Ahmad 
The Public Prosecution in Libya ordered the detention of a former director of the International Marketing Department at the Libyan National Oil Corporation, after discovering a significant delay in collecting funds from oil and gas sales exceeding two billion dollars.
This decision was made based on reports examining the financial affairs related to the Department of Exporting Oil and Gas Products during the period extending from 2011 to 2017, which revealed the failure of the department’s official to perform his duties in collecting financial dues estimated at about 2.712 billion dollars at the time.
The Public Prosecution explained that the former official caused unjustified harm to the public interest as a result of his failure to collect the due funds in a timely manner, which prompted the investigator to take the decision to detain him pending the case. The prosecution did not reveal the name of the official accused in the case.
The International Marketing Department at the Libyan National Oil Corporation is considered one of the vital departments, as it plays a fundamental role in marketing and selling oil products in global markets. Its primary tasks include achieving the corporation’s goals and increasing its revenues through a strong presence in global markets.
The hydrocarbon sector is the backbone of the Libyan economy, with oil exports accounting for the majority of government revenues and more than 95% of export earnings.
The African Development Bank expects the Libyan economy to grow by 7.9% in 2024, driven by increased crude oil production, which currently stands at 1.214 million barrels per day.
The Central Bank of Libya expects foreign exchange use in 2024 to reach $36 billion, while oil revenues are estimated at $24 billion, and the Central Bank faces challenges in covering the fiscal deficit.
Libya, which has the largest oil reserves in Africa, is witnessing a significant recovery in oil production, with plans to increase production to 1.4 million barrels per day by the end of the year.
According to data from the Central Bank of Libya, the country’s spending during the first half of this year amounted to about 43.7 billion dinars, while oil and sovereign revenues amounted to about 45 billion dinars, and foreign exchange revenues amounted to about 9.1 billion dollars, including 1.5 billion dollars in oil royalties, and foreign exchange uses amounted to about 18 billion dollars.
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