Libya’s Oil Revenues Record $1.3 Billion Dollars in May

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On Sunday, Libya’s National Oil Corporation (NOC) announced that its revenues for May 2021, amounted to 1,322 billion US dollars.

In a briefing statement, the NOC said that its net revenues from the sales of crude oil, gas, condensates, oil products and petrochemicals in May reached record levels, due to the huge demand and an increase in the international prices.

The NOC has achieved revenues from the sales of oil products amounting to 13,925,159.15 US dollars, while the petrochemicals’ revenues amounted to 584,405.61 US dollars, in addition to 5,824,254.83 Euros.

The total net revenues from oil sales amounted to 1,389,927,624.99 US dollars, and 5,824,254.83 euros.

In this regard Mustafa Sanalla, NOC Chairman, stressed the need to maintain the stability of production levels, saying “We are optimistic about the general trend of oil prices, and we expect to achieve a surplus in revenues by the end of this year.” He also announced that the Ras Lanuf Company will begin procedures to sell polyethene to the local market.

Sanalla also noted that the Al-Zawya Refinery has resumed its operations at full capacity, exceeding 100,000 barrels p/d. This will ease the burden of importing fuels, as well as the crude oil deliveries to the Ubari power station which will be charged to the General Electricity Company of Libya (GECOL), who’s value was estimated in May to be 18,676,528.13 US dollars

Mellitah Co. has also been supplied with crude oil for electricity generation purposes, which amounted to $2,630,442.23 US dollars.

The statement concluded that the NOC continues to transparently declare its oil revenues since January 2018.