Petroleum Africa
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Tuesday, October 5, 2021
Libya’s National Oil Corporation (NOC) announced that the net revenues for the month of August for the year 2021 from sales of crude oil, gas, condensates, petroleum products and petrochemicals reached record levels, driven by a recovery in prices around the world. Crude oil revenue topped $1.3 billion, followed by gas and condensates, which reached over $53 million.
NOC achieved net revenues of oil products of more than $55,million, petrochemicals revenues amounted to over $3 million.
NOC Chairman Mustafa Sanalla commented: “It is reassuring to see a recovery in prices around the world and we must take advantage of this opportunity to rebuild the oil sector. However, this will not be enough and our focus must also be on preserving the gains that have been achieved thanks to the solidarity of all actors in maintaining the continuity of exports and preventing closures.”
Sanalla added, “These favorable conditions and the climb in prices require exceptional measures, stressing that modernization and development have become an urgent need, and the Libyan people have always been at the forefront of aspiring peoples in construction, modernization and development. On the technical level, we are committed to playing our technical and non-political role.”
In this regard, he said, “We are determined to make a qualitative leap in the oil sector in a way that guarantees the desired goals and ambitions in the future and we hope that the government will support the ambitions of the National Oil Corporation to increase its refining capacity. The approval of the Council of Ministers to establish the first refinery in southern Libya is the first step in the development of this vital sector.”
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