A Detailed Breakdown of Production, Revenue, and Transfers
In light of the National Oil Corporation’s publication on production, revenue, and budget indicators from February 2026, the NOC would like to clarify the financial details regarding oil revenues and the process for settling fuel payments as follows:
First: Fuel Payment Settlement – January 2026
The value of in-kind guarantees allocated to cover fuel costs for January was $768,457,930.53. This amount was determined according to the settlement mechanism in place at that time for the fuel supplied to the local market, due to the lack of financial allocations for fuel imports.
Second: Oil Revenues Collected – February 2026
Libyan Foreign Bank reached $1,001,088,082.32. It’s important to note that these revenues collected in February are attributable to crude oil sales from January, based on the collection mechanism used in the oil sector.
Third: Distribution and Deduction Mechanism
The transferred amount was processed in accordance with the financial procedures established by the relevant authorities, including the Central Bank of Libya, the Audit Bureau, and the Ministry of Finance, with oversight from the Attorney General’s Office. The details are as follows:
1. Fuel Proceeds Reserved:
The Libyan Foreign Bank allocated $295,668,926.12 to cover part of the fuel supply costs for the local market for February, in line with the approved financial arrangements.
2. Amount Transferred to the Central Bank of Libya:
The remaining total revenue of $705,419,156.20 was transferred to the Central Bank of Libya.
Fourth: Implementation of the Fuel Payment Mechanism via Letters of Credit
The NOC announces that, beginning with the February revenues collected in March, all oil revenues will be transferred to the Libyan Foreign Bank. This will follow the actual implementation of the fuel payment mechanism using letters of credit through the Libyan Foreign Bank.
The NOC also affirms that the revenue data it publishes accurately reflects the amounts actually collected and deposited into the oil revenue account at the Libyan Foreign Bank.
These measures are designed to regulate the payment mechanism for fuel supplied to the local market in accordance with the financial arrangements approved by the relevant authorities. This ensures a consistent flow of oil revenues and effective management of payment operations within the established financial frameworks.