BusinessLibya

Oil revenues rise, but national economy at risk: NOC

Libya’s National Oil Corporation (NOC) said oil revenues rose by more than $1.5 billion in March, up to 20% compared with February.

NOC Chairman Mustafa Sanalla; however, warned in his statement on Saturday that the escalating fighting threatens Libya’s national economy.

He added that the potential shortage of fuel will affect the lives of the civilians and will disrupt the NOC work and operations.

Sanalla expressed his concern about the threat to oil facilities due to the clashes, and denounced attempts to use the NOC facilities and equipment for military purposes.

Last week, Sanalla warned of the adverse impact of military escalation on the production of crude oil.

“The continuation of the conflict would hinder the distribution of the refined fuel and lead to the theft and smuggling of crude oil,” Sanalla said on the sidelines of the Oil and Fuel Supply Chain Security Conference in London.

In his key speech at the conference, the NOC chariman called on Europol, Interpol and European national law enforcement agencies to enhance efforts to chase and repatriate the revenues of smuggled oil to the Libyan government.

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