NOC announces record oil revenues in June

Libya's National Oil Cooperation released the revenues for the month of June which exceeded 2.1 billion dollars

The NOC stated that despite a lack of funding and continued struggles with electricity, all of their companies and employees have preserved and continued to perform their duties with excellence. [Photo: Archive]

The National Oil Corporation (NOC) stated that net income from crude oil, gas, condensates, petroleum by-products and petrochemicals sales for June 2021 had reached record levels, owing to robust demand, increased production, and rising international prices.

The income from crude oil was $2,069,856,297.84 US dollars, while the revenue from gas and condensates was 66,246,667.01 US dollars.

NOC’s petrochemical revenues were $2,656,042.10 USD and $3,251,283.50 EUR. This equates to total net revenue from oil sales of 2,138,759,006.95 US dollars and 3,251,283.50 euros. The locally processed petroleum by-products that were available were completely dispersed to the local market.

Mustafa Sanalla, Chairman of the NOC, said in this respect, “We reaffirm that oil is the centrepiece of our country’s growth process, and it represents a top priority for our country’s stability. ”  With God’s assistance and our government’s backing, we can sustain and improve production rates,” he continued.

He also said that NOC would continue to collaborate with the government to guarantee consistent income to the public treasury and that NOC will make every effort to preserve infrastructure. He emphasized that NOC depends on the Ministry of Oil, in collaboration with the Ministries of Finance and Planning, to provide the required funds for the execution of NOC’s ambitious objectives.

June’s revenues do not include royalties or taxes, and there are 194,736,598.07 million US dollars of May’s revenues recorded in June’s collection since their due date coincided with a holiday at the beginning of June, resulting in their being documented on the day of collection.

Despite the frequent emergency shutdowns of the Zawya Refinery, the Zawya Oil Refining Company and the General Electricity Company made all necessary efforts in this regard, and as a result, the Zawya Refinery continued operating the refining units using the available refining capacity for the two units exceeding 100,000 barrels per day, reducing the burden of importing fuels despite the emerging crisis. The worth of which was projected to be 24,437,070.10 US dollars in June.

Mellitah Company was also given crude oil amounts for producing power for $3,035,572.39 US dollars, which were invoiced to Mellitah Company and paid subsequently.

[Photo: NOC]
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