With high prices, Libyan NOC registered record oil revenues in September 2021

The National Oil Corporation (NOC) said it achieved record levels of net revenues during the month of September from sales of crude oil, gas, condensates, petroleum products and petrochemicals, with a total of 1,796,223,741.07.

NOC added that oil revenues amounted to 1,667,406,112.98 billion dollars, while gas and condensate revenues amounted to 92,042,490.94 dollars.

The net revenues of petroleum products amounted to 33,717,871.61 dollars, while revenues of petrochemicals amounted to 3,057,265.54 dollars, in addition to 5,277,821.72 euros.

Commenting on the value of the revenues, the Chairman of NOC, Mustafa Sanalla, expected that the deficit from which the budget had suffered during the past years would decrease significantly, indicating that financial stability would contribute to creating an investment environment, especially in the infrastructure of the oil sector in Libya.

Sanalla revealed that the relationship between the NOC and the Ministry of Oil was marred by many problems, as he described it, adding that it is not possible to preserve the revenues achieved by the NOC without cooperation and respect for the role of the NOC, noting that his recent visits to the eastern region have produced positive and constructive outcomes.

According to the official page of the NOC, the announced revenues do not include royalties and taxes, in addition to the fact that shipments of crude oil that were transferred to the Ubari station are loaded onto the General Electricity Company, where their value was recorded in September of $23,914,701.35, in addition to providing Mellitah Company with quantities of crude oil for the purpose of electricity generation, which recorded a value of $3,263,565.42.

It is worth noting that an official source at the Ministry of Oil and Gas confirmed in a statement to 218News earlier that Libya’s oil production rose to 1.3 million barrels per day, an increase of 100,000 barrels, after it fell a month ago to 1.2 million barrels due to technical problems.

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