Zarmouh reveals that the NOC is not entitled to pay the value of fuel directly from oil sales and clarifies the mechanism

The professor of economics at the Libyan Academy, Omar Zarmouh, said in a statement to Al-Wasat channel, which was monitored by our source: “When we find that there is a threat to stop the transfer of oil revenues from the Corporation to the Central Bank, it becomes not clear whether the numbers have been transferred in full or only part of them have been transferred.”

He continued by saying that the Corporation obtained 34 billion in allocations and they said that they are financial arrangements. But what was spent out of the 34 billion was only 4 billion. He added that the Corporation does not retain revenues and is not legally entitled to.

He added: “The corporation pays for the value of fuel directly from oil sales, and this is a big mistake. It is not permissible. However, the oil revenues must be supplied in full to the Central Bank and then be spent from what is allocated to it in general.”