NOC Chairman Mustafa Sanalla, Left, Ahmed Maaitiq and Mousa al-Kouni from the Presidency Council.
Tripoli—Libya’s National Oil Corporation (NOC) is to receive 310 million Dinar from the UN-backed Presidency Council as part of its much needed funds to meet oil production costs.
NOC Chairman Mustafa Sanalla confirmed on Wednesday the money will be distributed on NOC’s operating oil companies as an important first step to increase oil production and exports in the coming weeks.
Sanalla held a meeting on Wednesday with the Acting President of the Presidency Council Mousa al-Kouni and his deputy Ahmed Maaitiq during which he discussed with them NOC’s plans to increase oil production.
Production has already increased within two weeks to 390,000 bpd from a mere 200,000 bpd after the Libyan National Army liberated four oil terminals from UN-backed militias.
On 15 September, four days after the national army secured the oil ports, Sanallah said in a statement:
“We can raise production to 600,000 bpd within four weeks and to 950,000 b/d by the end of the year from around 290,000 bpd at present. However, this is dependent on receiving essential funds from the budget and on the Oil Crescent ports and the closed pipelines in the southwest being opened and kept open.”
Maaitiq confirmed that the Presidency Council will fully support NOC in order for oil production to reach its highest so as to improve the Libyan economy which the Council has failed to achieve since it took office in March.