TRIPOLI: Libya’s internationally recognized government said it had allocated $1.06 billion (1.5 billion Libyan dinars) for the National Oil Corporation (NOC) to maintain oil production in 2019-2020, according to a resolution shared with journalists on Saturday.
The resolution said 1.2 billion dinars was allocated “for projects that contribute in maintenance of current production rates and increase the productive capacity of the oil and gas sector.” A further 300 million was allocated for pay the NOC’s obligations to other companies.
The resolution stated that the Central Bank deposit the sum in “an emergency account” for the NOC to spend as planned.
It also said the money would be drawn from fees imposed since 2018 on sales of foreign exchange, in a bid to end the gap between the official and parallel foreign exchange markets.
Libya’s current oil production is around 1.3 million barrels per day.
The NOC has frequently complained in the past that it was not receiving sufficient funding from the Tripoli-based Government of National Accord (GNA).
Last week it said in a statement that production was expected to be severely affected if it did not get the budget funding it needed from the government.
The NOC also said the government “reduced the approved budget of the Corporation and its companies twice” this year without prior notice.
OPEC member Libya’s oil production has fluctuated sharply in recent years due to attacks, protests and political conflict in the turmoil following the country’s 2011 uprising.
The country has been split since 2014 between rival camps based in Tripoli and the east, though the NOC in Tripoli has continued to control oil production, with revenues flowing through the central bank in the capital.
Tripoli government gives Libya’s NOC $1 billion in funding
Tripoli government gives Libya’s NOC $1 billion in funding
- Amount to be utilized to maintain oil production in 2019-2020
- Libya’s current oil production is around 1.3 million barrels per day
Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production
RIYADH: Saudi mining and metals company Maaden has reported a 156 percent jump in its net profit attributable to shareholders for 2025, driven by higher commodity prices, record production volumes, and a one-off bargain purchase gain.
The state-backed giant posted a net profit of SR7.35 billion ($1.95 billion) for the full year 2025, an increase from SR2.87 billion in the previous year. The firm’s revenue surged by 19 percent to SR38.58 billion, up from SR32.55 billion in 2024.
This comes as Saudi Arabia steps up efforts to expand its mining sector as a pillar of economic diversification, encouraging international participation and private investment to unlock the Kingdom’s estimated $2.5 trillion in untapped mineral resources under Vision 2030.
In a statement on Tadawul, the company said: “Performance was led by record phosphate production, near record aluminum production, an increase in all three of Maaden’s main output commodity prices.”
The performance was also fueled by a 60 percent increase in gross profit, which reached SR14.79 billion. In its annual results announcement, Maaden attributed the top-line growth to “higher commodity market prices for phosphate, aluminum and gold business units,” as well as increased sales volumes in its phosphate and aluminum segments. This was partially offset by slightly lower sales volume in the gold unit.
Maaden’s CEO, Bob Wilt, hailed 2025 as a transformative year for the company, marked by strategic growth and operational excellence. “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business,” he said in a statement.
“This was driven by growth in production across all businesses, including record-breaking DAP (di-ammonium phosphatevolumes), disciplined cost control across and a clear commitment to our role as a cornerstone of the Saudi economy,” Wilt added.
Profitability was further bolstered by an increased share of net profit from joint ventures and an associate. This included a one-off bargain purchase gain of SR768 million related to Maaden’s investment in Aluminium Bahrain B.S.C. The company also benefited from lower finance costs.
The fourth quarter of 2025 was strong, with Maaden swinging to a net profit of SR1.67 billion, compared to a loss of SR106 million in the same period of the prior year. Quarterly revenue rose 7 percent to SR10.64 billion.
The firm achieved record production of di-ammonium phosphate, reaching 6.72 million tonnes for the year, a 9 percent increase. Aluminum production remained near-record levels, while the company added a net 7.8 million ounces to its reportable gold mineral resources through discovery and resource development.
The phosphate division saw sales jump 17 percent to SR20.77 billion, with the earnings before interest, taxes, depreciation, and amortization margin expanding to 47 percent. The aluminum business reported a 9 percent increase in sales to SR10.99 billion, with EBITDA more than doubling in the fourth quarter.
Looking ahead, Wilt emphasized that the pace of growth will accelerate as the company advances key initiatives, including the Phosphate 3 Phase 1 and Ar Rjum projects, which remain on budget and schedule. Maaden has also secured a gas supply for its future Phosphate 4 project.
“This pace of growth will only accelerate. Not only as we advance projects and increase the scale of our exploration program, but as we continue to grow production and implement technology that will further modernize, streamline and unlock value,” Wilt added.
Earnings per share for the year rose sharply to SR1.91, up from SR0.78 in 2024. Total shareholders’ equity increased by 18.7 percent to SR61.59 billion.
