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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.
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]
