Presidential candidate and economic expert Mohamed Al-Ghwil stated to our source regarding the delay in transferring revenues from the National Oil Corporation to the Central Bank of Libya, saying: “One of the reasons is the exchange of crude oil for products (diesel and gasoline). I believe the NOC should commit to providing detailed monthly reports on this, as well as reports for previous years.”
Al-Ghwil clarified that among the reasons is the annual increase in exchanges and the need to review the terms of contracts for selling Libyan crude oil to ensure that payment periods for shipments are reduced to no more than three weeks from the shipping date. He also mentioned the lack of attention to monthly settlements between the NOC and the General Electricity Company.
He added: “It is unclear to the public whether there are revenues deposited in the accounts of the Libyan Foreign Bank and its subsidiaries that have not been transferred to the general revenue account (the Public Treasury) at the Central Bank of Libya. Similarly, it is unclear whether there have been recent restrictive measures imposed by the U.S. Treasury on transfers to the CBL’s accounts in recent months.”
Al-Ghwil concluded by noting: “These reasons are assumptions, and some may prove to be correct.”
