Blockade has cost Libya almost $10bn

The National Oil Corporation (NOC) has reported oil, gas and condensates export revenues of USD38.2 million in July 2020, a hugely damaging drop compared to USD2.1 billion in July 2019.

This is the lowest one-month revenue figure recorded this year. NOC registered USD24.7 million from sales of crude oil, USD12.8 million from gas and condensate sales, and USD647,346 from sales of petrochemicals.

In August, NOC registered a modest rise in revenues after a brief and limited cessation of the blockade allowed it to ship a quantity of crude oil from the storage tanks of Es Sider port. In consequence, it reported revenue of just over USD90 million compared to USD 2.0 billion in August 2019. NOC registered USD74.4 million from sales of crude oil, USD14.7 million from gas and condensate sales, and USD829,204 from sales of petrochemicals.

To date, the blockade has cost Libya almost USD 10 billion, a devastating loss most especially during this period of national crisis.

NOC Chairman Eng. Mustafa Sanalla commented:

"While the rest of the world is facing a historical financial and economic crisis, the Libyan state continues to suffer heavy losses merely to serve foreign political interests. The illegal oil blockade continues to have disastrous effects on our national economy and the livelihood of Libyans".

NOC is committed to publishing all figures related to oil revenues and has done so every month since January 2018. For NOC, transparency is a key business principle.

(Source: NOC)

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