The National Oil Corporation (NOC) of Libya has announced that the general revenue of sales of crude oil, gas, condensates, petroleum products and petrochemicals for December 2020 reached a record level of $1.1 billion (1.115,210,431.95).
The money has been deposited in its Libyan Foreign Bank (LFB) account, as per the “current arrangements.” The “current arrangements” is a part of the provisions of the agreement that led to lifting of force majeure on oil facilities and the resumption of oil production and exports in Libya.
The Corporation said the revenues do not include taxes, royalties, and payments made for the purchase of natural gas to the domestic market from Waha Oil partners, which amounts to $13.6 million.
Commenting, the chairman of the NOC, Mustafa Sanalla, said: “The NOC and its companies and its workers have struggled in various areas of its operations over the past months to achieve this income by increasing production rates at record times.”
‘‘January exports will decrease due to the reduction of Waha Oil Company’s production by 200,000 barrels per day until the completion of the maintenance works. Also, maintenance teams are seeking to reduce the expected duration to the minimum limits, all due to the lack of budgets related to the maintenance of the NOC’s assets, which reflects negatively on the revenues of January.’’
“Despite the confusion and bureaucracy of some decision-making circles in the state, on monetizing the urgent budgets that are still pending, the NOC will deal with these challenges out of its sense of responsibility towards the average citizen and urge the other state institutions to be responsible and implement wise measures for the service of the nation.”