Libya's oil revenue tops 20 billion USD in 2019

Alwasat - Cairo Tue 07 Jan 2020, 07:50 PM
alwasat radio

Libya's state-owned National Oil Corporation (NOC) said on Monday that the country's oil revenues in 2019 exceeded 20 billion U.S. dollars.

"NOC's revenues come from sales of natural gas, crude oil and assorted derivative products, in addition to taxes and royalties received from concession contracts," NOC said in a statement.

"These revenues provide vital resources for the Libyan people and our continuity of supply contributes to global market stabilization," said Mustafa Sanalla, chairman of the NOC.

The oil sector, Libya's main source of income, has suffered tremendously because of armed attacks on its oil fields and ports.

Since early April of 2019, the UN-backed government has been engaged in a deadly armed conflict in and around the capital Tripoli against the east-based army, which has been trying to take over the city.

The armed conflict has killed and injured thousands of people, and forced more than 120,000 civilians to flee their homes.

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