Libya’s state National Oil Corporation (NOC) revealed details of its LD 58 billion spending budget yesterday. It said this was part of its efforts to be more transparent.
The main details are:
- The total salaries of oil sector employees during 2022-2023 amounted to 7.5 billion dinars (13% of the total allocated value).
- Operating expenses amounted to LD 18.6 billion (32% of the total allocated value), including maintenance contracts, supply of spare parts, and service contracts.
- The capital budget amounted to 25.5 billion dinars (44% of the total value allocated), allocated to the development and strategic plan.
- Obligations of previous years amounting to 6.4 billion dinars (11% of the total allocated value), to be paid after review and approval of the Central Bank of Libya.
