National Oil Corporation hits 10-year revenue high of $4 billion in May

​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.”