Audit Bureau, Central Bank, NOC agree on Fuel Supply and Oil Swap review

Khalid Shakshak, the Audit Bureau Chief, met with Masoud Suleiman, Chairman of the National Oil Corporation (NOC), and Naji Issa, Governor of the Central Bank of Libya (CBL), to discuss the timely transfer of oil revenues to the CBL’s account. The officials agreed to ensure prompt transfers to maintain financial flows and enhance transparency.
In a statement released on Facebook, the Audit Bureau announced the formation of a committee to review financial operations related to oil-for-fuel swaps conducted in 2024. The committee will also develop a unified action plan for 2025 to streamline fuel imports and oil exports.
The meeting, held at the Audit Bureau’s headquarters in Tripoli, addressed the country’s financial performance, including the use of Documentary Credits and the allocation of US dollars for personal purposes.
In its 2023 report released last November, the Audit Bureau highlighted a decline in foreign currency collection due to the use of crude oil in barter agreements. The value of crude oil used in these swaps reached 8.8 billion USD.