Chairman of Libya’s Al-Jowfe Oil Technology Company, Majdi Emsaed, expects the company will achieve record revenues by the end of this year, roughly $140 million dollars.
He noted that the company’s highest revenue was $57 million in 2009, and has made $69 million in the first half of this year.
Emsaed held a meeting with the Chairman on the National Oil Corporation (NOC), Mustafa Sanalla on Monday, and briefed him on Al-Jowfe’s achievements. The two parties discussed the obstacles and challenges facing the company, and the impact on its work due to the budget delays by the Libyan Parliament.
During the meeting, the latest developments in the company’s plans to establishment of a nitrogen plant were reviewed, as well as the modifications to also produce medical liquefied oxygen, which will be distributed to hospitals free of charge.
Notably, Libyan Oil Minister, Mohamed Aoun said the country will struggle to sustain its current crude oil output if lawmakers don’t overcome a lengthy dispute, and pass the first unified nationwide budget in about seven years.
Libya is currently producing roughly 1.3 million barrels per day, with a target of 1.5 million by the end of 2022, according to the oil minister.