Libya earns over US$1.2 billion in oil revenues by February 2021, says NOC

Libya earns over US$1.2 billion in oil revenues by February 2021, says NOC

Monday, March 15, 2021 2:49 pm

Libya exporting more crude oil

More than US$1.235 billion has been recorded by Libya as global revenues from sales of crude oil and its derivatives in February 2021, the Libyan National Oil Company (NOC) announced on Sunday.

In a statement, the NOC said the funds were deposited in its account at the Libyan Foreign Bank in Tripoli, in accordance with the temporary arrangements in place that ended with the formation of the Government of National Accord that won the confidence vote in Parliament.

The chairman of the NOC’s board of directors, Mustapha Sanalla, announced that he met on Sunday with the Prime Minister of the Government of National Accord, Abdelhamid Mohammad al-Dbaiba, at his headquarters in the capital, Tripoli.

He said Mr. al-Dbaiba’s speech was “clear and frank” in his support for the NOC and its subsidiaries to achieve their objectives of increasing production and achieving greater revenues to support the national economy.

The Prime Minister gave instructions to start stocking liquid fuel in power plants, desalination of drinking water and fuel distribution stations in all NOC warehouses in various parts of the country, in order to cope with the increasing consumption during the blessed month of Ramadan and alleviate the sufferings of all citizens in all parts of the country.

The NOC also announced that the cumulative total of oil revenues withheld since the lifting of the force majeure status in September until March 10, 2021, is US$7.767 billion, including partners’ and company’s fees without including royalties and taxes. (PANA/NAN)

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