Libya NOC says revenues hit lowest point in June

Alwasat - Cairo Tue 28 Jul 2020, 12:19 PM
alwasat radio

On Tuesday, Libya's National Oil Corporation (NOC) announced that it recorded $45.552 million in revenues from exports of crude oil, gas (propane and butane) and condensate for the month of June, the lowest monthly revenues recorded in 2020.

The NOC said in a statement that the large decrease in revenues is due to the low level of production as a result of illegal closures that have affected oil refineries, fields and ports since last January.

The statement pointed out that the sales of gas (propane and butane) and condensate also witnessed a sharp decline in June, as the monthly average revenue decreased to $8.997 million.

The Chairman of the Board of Directors of the NOC, Mustafa Sanallah, said that the state continues to record "heavy" losses in daily oil production as a result of closures since January 17 and have had dire effects on the national economy and the standard of living of Libyan citizens.

Sanallah also pointed out that storage tanks suffer from permanent damage and stagnant liquids have caused the erosion of pipelines. Pointing out that repairs would cost the state huge sums and urged Libyan parties to “do everything possible to resume oil production in the near future in order to avoid further damage."

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