Petroleum Africa
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Tuesday, April 20, 2021
The National Oil Corporation of Libya announced that it has called for force majeure at the Harika oil port as of April 19. All crude oil shipments for export will be stopped due to the Central Bank of Libya’s refusal to liquidate the oil sector budget for an extended period of time.
Mustafa Sanallah, Chairman of the Board of Directors of the National Oil Corporation, commented on the force majeure and the situation with the Central Bank, saying: “We have repeatedly warned of the consequences of ignoring the integrity of the assets of the National Oil Corporation and the serious damage this measure poses to equipment and surface facilities, as well as a real threat that leads to the destruction of the remaining oil assets and its disastrous impact on the country’s economy.”
He added that, based on professional and moral responsibility, “the National Oil Corporation has addressed the Ministry of Oil and Gas and surrounded it with the deteriorating financial position of the oil sector and the dangers facing it due to the failure to liquidate the necessary budgets.
“The situation has been clarified in all its dimensions and its repercussions for the public interest of the country, stressing the right of national companies fully owned by the institution to receive the financial arrangements approved by the Presidency Council of the previous Government of National Accord, especially after the arrangements for lifting the status of force majeure last September,” which is costing the general budget as a result of these cuts hundreds of millions of dollars.
“Initial estimates indicate that the daily losses may exceed 118 million Libyan dinars and will negatively affect the revenues of this month of April and will affect the public treasury revenues, which could have been directed to pay part of the debts of national companies and alleviate part of the suffering of all citizens in all parts of the country.
“It is noteworthy that what has been received to date is less than 2% of the needs of the corporation and its companies to achieve the targets set for the year 2021.”
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