Libya: NOC sets its budget

The National Oil Corporation (NOC) has approved its budget for 2012. It will spend LYD1.93 billion this year, according to planning and studies department senior manager Mohamed el-Harari. He said that just under LYD782 million will go on current projects, LYD545 million on development, LYD215 million on exploration, and LYD321 million on downstream infrastructure (mostly the construction of a new jetty at Az-Zawiya oil refinery).

Additionally, the corporation has proposed a further LYD1 billion development budget, dedicated mostly to potential future upstream projects.

The process of finalising the budget has taken months, mostly because the National Transitional Council (NTC) did not start planning its own overall budget until last December. In mid-March it announced plans to spend a total of LYD68.5 billion in 2012. Of this, LYD19.1 billion (28 per cent) will go on projects, development, and reconstruction. LYD18.67 billion on wages, LYD14.6 billion on fuel and food subsidies, and LYD12.1 billion on operational expenditures.

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