Libya aims to increase oil output

Libya aims to increase oil output

September 22, 2016 - 17:33
Posted in:
Written By: AbdullahBenIbrahim

The National Oil Corporation (NOC) said on Wednesday it had received $310 million from the UN-installed Presidency Council (PC) to increase oil output.

In a meeting with PC members Musa Koni and Ahmed Mitig in Tripoli, Chairman of NOC Mustafa Sonallah said Libya's crude production has increased from 290.00 bpd to 390.000 bpd in just a week.

"The allocated money will be distributed next Sunday to all producing companies to increase oil output," Sonallah said.
He confirmed that another $300 million would be allocated to the NOC soon.

"It's a step in the right direction," he said.

Meanwhile, another oil tanker is about to leave Ras Lanuf port with the second oil cargo since 2014.

Maltese-flagged vessel SYRA is expected to leave for Italy late on Thursday with 600,000 barrels of oil.

On Tuesday, Maltese-flagged Seadelta oil tanker left Ras Lanuf port to Italy with 776,000 barrels of oil.