The Libyan National Oil Corporation (NOC) has recorded revenues worth $ 1.115 billion from the sales of the crude oil, gas, condensates, petroleum products and petrochemicals during December 2020, a press release reported.
According to the statement, these revenues are deposited in the NOC’s account in the Libyan Foreign Bank. Additionally, the revenues do not include taxes, royalties, and payments that have been made for natural gas purchases to the domestic market from Waha Oil’s partner which recorded $13.6 million.
The Chairman of the Board or Directors, Mustafa Sanalla, said that this income is achieved as a result of the hard work of NOC and its affiliated companies in various areas through increasing production rates at record time.
Sanalla noted that, however, it is expected that the exports in January will decrease due to the reduction of Waha Oil Company’s production by 200,000 barrels per day (bbl/d) until it completes the maintenance works.
“Despite the confusion and bureaucracy of some decision-making circles in the state, on monetizing the urgent budgets that are still pending. The NOC will deal with these challenges out of its sense of responsibility towards the average citizen and urge the other state institutions to be responsible and implement wise measures for the service of the nation,” he said.