The National Oil Corporation (NOC) has announced a significant financial milestone, with Chairman Masoud Suleiman revealing on Sunday that the corporation generated approximately $4 billion in revenue during May—the highest monthly figure recorded by the state-run entity in a decade.
The announcement came during a celebratory event held at the NOC headquarters in Tripoli, where Suleiman credited the accomplishment to the dedication of the company’s domestic technical workforce, who have maintained operations despite a backdrop of challenging economic and national circumstances.
Suleiman emphasized that the record-breaking revenue is the result of a deliberate, phased strategy overseen by the Board of Directors.
A core component of this effort has been the implementation of a new internal guide regarding powers and delegations. By expanding the authority granted to middle management, the NOC aims to streamline decision-making and improve day-to-day operational efficiency across its sectors.
Addressing public concerns regarding fuel availability, the Chairman offered strong reassurances, confirming that national fuel supplies remain steady and that existing reserves are robust.
According to Suleiman, the NOC achieved a historic logistics milestone in May, contracting 17 gasoline tankers for delivery—the highest rate in the corporation’s history.
Despite total fuel expenditures exceeding $1 billion for the month, the Chairman pointed out that the root cause of recent domestic fuel shortages is not a lack of supply.
”The current crisis is not related to supplies,” Suleiman explained. “It is related to the mechanisms for distributing and controlling fuel and preventing its leakage through illegal means.”
