The Libyan National Oil Corporation (NOC) reported revenues for July and August 2020, saying it had recorded $38.2 million in July 2020, a hugely damaging drop compared to USD2.1 billion in July 2019.
“This is the lowest one-month revenue figure recorded this year.” NOC added on Wednesday, saying it had also registered $24.7 million from sales of crude oil, $12.8 million from gas and condensate sales, and $647,346 from sales of petrochemicals.
In August, NOC registered a modest rise in revenues after a brief and limited cessation of the blockade allowed it to ship a quantity of crude oil from the storage tanks of Es Sider port.
In consequence, the NOC reported revenue of just over $90 million compared to $2.0 billion in August 2019.
NOC said it had registered $74.4 million from sales of crude oil, $14.7 million from gas and condensate sales, and $829,204 from sales of petrochemicals.
To date, the blockade has cost Libya almost $10 billion, a devastating loss most especially during this period of national crisis.
NOC Chairman, Mustafa Sanalla, said while the rest of the world is facing a historical financial and economic crisis, the Libyan state continues to suffer heavy losses merely to serve foreign political interests.
“The illegal oil blockade continues to have disastrous effects on our national economy and the livelihood of Libyans”. Sanalla added.
“NOC is committed to publishing all figures related to oil revenues and has done so every month since January 2018. For NOC, transparency is a key business principle.” The statement added.