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The global soaring prices achieve lucrative incomes despite production fluctuations
The National Oil Corporation (NOC)| announces that the net revenues for the month of August for the year 2021 from sales of crude oil, gas, condensates, petroleum products and petrochemicals reached record levels, driven by a recovery in prices around the world, where the level of crude oil reached 1,836,528,515.27 dollars, followed by gas and condensates, which reached 53,034,403.37 dollars. While the National Oil Corporation achieved net revenues of oil products of 55,309,951.24 US dollars, petrochemicals revenues amounted to 3,125,844.34 US dollars.
This means that the total net revenue from oil sales in US dollars has reached 1,947,998,714.22 US dollars.
In this regard, Mr. Mustafa Sanalla commented: “It is reassuring to see a recovery in prices around the world and we must take advantage of this opportunity to rebuild the oil sector. However, this will not be enough and our focus must also be on preserving the gains that have been achieved thanks to the solidarity of all actors in maintaining the continuity of exports and preventing closures.”
Sanalla added, “These favorable conditions and the climb in prices require exceptional measures, stressing that modernization and development have become an urgent need, and the Libyan people have always been at the forefront of aspiring peoples in construction, modernization and development. On the technical level, we are committed to playing our technical and non-political role.”
In this regard, he said, “We are determined to make a qualitative leap in the oil sector in a way that guarantees the desired goals and ambitions in the future and we hope that the government will support the ambitions of the National Oil Corporation to increase its refining capacity. The approval of the Council of Ministers to establish the first refinery in southern Libya is the first step in the development of this vital sector.”
The Chairman of the Board of Directors concluded this statement by saying, “I thank the Prime Minister as well as the Council of Ministers for their support to the National Oil Corporation. We feel proud that everyone has intensified efforts around this vital sector, just as we feel the duty of responsibility to continue the process of development and modernization of the national oil sector, and we seize this opportunity to express our gratitude for the efforts of General Command of the Army in maintaining the continuity of exports”.
It is worth mentioning that the revenues for the month of August do not include royalties and taxes, in addition to the shipments of crude oil, which were transferred to the Ubari station, which are charged to the General Electricity Company, and their value was recorded in the month of August at 22,701,978.71 US dollars.
In addition, quantities of crude oil were supplied to Mellitah Oil & Gas for generating electric power at a value of 3,047,529.39 US dollars, which were charged to the company to be settled later.
The National Oil Corporation continues to announce oil revenues in all transparency, in line with its principles of disclosure and transparency, which it has always pursued since January 2018 and continues to pursue up to today.
National Oil Corporation
Tripoli, Libya
September 30, 2021