Oil Firm Explains Fuel Supply and Revenue Process
The National Oil Corporation of Libya explains the mechanism for supplying fuel to the local market. The documentary credits for imports are financed from oil revenues according to an approved agreement under Cabinet Resolution No. 525 of 2026. The process begins with determining the required quantities, followed by contracting for shipments, monitoring them, and paying the invoices. This is then followed by collecting the revenues and distributing them among the relevant authorities, with an emphasis on transparency and integrity throughout the process. The amounts allocated for documentary credits are deducted from the designated oil revenues, and the remaining balance is transferred to the Central Bank after deducting the allocated funds, ensuring a transparent and effective financial management for fueling imports.
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