Tripoli, 28 October:
The stabilisation of oil production in Libya has boosted profits for BASF, the world’s largest chemical company, according to . . .[restrict]their latest financial results.
In its third quarter financial report BASF, which owns Wintershall, the second largest foreign oil company working in the country, cited Libyan oil production as “more than offsetting” lowered earnings in the chemicals business.
The chemical giant reported: “As a result of the continuous production of crude oil in Libya, volumes in the Oil and Gas segment increased considerably. After the suspension of production in Libya from February to October of the previous year, it was possible to continuously produce crude oil there during the third quarter of 2012. Earnings therefore significantly exceeded the level of the previous third quarter, and net income grew considerably, as well.”
Wintershall has been in Libya since 1958. It is currently working on a pipeline project with the National Oil Corporation to connect production from the Wintershall concession C96 and the oil field Nafoora, operated by Libya’s Arabian Gulf Oil Company, with the Amal field. [/restrict]
