Image credit: Esam Al-Fetori—Reuters

Libya: National Oil Corporation revenues rise in October

Libya’s state-run National Oil Coporation (NOC) said on Sunday its October revenues rose 21 percent to USD 2.2 billion from USD 1.8 billion in September. Its revenues came from sales of crude oil, hydrocarbons, petroleum and petrochemical derivatives, as well as taxes and royalties from concession contracts, it said in a statement. The revenues included receipts for shipments made in September.

“Despite the deteriorating security situation in the country, the National Oil Corporation was able to achieve a rise in October revenues by increasing sales and maintaining production operations,” said NOC Chairman Mustafa Sanallah. “These revenues are vital to the Libyan people, and our continued supply of oil will undoubtedly contribute to the stability of the international market.”

Since the fall of long-time ruler Muammar Gaddafi in a 2011 NATO-backed uprising, OPEC member Libya has slipped into chaos and has had no proper budget as rival administrations vie for power.

SOURCE: Reuters

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