A 204% increase in Libyan oil revenue
National Oil Cooperation releases oil revenue numbers for the year of 2020
Libya’s National Oil Corporation (NOC) reported revenue numbers for the year 2020, showing that export revenues this year have amounted to 700,421,884 US dollars which shows a jump of over 200% compared to October of 2019.
In a statement on its official Facebook page, the NOC detailed the revenue numbers in terms of crude oil, gas and condensate, petroleum products and petrochemicals.
The NOC also noted that last year’s debts of 37,542,524.00 were collected from the Oil Investment company and that all the revenues are kept in the NOC’s account in the Libyan Foreign Bank, including operations and subsequent settlements such as partners and third-party rights.
The National Oil Corporation reiterated its standing with the principle of transparency by reminding the public that it had been publishing oil revenues monthly since January of 2018 to ensure transparency and public trust.
The oil revenues remain frozen in the Libyan Foreign Bank due to what the head of the company, Mustafa Sanalla called a lack of transparency and failed policies of the Libyan Central Bank, emphasising that all oil funds will remain frozen until a fair and honest mechanism of distributing public funds is instated.
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