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FinancialNews


  • 09-12-18

    Libya to suffer major losses if Sharara oilfield shuts

    (MENAFN) If Al-Sharara oil field Petroleum Facilities Guard (PFG) was shut down consequences are to be met, stressed Libya's National Oil Corporation (NOC).

    In a statement, the Libyan state-owned firm affirmed that it "condemns the actions of the Al-Sharara oil field Petroleum Facilities Guard (PFG), which this morning facilitated a protest at the field and threatened employees to shut down production."

    The statement noted: "NOC and local operator Akakus warn of the devastating consequences of a shutdown, to both the southern region and the wider Libyan economy."

    Libya is expected to suffer a drop in its daily oil production by 315,000 barrels if the oilfield was shut down, causing USD32.5 million of losses.

    The NOC also voiced in its statement grave alarm over the "behavior of the PFG at Al-Sharara and those individuals and groups exploiting the suffering of southern Libyans for personal reward."

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