Our source has exclusively obtained a copy of the regulatory oversight report released over the past two days, which included allegations that Brega Petroleum Marketing Company withheld data on local gasoline production and several petroleum products, and failed to fully disclose supply volumes related to essential fuel for Libyans.
The report indicated that Libya is targeting imports of around 14.6 million tons of fuel, at an estimated cost exceeding $8.5 billion, covering gasoline, diesel, gas, and aviation fuel.
It explained that the company’s management relied on the withholding of the 2024 operational budget as justification for declining performance and disrupting technical operations.
The report also confirmed that the increase in total revenues, alongside a nearly 14% drop in global prices, demonstrates the technical and operational capability of the National Oil Corporation (Libya) to export, which weakens the legal argument used to justify shortcomings under the pretext of budget constraints.
It further revealed the continued accumulation of obligations and debts on the corporation, exceeding 31 billion dinars over two years, in addition to the spending of millions of dollars on consultancy contracts and bonuses, while the state has incurred fines exceeding $59 million due to delayed shipments and poor management of oil exchange operations.
The report stressed the need for a comprehensive audit of all financial and contractual procedures within the National Oil Corporation (Libya) during the period from 2022 to 2024, including scrutiny of expenditures amounting to more than 27.6 billion dinars, to ensure there is no waste or mismanagement of sovereign revenues.
