Libya’s NOC Says $ 5 billion in Losses From Oil Ports Closure

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The Libyan National Oil Corporation (NOC) has said that the cumulative losses resulting from the forced closure of oil ports have almost reached $5 billion dollars.

In a statement published on Thursday, the NOC said that oil ports and crude transmission lines have been closed since January 19.

As a result, oil exports have declined to unprecedented levels and the country has been unable to cover 10% of the cost of the state’s salaries.

“This is in addition to the great technical damage that followed this closure. It has resulted in severe damage to surface equipment, oil migration from some reservoirs, and corrosion of crude transport lines,” the statement said, adding that more than 800 cases of leakage have been reported.

“The oil sector is still suffering from these effects every day and it will take a long time for the [NOC] to be able to raise production to satisfactory levels”, the statement added.

The NOC’s statement also underlined the harm inflicted on the civilian population by the blockade on Libya’s oil terminals, given that the state has been unable to carry out many of its duties.

This is due to fluctuating revenue, high inflation rates, the collapse of the Libyan dinar and an increase in the public debt.