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Oil closure losses approaching $ 5 billion
It is no secret to anyone, that the severe losses that impacted the Libyan state as a result of the frequent blockades that have shocked the oil sector since 2011 until the present time, and the consequent technical, economic and social damages, whose consequences have become salient on various aspects of life in Libya.
After more than three years after the blockade of the oil fields and ports, “July 2013 to September 2016” by the so-called “Ibrahim Jadran”, whose action caused huge losses of selling opportunities. Consequently, Libyan economy suffered huge losses that exceeded “100 billion dollars”, and caused great damage to the reputation of Libyan oil , During which the country was forced to resort to the general reserve to cover the state’s expenses of salaries, fuel, food, medicine, education, etc., during which the reserves declined to low and unprecedented levels in the modern history of Libya
This is in addition to the severe technical damage that followed this blockade. For example, the blockade resulted in severe damage to surface facilities, also oil migration from some reservoirs, and corrosion of crude transport lines. More than 800 leakage cases were detected, causing a lot of money and effort to repair, and the oil sector is still suffering from these effects daily, and it takes a long time for the National Oil Corporation to be able to raise production to satisfying levels .
Not to mention the great social harm inflicted upon the Libyan society, as the Libyan state became unable to fully fulfill its duties towards its citizens, as a result of interrupting revenues, the growth of inflation rates, resulting in the collapse of the Libyan dinar, and the increase of public debt, which negatively affected the life of the simple Libyan citizen.
After this bitter experience, which everyone witnessed, far and wide :
Here we are today going on the same harmful path that we agreed to walk yesterday, and we are re-experiencing what that may be the circumstances that will divide our nation. On January 19, oil ports and crude transport lines were blockaded and the National Oil Corporation was prevented from executing its work and forced us to declare a state of force majeure. As a result, oil exports declined to unprecedented levels, and the country’s sovereign revenues amounted to insufficient income even to cover 10% of the value of the state’s salaries
The cumulative losses as a result of the current blockades amounted to 4,943,976,768 USD
Which is impossible to compensate from the reserves, worth mentioned, the current status is considered very harmful to the economic future of the country, as this amount could cover part of the state’s expenses such as salaries, fuel subsidies, or the crisis of the Corona pandemic or other crisis, bearing in mind that this pandemic has consumed large oil states that already have a strong economy
Therefore, we implore all the patriot sons of this country to come to reason, prioritize the interest of the homeland, and to re-enable the oil ports and pipelines and allow the National Oil Corporation to carry out its work for the benefit of all Libyans, in order to support the national economy and protect it from the consequences of bankruptcy and dependence on foreign banks
May God be our witness .
May God protect Libya.
Peace, mercy and blessings of God.