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National Oil Corporation announces the lifting of Force Majeure Status on Hariga Oil Port
National Oil Corporation announces the lifting of Force Majeure Status on Hariga Oil Port as of Monday morning 26 April 2021.
In this regard, Eng. Sanalla commented: “National companies have faced a very critical financial situation that led to fluctuation in production. Sirte Oil Company was negatively affected due to the failure to allocate the necessary budgets for maintenance for more than seven months, which led to a decrease in the production of Sirte Oil Company at the end of last January from102 thousand bbl/d to less than 82 thousand bbl/d last March. The Arabian Gulf Oil Company also suffered from the emergence of many technical problems resulting from the shortage of operating supplies and spare parts, which made it lose the ability to maintain regular production rates.
However, the rapid response of the Government of National Unity and its allocation of part of the budget marked the return of the spirit to these companies again making them able to pay their debts to service companies and material suppliers, which enables the two companies to address technical problems and gradually resume production.
It is worth mentioning that the Chairman of the Board of Directors held a meeting today in Benghazi with the Arabian Gulf Oil Company and the Sirte Oil Company in which he addressed all the challenges facing the oil sector, especially national companies that finance their budgets through the public treasury and it was also decided to conduct an inspection visit tomorrow, Tuesday, to the city of Brega to raise the morale of workers in this vital sector.