Libya posts drop in oil ‘rev­enues’

Arab Times - - BUSINESS -

TU­NIS, Sept 24, (KUNA): Libya’s Na­tional Oil Cor­po­ra­tion (NOC) said that it recorded $128 mil­lion in rev­enues from oil, gas and con­den­sate ex­ports for the months of July and Au­gust, a record de­cline from what it was in the same pe­riod of 2019.

NOC said in a state­ment that the Libyan oil rev­enues amounted to USD 38.2 mil­lion last July, a huge de­cline com­pared to $2.1 bil­lion in July 2019.

This is the low­est monthly rev­enue recorded this year, as NOC reg­is­tered $24.7 mil­lion from crude oil sales, $12.8 mil­lion from gas and con­den­sate sales, and $647,346, from the sales of petro­chem­i­cals, they added.

Con­versely, the cor­po­ra­tion reg­is­tered a slight in­crease in rev­enues last Au­gust, af­ter a brief and lim­ited ces­sa­tion of the blockade al­lowed it to ship a quan­tity of crude oil from the stor­age tanks of Es Sider port.

Rev­enues dur­ing Au­gust slightly ex­ceeded $90 mil­lion com­pared to $2 bil­lion in Au­gust 2019, doc­u­ment­ing $74.4 mil­lion from crude oil sales, $14.7 mil­lion from gas and con­den­sate sales, and $829,204 from petro­chem­i­cal sales, they men­tioned.

They warned that the blockade has cost Libya al­most $10 bil­lion thus far.

“While the rest of the world is fac­ing a his­tor­i­cal fi­nan­cial and eco­nomic cri­sis, the Libyan state con­tin­ues to suf­fer heavy losses merely to serve for­eign po­lit­i­cal in­ter­ests. The il­le­gal oil blockade con­tin­ues to have dis­as­trous ef­fects on our na­tional econ­omy and the liveli­hood of Libyans,” NOC’s Chair­man Mustafa Sanalla ex­plained.

Libya’s eastern-based forces led by Khalifa Haf­tar sur­rounded the oil fields and pre­vented their ex­port, but re­cently reached an agree­ment un­der which it al­lowed the re­sump­tion of the ex­port of Libyan oil.

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