Tripoli – Masoud Suleiman is the Chairman of the National Oil Corporation (NOC). He confirmed the adoption of several regulatory and financial measures. These measures aim to rationalize spending. They also ensure the continuity of the corporation’s operations. This will continue until the operational budget is approved.
Suleiman issued a letter to all affiliated companies, centers, institutes, and entities. He explained the necessity of these measures. The 2025 budget has not been approved. Furthermore, 2024 budget allocations are limited. These allocations did not exceed 25% of actual needs. Therefore, measures are needed to ensure the continuity of priority operations. This avoids creating uncovered financial commitments.
Suleiman stated that initial measures include halting all purchasing and supply operations. Issuing purchase or assignment orders of any type or value is also suspended. Exceptions apply to urgent cases. These cases must be directly related to production continuity. They must also involve safety or environmental requirements. He also stressed stopping all forms of early approval. Furthermore, creating any future financial commitments is prohibited. Competent authorities are instructed to negotiate immediately with drilling companies. This will maintain the operational readiness of drilling rigs. The aim is to avoid financial burdens for the corporation or its subsidiaries. This involves exploring keeping rigs on “without pay” standby. This will continue until the budget is approved.
Suleiman further stated that transferring or remitting funds abroad is temporarily halted. This applies to all companies or offices. The suspension is regardless of the reason. It will remain in effect until the budget is approved. It also covers the release of necessary financial allocations. This must follow established legal frameworks. These measures guarantee smooth operational activities. They prevent any negative impact on production. Environmental safety at all corporation work sites is also protected.
