x

Abu Dhabi, UAESaturday 22 September 2018

Libya's state oil company's budget is 75 per cent short

National Oil Corporation has only received 25 per cent of its budget for this year, says chief

An oil pier at Benghazi port, Libya. Esam Omran Al Fetori/Reuters
An oil pier at Benghazi port, Libya. Esam Omran Al Fetori/Reuters

Libya's National Oil Corporation (NOC) has only received 25 per cent of its budget for 2017, holding back its production plans, the NOC chairman Mustafa Sanalla said on Wednesday.

The North African country's oil output is currently fluctuating around one million barrels per day (bpd), Mr Sanalla said, adding NOC's goal of producing 1.25 million bpd by the end of the year was "very difficult" to achieve.

He said 12 out of 19 storage tanks at the Es Sider oil port and half of 19 tanks at the Ras Lanuf terminal were still out of action following fighting earlier this year.

______________

Read more:

Fall in Libyan oil production takes heat off Opec

Chief of Libya's oil firm NOC to outline plans at Opec meeting

______________

The North African country is under pressure from the IMF and its partners to speed up reforms to create jobs and cut its deficit after its vital tourism sector was hit by deadly militant attacks in 2015.

The recent rise in Libyan production has complicated an Opec-led push to cut global production and bolster oil prices, from which Libya is exempt.

Mr Sanalla said Libya had explained its production challenges to Opec and non-Opec producers, adding they understood.

Last week, production at the key El Sharara oilfield resumed after an armed faction forced a shutdown in a salary dispute.

RELATED ARTICLES
Recommended