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The Central Bank Clashes With Libya’s Oil Company Over Revenues

In a correspondence, the governor of the Central Bank of Libya (CBL), Siddik Al-Kabir, said that oil production reached 1.2 million barrels per day (bpd) and the National Oil Corporation (NOC) withheld revenues from the CBL in violation of the law.

Al-KabIr also accused the NOC’s Mustafa Sanalla of concealing US$3.2 billion of oil revenues in past years and not transferring them to the public treasury.

In a 5 pages long response to an inquiry by Libya’s Audit Bureau over obstructing oil revenues, Sanalla said:” I did that based on instructions issues by the government.”

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