Libya confirms budget will depend on oil revenue

Libyan National Oil Corporation Tripoli – Emad Agag Libyan authorities have confirmed that the national income will depend significantly on oil revenue.According to the Libyan Oil Corporation, the country's revenue from the export of crude oil, will be in the range of $ 50 billion, according to the projected export quantities.
The head of the Oil Corporation, Mr Nuri that the export of oil in the country exceeded one million barrels at the end of 2011, and output was expected to reach one million and 600 thousand barrels per day by mid-2012.
A Libyan official said his country's production of oil has been increasing, on a daily basis, and that the production volume has reached nearly one million barrels per day, almost, and that proceeds from the oil industry were passed on to the treasury.
He stressed that the corporation is working hard to ensure the provision of fuel in all Libyan cities and regions, and that the shortages suffered in some Libyan cities was unacceptable.
The fact that Libya is facing new challenges, in the preparation of the new budget for the year 2012, especially with the expected decline in sovereign revenues, as a result of the war that the country witnessed over the past months, which led to the overthrow of the late Colonel Muammar Gaddafi.
It is through the draft of the new budget, it was found that all public companies, the private sector, did not achieve the income that was expected with a lower tariff, and therefore will rely on oil revenues.
According to the draft budget for 2012, the largest share of which will go to pay the salaries of state employees, which were estimated in the range of $ 20 billion and is expected to allocate another $ 12 billion to support food, electricity and fuel.
The remainder of funds from of the oil revenue is expected to be spent on building the institutions of state sovereignty, security, defense and justice.