NOC: $6.74 billion lost in last 175 days due to the closure of oil facilities and ports

Alwasat - Cairo Sat 11 Jul 2020, 08:30 PM
alwasat radio

Libya's National Oil Corporation (NOC) announced on Saturday that lost sales opportunities in the last 175 days have reached $6.74 billion, due to the closure of oil facilities and ports.

On Friday, the NOC announced the lifting of force majeure for all oil exports in Libya, explaining that the tanker "Crete Bastion" would be the first ship to be loaded from Sidra oil port.

This came after weeks of negotiations between the Government of National Accord, the United Nations, the United States of America and regional countries to resume oil production.

The announcement of lifting force majeure on all oil exports was welcomed by the French, American and Italian embassies alongside the United Nations Support Mission in Libya. 

The NOC stressed that the gradual increase in production will take a long time "as a result of the severe damage to reservoirs and infrastructure from the prolonged closure."

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