Libya’s National Oil Corporation (NOC) will not be transferring the revenues from crude oil sales to the Central Bank of Libya until the bank adopts transparent policies on the spending of those revenues, the Libyan state oil firm said on Monday. NOC was responding to a statement from last week from the Central Bank, which, the oil firm says, provided false and misleading figures about the revenues and expenditures between January and October this year. According to NOC, the state oil firm deposited US$3.7 billion to the central bank in the first ten months of the year. “In the light of the foregoing, we would like to reassure the whole Libyan people of the accuracy of the payment and collection systems and we confirm that the entire revenues of the State of Libya, as well as the rights of the foreign partners, are accurately documented and held in the […]