Libya’s NOC Sees 21% MoM Hike

Libya’s NOC Sees 21% MoM Hike

Libya’s state-run National Oil Corporation (NOC) announced that its October revenues grew by 21% month-on-month (MoM) to stand at $2.2 billion from $1.8 billion.

NOC attributed the increase in revenues to the improvement of sales in crude oil, hydrocarbons, petroleum, and petrochemical derivatives, as well as taxes and royalties from concession contracts, according to the firm’ statement published on Zawya.

NOC’s Chairman, Mustafa Sanallah, noted that despite the deteriorating security situation in the country, NOC was able to achieve a rise in October revenues by increasing sales and maintaining production operations, adding, “These revenues are vital to the Libyan people, and our continued supply of oil will undoubtedly contribute to the stability of the international market.”


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