petroleum revenue
oil money

Libya’s state-owned National Oil Corporation (NOC) on Saturday said the suspension of oil exports due to a closure of oil ports and fields has incurred a loss of over 250 million U.S. dollars so far.

“NOC assesses that the illegal shut down of its facilities has resulted in losses of nearly 256.6 million U.S. dollars, as of Jan. 23, 2020, following a significant reduction in production,” NOC said in a statement.

NOC calls for ending all blockades so production can be resumed immediately, so as to ensure continuing supply of fuel products to all regions and to restore vital revenues of Libya’s economy, said the statement.

Tribal leaders in eastern Libya closed oil ports days ago, accusing Libya’s UN-backed government of using oil revenues to support armed groups against the east-based army.

Libya’s east-based army had been leading a military campaign since April 2019 in an attempt to take over Tripoli from the UN-backed government. Enditem

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