Libya Has Lost $68b in Oil Revenues Due to Instability

Libya Has Lost $68b in Oil Revenues Due to Instability

Amid discussions to form a unity government in Libya, the head of the country’s national oil company, Mustafa Sanalla, urged reconciliation and stated that the country had lost $68b in oil production and exports since 2013 due to attacks on its oil ports amid political instability, Al Arabiya reported. Sanalla, speaking to investors in London, made the comments just after the internationally recognized parliament rejected initial plans to move toward a unified government. “This problem in Libya, it is not so sophisticated. We have two factions in Libya. They are not looking (out) for the interests of Libya, unfortunately,” Sanalla said.

Officials from the Libyan oil company have sought to return investment to the country quickly after political reconciliation is made. However, January has seen a string of attacks on Libya’s oil infrastructure by the Islamic State. Sanalla leveled criticism not just at the Islamic State, but at the Petroleum Facilities Guard meant to protect energy facilities. The estimated financial losses do not include damage from the fire at the big port of Ras Lanuf or at any other facilities. He urged the need to unify and professionalize the protection force.

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