The National Oil Corporation (NOC) of Libya announced that net revenues from crude oil, gas, condensates, petroleum products, and petrochemicals sales for May 2021 AD reached record levels, owing to strong demand and an increase in global prices, with crude oil accounting for $1,322,362,503.68 and gas and condensate accounting for $53,055,556.55.

In addition to €5,824,254.83, revenues from petroleum products totaled $13,925,159.15 and revenues from petrochemicals totaled $584,405.61. This translates to a total net revenue of $1,389,927,624.99 and €5,824,254.83 from oil sales.

Commenting, the Chairman of the Corporation, Eng. Mustafa Sanal, said: “The stability of production rates must be maintained and increased.”

“We are optimistic about the general trend of oil prices and we expect to achieve a surplus in revenues by the end of this year. We also announce that Ras Lanuf Company will start the procedures for discharging production of polyethylene in the local market, which entails contributing to alleviating the burdens of importing these materials in hard currency, knowing that polyethylene is available with the easiest procedures for the private sector specialized in the plastic industries.”

Also, May’s revenues exclude royalties and taxes, so $194,736,598.07 in the revenues will be included in June’s collections because their due date fell on a holiday in early June, necessitating documentation on the collecting date.