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Home Business

Libya loses US$ 120 million, and counting, because of recent oil closures: NOC

bySami Zaptia
August 30, 2024
Reading Time: 2 mins read
A A
NOC announces force majeure at Zawia port

(Logo: NOC).

Libya’s state National Oil Corporation (NOC) released yesterday breakdown figures of company-by company oil production reductions totalling US$ 120.3 million. These losses were for three days from 26 to 28 August. Production was down from around 1.2 million bpd to 591,000 bpd on 28 August.

The forced closures, imposed by the eastern based Hafter regime, are a tit-for-tat reaction to the western based Tripoli regime’s (the Presidency Council) forcefully ejecting the Central Bank of Libya Governor Saddek El-Kaber.

El-Kaber was replaced by a new Board, he had been operating without a board for a decade, and a new interim Governor.

 

Newly installed CBL administration claims it has gained control of all its banking systems (libyaherald.com)

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Tags: NOC National Oil Corporation

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