Libya’s NOC Releases Record Level May Revenue Totals

The National Oil Corporation of Libya announced that the net revenues for the month of May for the year 2021 AD from sales of crude oil, gas, condensates, petroleum products and petrochemicals reached record levels, driven by strong demand and an increase in global prices, where it recorded a level of US$1,322,362,503.68 of crude oil, followed by gas and condensate, which amounted to US$53,055,556.55.

While the National Oil Corporation achieved revenues of US$13,925,159.15 from petroleum products, and US$584,405.61 from petrochemicals, in addition to 5,824,254.83 euros. This means that the total net revenue from oil sales has reached US$1,389,927,624.99, and 5,824,254.83 euros.

In this regard, Eng. Mustafa Sanalla commented: “The stability of production rates must be maintained and increased.” He added: “We are optimistic about the general trend of oil prices and we expect to achieve a surplus in revenues by the end of this year. We also announce that Ras Lanuf Company will start the procedures for discharging production of polyethylene in the local market, which entails contributing to alleviating the burdens of importing these materials in hard currency, knowing that polyethylene is available with the easiest procedures for the private sector specialized in the plastic industries.

It is noteworthy that May’s revenues do not include royalties and taxes, and there are US$194,736,598.07 of May revenues that will be shown in June’s collections as a result of the fact that their due date coincided with a holiday at the beginning of June, which requires documentation on the date of collection.