CBL: Libya has so far lost 3.5 billion dollars due to oil closures

CBL: Libya has so far lost 3.5 billion dollars due to oil closures

July 06, 2022 - 00:16
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Written By: AbdulkaderAssad

The Central Bank of Libya (CBL) said, in a statement on revenues and expenditures in the first half of 2022 on Tuesday that oil closures had led to direct losses of 3.5 billion dollars as per the National Oil Corporation's (NOC) announcement.

The CBL's statement showed that oil sales' revenues amounted to 37.3 billion dinars during the first six months of the year: about 100 million dinars less than the revenues announced by the CBL on the sixth of last June for the revenues of the first five months of the year, as at the time they amounted to 37.4 billion dinars.

The CBL indicated that emergency and temporary financial arrangements were approved in favor of the National Oil Corporation for 34.3 billion dinars on April 16, 2022, of which 4.5 billion dinars were sent to the account of the first and second chapters of the NOC's spending, and cash distribution permissions were given in NOC's favor with about two billion dinars in early July.

The CBL reaffirmed its keenness to support efforts to resume oil production and exports in addition to increasing the production rates, pointing out that the fuel import bill is being paid from oil sales directly since November 2021 by the NOC.

Several oil fields and ports are still closed all across Libya since mid-April 2022 due to the ongoing political crisis and controversial handling of oil revenues.