Libya's NOC Chairman expects drop in oil exports in January

Libya's NOC Chairman expects drop in oil exports in January

January 24, 2021 - 22:06
Posted in:
Written By: AbdulkaderAssad

The Chairman of the National Oil Corporation (NOC), Mustafa Sanallah, warned Saturday that January exports would decrease due to the reduction of Waha Oil Company's production by 200,000 barrels per day until the completion of the maintenance works.

Sanallah indicated that maintenance teams were seeking to reduce the expected duration to the minimum limits, all due to the lack of budgets related to the maintenance of the NOC's assets, which reflected negatively on the revenues of January.

"Despite the confusion and bureaucracy of some decision-making circles in the state, on monetizing the urgent budgets that are still pending. The NOC will deal with these challenges out of its sense of responsibility towards the average citizen and urge the other state institutions to be responsible and implement wise measures for the service of the nation." Sanallah said.

Meanwhile, the NOC announced that the general revenue for December 2020 of sales of crude oil, gas, condensates, petroleum products and petrochemicals reached to record levels, reaching a level of 1,115,210,431.95 US dollars deposited in the NOC's account in the Libyan Foreign Bank in line with the current arrangements.

These revenues do not include taxes, royalties, and payments have been made for natural gas purchases to the domestic market from Waha Oil's partners, which amounted to 13.6 US million dollars.

Relatedly, a force from the Petroleum Facilities Guard (PFG), which is affiliated with Khalifa Haftar's forces, shut down Sunday Hariga oil port in Tobruk, eastern Libya, in protest of the delay of salaries that they should have received from the NOC, threatening to extend the shutdown to all oil crescent region's terminals.