The Director of the General Administration for Oversight of the Energy Sector and Public Companies, Abdulbasit Al-Jaboua, told our source regarding the 2024 report of the Libyan Audit Bureau that the report includes the uses of crude oil exports, export volumes, and quantities used to supply fuel under the barter system, in addition to partners’ shares and other allocations related to quantities transferred to local refineries, as well as quantities delivered to the Obari power generation station.
Al-Jaboua added that with regard to Arkenu, there are many details available, but they were not fully completed in the 2024 report. However, the report clarified the volume of quantities transferred as Arkenu’s partner share, which are included in the report. Other points will be presented in the 2025 report. The share transferred to the company was included in the report and is among the reasons for the decline in revenues transferred to the Central Bank of Libya.
Al-Jaboua stated that the main reason behind the country’s economic situation is the deterioration of conditions and the instability of the Libyan dinar exchange rate. This is due to the scale of spending during 2024 and 2025, whether in the eastern or western regions. Spending exceeded collected revenues, which placed significant pressure on the Central Bank of Libya in terms of foreign currency availability. This also affected the balance of payments, resulting in a deficit, as detailed in the Audit Bureau’s report.
