Bin Qadara: Financing NOC can be through bonds or foreign borrowing

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Bin Qadara: Financing NOC can be through bonds or foreign borrowing

July 17, 2022 - 21:03
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The new Chairman of the National Oil Corporation, Farhat bin Qadara, has stated that “the NOC funding is not necessary to be released from the state budget, but it could be through the issuance of bonds, borrowing from international institutions, investment or through international partners or even through the Libyan private sector.”

In a statement on Saturday, Bin Qadara revealed that the biggest challenge facing the NOC, as well as other sectors of the state, is the political instability in the country. However, he said that he will try to spare the NOC any political wrangling.

"There is fear among many that the new NOC board of directors came through a political deal or sharing of spoils," he said.

"I want to reassure everyone that the NOC will be transparent in dealing with revenues by disclosing the value of sales and export quantities," he added.