NOC - National Oil Corporation

01/23/2021 | Press release | Distributed by Public on 01/23/2021 12:48

National Oil Corporation announces the revenues of December 2020

The National Oil Corporation (NOC) announces that the general revenue for December 2020 of sales of crude oil, gas, condensates, petroleum products and petrochemicals have reached to record levels, reaching a level of 1,115,210,431.95 U.S. dollars deposited in the National Oil Corporation's account in the Libyan Foreign Bank in line with the current arrangements.

These revenues do not include taxes, royalties, and payments have been made for natural gas purchases to the domestic market from Waha Oil's partners, which amounted to 13.6 U.S. million dollars.

In this regard, The Chairman of the Board of Directors Eng.Mustafa Sanalla commented: ' The NOC and its companies and its workers have struggled in various areas of its operations over the past months to achieve this income by increasing production rates at record times, however, it warns that January exports will decrease due to the reduction of Waha Oil Company's production by 200,000 barrels per day until the completion of the maintenance works. Also, maintenance teams are seeking to reduce the expected duration to the minimum limits, all due to the lack of budgets related to the maintenance of the NOC's assets, which reflects negatively on the revenues of January.

Eng. Mustafa Sanalla added: 'Despite the confusion and bureaucracy of some decision-making circles in the state, on monetizing the urgent budgets that are still pending. The NOC will deal with these challenges out of its sense of responsibility towards the average citizen and urge the other state institutions to be responsible and implement wise measures for the service of the nation.'

God Bless Libya

National Oil Corporation

January 23, 2020