NOC receives 13 billion Libyan dinars operating budget through Unified Spending Arrangement
National Oil Corporation Chairman Masoud Suleiman stated that the Unified Spending Arrangement, facilitated by US mediation, has allocated an operating budget exceeding 13 billion Libyan dinars, or approximately US$2 billion, to the NOC. This arrangement is seen as a "lifeline" for the corporation. The NOC requires US$36 billion to develop the oil sector and aims to achieve a production target of two million barrels per day by early 2031. Past debts totaling approximately 25 billion Libyan dinars have been rescheduled for repayment over 2024 and 2025, with an additional US$300 million per month needed for daily operating expenses. The NOC reports that the flow of funds has allowed it to maintain production levels at around 1.4 million barrels per day. The corporation is seeking US$16 billion in funding from foreign partners, complementing its own commitment to invest US$20 billion. An agreement for a US$1 billion loan from the Libyan Foreign Bank has been concluded to implement projects aimed at raising production to over 1.5 million barrels per day by mid-2027, with a commitment for another US$1 billion upon reaching this target.
