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Libya’s net July oil revenues reach over US$ 2 bn |

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By Sami Zaptia.

(Logo: NOC).

London, 20 August 2021:

The National Oil Corporation (NOC) announced yesterday that its net revenues for the month of July 2021 from sales of crude oil, natural gas, condensates, petroleum products and petrochemicals reached record levels, driven by strong demand and an increase in production and international prices. The NOC said it has been able to achieve this despite all the challenges it faces.

The NOC said it achieved revenues of US$ 1,965,494,665.28 of crude oil, followed by gas and condensates, which reached US$ 80,985,359.19. It had net revenues of US$ 3,379,155.88 of petroleum products and petrochemicals revenues amounted to US$ 2,794,996.38

This means that the total net revenue from oil sales in US dollars reached US$ 2,052,654,176.73.

In this regard, NOC Chairman, Mustafa Sanalla, commented: “The Prime Minister informed me that he is determined to make a quantum leap in infrastructure maintenance in a way that ensures the achievement of the goals and aspirations of the Libyan people.”

Sanalla added, “We are working with the decision-making departments in the country on the path of modernization and development, and we are moving at a steady pace towards creating spatial development in the areas of oil fields and ports, and maintaining equipment and surface facilities that were destroyed by wars.”

NOC to establish largest MENA workshop to repair dilapidated oil infrastructure

He expressed in this regard, “With God’s help and then under the patronage of the Prime Minister and with the support of the Ministry of Finance and the Central Bank of Libya, the largest workshop in North Africa and the Middle East to repair dilapidated infrastructure will be announced soon. National and international companies are invited to contribute to repairing and rehabilitating what was destroyed by wars.”

Sanalla added in a letter addressed to the Prime Minister, “The National Oil Corporation must remain away from political tensions and be a symbol of professionalism, discipline, efficiency, transparency and integrity.”

He concluded this statement by saying, “Hopes are placed on the employees of the National Oil Corporation and its companies to reach production levels to record levels, so we pay special tribute and appreciation to them congratulating the nation for their great efforts.”

The NOC pointed out that the revenues for the month of July do not include royalties and taxes, in addition to that the shipments of crude oil transferred to the Ubari station are charged to the General Electricity Company of Libya (GECOL), whose value in July was estimated at US$ 25,319,110.70.

Mellitah Oil & Gas Company was also supplied with quantities of crude oil for generating electricity, at a value of US$ 2,957,471.66, which were charged to the company to be settled later.

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