© Reuters. The headquarters of the Libyan Oil Corporation in Tripoli – Photo from Reuters archive.
CAIRO (Reuters) – Libya’s National Oil Corporation said total oil revenues amounted to about $1.9 billion in August, down from $2.1 billion in July.
This included $1.8 billion in sales and $53 million in gas and condensate, the government-owned company said in a statement.
It added that the net revenues of petroleum products amounted to 53.3 million dollars in August, while revenues of petrochemicals (SE:) amounted to 3.1 million dollars.
The statement quoted Mustafa Sanalla, the company’s president, as saying, “It is reassuring to see a recovery in prices around the world, and we must seize this opportunity to rebuild the oil sector.”
The country aims to reach a production level of 1.5 million barrels per day by the end of 2021.
Libya was producing 1.6 million barrels per day before a civil war broke out in 2011, which damaged the oil sector and reduced production to at least 100,000 barrels per day last year.
(Prepared by Mahmoud Salama for the Arab Newsletter)
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