Libya's oil revenues over one billion in February

Libya's oil revenues over one billion in February

March 15, 2021 - 12:10
Posted in:
Written By: SafaAlharathy

Libya's oil revenues totaled 1,235 billion in February said the National Oil Corporation (NOC) on Sunday, indicating that it is reviewing the possibility of unfreezing oil revenue funds in the Libyan Foreign Bank.

The profits made from the sales of crude oil and its derivatives were deposited into the NOC's account at the Libyan Foreign Bank in Tripoli, in line with the temporary arrangement, but this would come to an end after the approval of Libya’s new government by the parliament, the NOC explained.

Mustafa Sanallah, the NOC's head, confirmed that he had met with Prime Minister Abdul Hamid Dbeibah in Tripoli. "His (Dbeibah) speech was clear and frank in his support for the National Oil Corporation and its affiliates in order to achieve its goals of increasing production and achieving greater revenues to support the national economy," Sanalla said.

Dbeibah has ordered to start rebuilding stocks of liquid fuel in power plants drinking water desalination plants, and fuel distribution stations in all NOC warehouses across the country in preparation to meet the increasing consumption during the holy month of Ramadan.

The cumulative total of oil revenues withheld since the lifting of the status of force majeure until the date of March 10, 2021, amounted to US$ 7,767,439,801.73, according to the NOC, noting that the sum includes the rights of partners and the NOC, but neither royalties nor taxes.