Libya's NOC: May oil revenues reach 2.3 billion dollars

Libya's NOC: May oil revenues reach 2.3 billion dollars

June 27, 2019 - 21:05
Posted in:
Written By: AbdulkaderAssad

Libya's National Oil Corporation (NOC) said it had recorded a May income of $2.3 billion from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts.

In a statement on Thursday, NOC explained that the May revenues constitute a monthly increase of approximately $448 million (+24%).

"Revenue figures were bolstered by sustained global oil prices, in addition to a busy crude loading schedule at the end of April resulting in cargo receipts both arriving and clearing in May’s revenue statement." NOC indicated.

NOC's Chairman Mustafa Sanallah said May figures showcase the importance of a unified oil sector and its contribution to the economy.

"Our focus on crude production, despite ongoing security challenges, continues to bring success with over 725 million USD having been spent on exploration and drilling since 2018. Oil revenues are the lifeblood of the Libyan economy." Sanallah said.

He added that any forced interruption of NOC's work will undoubtedly impact the sector's ability to maintain production and finance essential basic services.

"Despite repeated warnings, corporation facilities and operations are being directly targeted by conflict. NOC condemns all attempts to militarise national energy infrastructure.” He further added.

NOC said in the statement that it rejects all attempts to portray the corporation as a party to the conflict.

"National oil revenues are disclosed and transferred to the Libyan Central Bank on a monthly basis. NOC is proud to work for all Libyans and serve as a benchmark for transparency amongst Libyan institutions." The statement reads.

Earlier, the Speaker of the House of Representatives (HoR) in Tobruk, Aquilah Saleh, threatened in a TV interview to shut down oil production, saying Libyan oil revenues end up at the Tripoli-based Central Bank which uses it to buy weapons.

NOC voiced at the time concerns about the calls for the shutdown of national oil production and its awful repurcussions to the economy in Libya.