

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