NOC Meets with Libyan Foreign Bank

On Tuesday, September 22nd, the National Oil Corporation (NOC) in Tripoli held a meeting between its chairman, the Board of Directors of NOC, the executive manager of the Stream Company (Aldafaq), the general manager of NOC finance department, and managers of other departments in NOC, and representatives from the Libyan Foreign Bank, including the general manager, his deputy, and other divisions’ managers.

At the beginning of the meeting the participants discussed topics of common concern. The following are some of the topics:

  • The importance of feeding the hydrocarbons account on a regular and periodical basis.
  • Financing the project of increasing the gas quantity in the local market in its three phases.
  • The transactions with the electronic system (Swift).

Within the framework of the joint coordination, the manager of the Libyan Foreign Bank confirmed the full coordination between the Libyan Foreign Bank and the National Oil Corporation. He referred to the bank's commitment to pay the hydrocarbons’ cost once the account is fed by the treasury and the Libyan Central Bank.

At the end of the meeting, NOC chairman and general manager of the Libyan Foreign Bank confirmed that there is an urgent need to hold to the fundamental constants of the financial policy of the Libyan state, that adopted the work with full transparency and responsibility to ensure the oil revenues are received by the Central Bank through the Libyan Foreign Bank, which is the only approved method since decades. All this comes within the framework to keep the Libyan institutions’ reputation respected.

(Source: National Oil Corporation)

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