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The National Oil Corporation (NOC) reaffirms its steadfast commitment to enhancing operational transparency and ensuring that oil revenues are managed in strict adherence to established legal and governance frameworks; thus, safeguarding public resources and preserving the rights of the Libyan people.

In this regard, the NOC has reviewed the official statement issued by the Central Bank of Libya (CBL) concerning oil revenues. The NOC expresses its surprise and serious reservations regarding the data presented therein, which fails to reflect the complete and accurate state of financial flows pertaining to oil revenues. Such representations risk generating misconceptions among the public regarding the actual status of these revenues and the institutional mechanisms governing their administration.

Accordingly, the NOC hereby clarifies that the figure cited in the CBL’s statement, approximately USD 361 million, does not account for the total funds remitted to the designated sovereign account at the Libyan Foreign Bank (a subsidiary of the Central Bank of Libya). For accuracy, the cumulative amount remitted to the said account stands at USD 1,231,631,354.16 as of October 13, 2026.

These funds are governed by an approved financial mechanism established through joint coordination among the Council of Ministers, the Audit Bureau, the Office of the Prosecutor General, the Governor of the Central Bank of Libya, and the Libyan Foreign Bank. Pursuant to this mechanism, authorized under Council of Ministers’ Resolution No. (525) of 2026, deductions are made to cover fuel import costs facilitated through the Libyan Foreign Bank, with the net remaining balance subsequently remitted to the Central Bank of Libya.

Consequently, disclosing solely the net balance, without accounting for the aggregate funds remitted or elaborating on the financial settlement mechanism for fuel supply letters of credit, presents an incomplete picture of oil revenue flows. It remains paramount that all financial data be disclosed with absolute precision and transparency.

Furthermore, the NOC confirms that, on October 8, 2026, it formally notified the Governor of the Central Bank of Libya that total remitted funds exceeded USD 700 million, in accordance with established institutional coordination and information-sharing protocols. Accordingly, the omission of these figures from the Central Bank’s official statement prompts legitimate inquiries regarding the completeness of the data released, underscores the necessity of this clarification, and ensures the public is provided with the full facts.

In a similar context, the NOC notes that the Central Bank has withheld government-approved budget allocations, failing to disburse them to the NOC. This non-disbursement has severely constrained the execution of the NOC’s operational plans and strategic programs, specifically impairing its ability to fulfill financial commitments across the oil sector, sustain crude production stability, and advance critical development and maintenance initiatives.

These operational challenges assume heightened importance when evaluated against the briefing delivered by the Special Envoy of the UN Secretary-General to the UN Security Council on October 14, 2026. The briefing underscored the growing fiscal strain arising from the national fuel subsidy structure, observing that global fuel price increases, most notably for diesel fuel since mid-2026, have compounded state expenditure pressures. This reality highlights the critical need to address oil revenue collection and fuel procurement within a fully integrated financial framework, one that explicitly defines the relationship between generated hydrocarbon revenues and the fiscal costs incurred to satisfy domestic fuel demand.

Guided by its overarching national responsibilities, the NOC reaffirms its unwavering dedication to maintaining production stability, optimizing resource management efficiency, and improving financial disclosure mechanisms across all revenue flows to instill the core principles of institutional transparency, accountability, and inter-agency integration across the state.

In the interest of establishing the truth and safeguarding public resources, the NOC calls upon the Office of the Prosecutor General to launch a comprehensive and independent investigation into the data and figures published in the statement of the Central Bank of Libya.

This inquiry should verify all funds remitted, the mechanisms governing their settlement, and the underlying reasons for omitting complete financial data. Such a measure will ensure accountability, establish institutional responsibilities, and present the full facts to the Libyan public, free from speculation or partial representations.

The NOC emphasizes that this clarification is not intended to foster institutional conflict with any state entity. Rather, its sole objective is to ensure total factual disclosure, bolster public confidence in the governance of state resources, and cultivate constructive inter-institutional cooperation in service of the national interest and the rights of the Libyan people.

National Oil Corporation
Tripoli, Libya
October 15, 2026