One of the main challenges facing Libya’s oil sector is the lack of funding, said Farhat Binqadara, chairman of the National Oil Corporation (NOC).
Speaking during interview with Al-Arabiya Al-Hadath channel on Saturday, Binqadara claimed the state-owned oil company does not necessarily need money as method of funding, as it can also “use bonds or borrow from international institutions, or invest with partners or the Libyan private sector.”
Binqadara pointed out that financing NOC requires “flexibility in dealing with laws and institutions, including the Central Bank of Libya.”
Regarding the budget allocated by the government of Abdul Hamid Dbeibeh, estimated at 43 billion dinars, the NOC chairman revealed “there are financial arrangements with this amount to implement the plan to develop the oil sector, and we will try to use this amount for optimal use.”