No Result
View All Result
Monday, July 7, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

Oil stoppages cost Libya over $10 billion – Abufunas

bySami Zaptia
December 31, 2013
Reading Time: 1 min read
A A

By Sami Zaptia

Tripoli, 31 December 2013 :

Speaking at a press conference in Tripoli yesterday to launch the new Financial Sector Regulator, . . .[restrict]the Minister of Economy, Mustafa Abufunas, revealed that the oil stoppages had cost the Libyan economy “over US$ 10 billion”.

Abufunas said that the continuation of the oil blockades in the east of Libya preventing oil exports, will have a negative effect on the Libyan budget because of the dependence of the Libyan economy on oil revenues.

The continuing blockade by Ibrahim Jadhran, the head of the self-styled federalist Political Bureau of Cyrenaica, on Libya’s main eastern oil exporting terminal ports of Sidra, Ras Lanuf and Zueitina has reduced Libya’s oil exports to a trickle.

RELATED POSTS

Zawia Oil Refining Company prepares to establish 100-million litre industrial oils plant in Benghazi‎

Seminar on improving quality of Libyan olive oil to comply with international standards ‎

Figures provided by the Ministry of Oil for 28 December show that Libya exported only 225,937 million bpd, compared to peaks of about 1.5 million bpd prior to the oil blockades.

The Minister of Economy went on to say that the stabilization of the security situation in Libya was very important for the building of Libya economically and its development. He also confirmed that his Ministry was seeking to activate an “Islamic economy”, as well as encouraging local and foreign investment.

The Minister of Economy went on to say that the stabilization of the security situation in Libya was very important for the building of Libya economically and its development. He also confirmed that his Ministry was seeking to activate an “Islamic economy”, as well as encouraging local and foreign investment.

It is worth noting that the Ministry of Economy is organizing a “Scientific Conference on an Islamic Economy – the road to  development,  strategies for change and its tools”, on 6-7 January 2014 at the Corinthia hotel,  Tripoli. [/restrict]

Tags: blockadesexportsIbrahim JedhranIslamic economyminister of economy mustafa AbufunasoilPolitical Bureau of Cyrenaicastoppages

Related Posts

Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Libyan Russian Economic Forum starts in St. Petersburg
Libya

Libyan Russian Economic Forum starts in St. Petersburg

June 27, 2025
MoI establishes Elections Security and Protection Department
Libya

Aldabaiba and Menfi stress use of polling feedback to establish consensus basis for constitutional process: report and analysis

June 26, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

“There is no state built by gangs and criminality, it’s built by engineers, youth, consultants, security, police and army”: Aldabaiba

June 23, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

187 new security posts taken over from militias – PM declares victory for the state as all vital Tripoli sites come under its exclusive control for the first time since 2011

June 19, 2025
Interior Ministry’s Diplomatic Missions Protection personnel receiving training in Ukraine
Libya

The Interior Ministry had spent LD 50 billion in 13 years with no result: Acting Interior Minister Trabelsi

June 17, 2025
Next Post
Afriqiyah receives new Airbus A330-200

Afriqiyah receives new Airbus A330-200

NOC announces new gas find in Ghadames basin

ADVERTISEMENT

Top Stories

  • Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds

    Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

    0 shares
    Share 0 Tweet 0
  • A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

    0 shares
    Share 0 Tweet 0
  • Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Op-Ed: Reputational Damage Is Worse Than Losing Money

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.