Libya earns record revenues of US$ 2.13 bn in June: NOC

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Posted – 04th August 2021

Libya’s state National Oil Corporation (NOC) announced record net revenues for June of over US$ 2.13 billion.

It said the record sales were as a result of strong demand, increased production and increased international prices.

Crude oil revenues amounted to 2,069,856,297.84 U.S dollars, while the gas and condensates amounted to 66,246,667.01 U.S. dollars.

NOC revenues from petrochemicals amounted to 2,656,042.10 U.S. dollars and 3,251,283.50 euros. This means that the total net revenue from oil sales in U.S. dollars amounts to 2,138,759,006.95 US dollars and 3,251,283.50 euros. The available locally refined petroleum by-products were entirely distributed to the local market.

Commenting on these latest figures, NOC Chairman, Mustafa Sanalla said, “We reiterate that oil is the centrepiece of our country’s development process, and it represents top priority for our country’s stability.” He added: “With God’s help and our government’s support, we can maintain and increase production rates.’’

Sanalla also emphasized that the NOC will continue to work with the government to ensure the provision of regular revenues to the public treasury, and that the NOC will make all efforts to maintain the infrastructure. He pointed out that the NOC relies on the support of the Ministry of Oil in coordination with the Ministry of Finance and the Ministry of Planning to provide the necessary budgets needed for the implementation of the NOC’s ambitious plans.

June’s revenues do not include royalties and taxes, and there are 194,736,598.07 million U.S dollars of May’s revenues shown in June’s collection because their due date coincided with a holiday at the beginning of June, which leads to documenting them on the date of their collection.

The NOC said that despite the frequent emergency stoppages of Zawia Refinery, Zawia Oil Refining Company and the General Electricity Company of Libya (GECOL) made all the necessary efforts in this regard.

It explained that the Zawia Refinery continued operating the refining units using the available refining capacity for the two units exceeding 100,000 barrels per day, which reduced the burden of importing fuels in spite of the emergency stoppages resulting from imbalances in the electricity power, as well as the crude oil quantities transferred to the Ubari power station, which were charged to GECOL. The value of which was estimated during June at 24,437,070.10 U.S. dollars.

Mellitah Company was also provided with crude oil quantities for generating electricity, amounting to 3,035,572.39 U.S. dollars, charged to Mellitah Company to be settled later.

LIBYA HERALD – Sami Zaptia

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