By Sami Zaptia.
London, 2 September 2019:
Libya’s July oil revenues were up US$ 403 million to US$ 2.1 billion, up 23 percent from June, the National Oil Corporation (NOC) reported on Saturday.
It said July’s figures were inflated by a busy crude loading schedule at the end of June resulting in cargo receipts both arriving and clearing in July’s revenue statement.
The NOC chairman, Mustafa Sanalla said that “In spite of month-on-month growth, Libya’s oil sector remains vulnerable to security shocks. Two separate security incidents on the Sharara pipeline lowered revenue receipts’’.
“Oil and gas revenues contribute over 92% of Libya’s budget. This has been achieved despite less than 58% of our annual requested budget being approved and received. Libya’s energy sector and security infrastructure must be appropriately financed to ensure it is insulated from the ongoing conflict and can continue to fund basic services across the country,” he added.
The NOC publishes monthly revenue reports, which it says it does ‘‘in accordance with its good governance policy and international transparency standards’’.