Revamping Libya’s Oil Sector Is Top Priority in Historic Budget
- State producer set to get largest share of development funds
- Spending plan is first unified-government budget since 2014
Photographer: Shawn Baldwin/Bloomberg
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Libya’s state oil producer is set to get the biggest portion of development spending in the country’s new budget, potentially aiding plans to raise output as the industry recovers from a decade of civil war.
National Oil Corp. is allocated 7 billion dinars ($1.6 billion) in 2021, about a third of the total granted to development projects in the draft budget, a copy of which was seen by Bloomberg. The spending plan is the first from the country’s unified government, which was approved by lawmakers earlier this month.