NOC generates more revenues with rise in international oil prices

NOC generates more revenues with rise in international oil prices

October 02, 2021 - 14:10
Posted in:
Written By: SafaAlharathy

 Net revenues from crude oil, gas, condensates, petroleum products, and petrochemicals hit record levels in August, the National Oil Cooperation said on Friday.

Crude sales surpassed one billion and 800 million dollars, gas and condensate revenues amounted to 53 million dollars, petroleum products hit 53 million dollars, and petrochemicals revenues exceeded three million dollars.

The total net revenue from oil sales in US dollars closed up to one billion and 900 million dollars, according to the NOC.

Chairman of the NOC, Mustafa Sanalla, attributed the current profits to the rise in international oil prices, stressing that this rise requires a commitment to modernization and development and to play a technical role away from politics.

"We are determined to make a qualitative leap in the oil sector to increase the NOC's refining capacity, Sanallah said.