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FinancialNews


  • 29-06-19

    24 percent jump in Libya's oil revenues

    (MENAFN) Libya managed to achieve a 24 percent surge in its oil revenues for the fifth month of this year amid current armed conflict, announced the National Oil Corporation (NOC).

    In a statement, the Libyan state-owned giant affirmed that it "recorded an income of 2.3 billion U.S. dollars in May from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts, a monthly increase of approximately 448 million dollars."

    This boost, the NOC confirmed, is attributed to sustained international oil prices as well as busy crude loading schedule in April 2019.

    Chairman of NOC Mustafa Sanalla stressed that "these figures showcase the importance of a unified oil sector and its contribution to the economy."

    Sanalla added: "any forced interruption of our work will undoubtedly impact our ability to maintain production and finance essential basic services. Despite repeated warnings, corporation facilities and operations are being directly targeted by conflict."

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