NOC says oil blockade cost Libya nearly 5 billion dollars

NOC says oil blockade cost Libya nearly 5 billion dollars

May 28, 2020 - 20:37
Posted in:
Written By: AbdulkaderAssad

The Libyan National Oil Corporation (NOC) said the country's accumulated losses due to the shutdown of oil production and exports since January 19 amounted to 4.9 billion dollars.

The NOC said this loss is impossible to compensate from the reserves adding that the current status is considered very harmful to the economic future of the country, as this amount could cover part of the state’s expenses such as salaries, fuel subsidies, or the crisis of the Coronavirus pandemic or other crisis.

"we implore all the patriot sons of this country to come to reason, prioritize the interest of the homeland, and to re-enable the oil ports and pipelines and allow the National Oil Corporation to carry out its work for the benefit of all Libyans, in order to support the national economy and protect it from the consequences of bankruptcy and dependence on foreign banks." The NOC said.

NOC warned of repeating what happened more than three years ago as the blockade of the oil fields and ports caused huge losses of selling opportunities, so the Libyan economy suffered huge losses that exceeded "100 billion dollars", and caused great damage to the reputation of Libyan oil, in addition to the severe technical damage that followed this blockade.

Last January, pro-Haftar gunmen shut down oil ports and fields across the country, causing massive damage to the Libyan economy and obliging the NOC to declare force majeure on Libyan oil exports.

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