The Libyan National Oil Corporation says it generated nearly $4 billion in revenue in May, its best
monthly performance in a decade, amid efforts to improve operational management and fuel distribution.
The NOC chairman, Masoud Suleiman said during a ceremony held at the company’s
headquarters in Tripoli on Sunday that this performance was due to the company’s technical teams, who maintained operations despite a challenging economic and national environment.
According to Suleiman, this result is part of a phased strategy led by the board of directors to improve the company’s performance. In particular, he highlighted the adoption of a new internal guide governing powers and delegations within the group.
This reform aims to expand the authority of middle managers in order to accelerate decision-making and enhance operational efficiency across the company’s various activities.
This financal windfall comes as Libya seeks to consolidate revenues from its hydrocarbons, the country’s main source of income.
Oil revenues remain central to financing public spending and ensuring economic stability amid persistent institutional and logistical challenges.
Addressing the issue of fuel supply, the NOC chairman assured that available stocks remained sufficient to meet domestic demand. He stated that the country’s reserves remained substantial and that the local market’s supply was secure.
Suleiman also noted that the company had reached an unprecedented level of logistics activity during the month of May, with the chartering of 17 shipments of gasoline—a volume described as
the highest ever recorded by the company.
Despite fuel expenditures exceeding $1 billion during the month, the official estimated that the tensions observed at certain gas stations were not the result of a supply shortage.
According to him, the current difficulties are more closely linked to distribution mechanisms, fuel control systems, and efforts to combat illegal diversion and leakage within the distribution network.
MK/AK/Sf/fss/as/APA