NOC: $3.4 billion in oil export revenues for first quarter of 2020, down 92.3%

Alwasat - Cairo Mon 27 Apr 2020, 07:04 PM
alwasat radio

The National Oil Corporation (NOC) said that the total revenue from exports of petroleum products during the first quarter of this year amounted to $ 3.4 billion, indicating a decline in oil exports by 92.30%.

In a statement issued on Monday, the NOC noted that "the revenues of petroleum products in January amounted to $1.7 billion, $555.5 million in February, and $1.093 billion in March."

"Libya suffered huge losses during the first quarter of 2020, due to the unlawful closures that affected many oil and gas facilities," said the head of the National Oil Corporation, Mustafa Sanalla. He warned that "the erosion caused by stagnant oil and salt water inside pipes will lead to great material damage, which will cost us millions to repair after the end of the crisis."

The NOC announced a state of "force majeure" on January 18, a day after halting oil exports from the ports of "Brega, Ras Lanuf, Al-Hariga, Zuetina and Sidra".

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