Petroleum Africa
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Tuesday, June 29, 2021
Press Release
The National Oil Corporation of Libya announced that the net revenues for the month of May for the year 2021 AD from sales of crude oil, gas, condensates, petroleum products and petrochemicals reached record levels, driven by strong demand and an increase in global prices, where it recorded a level of 1,322,362,503.68 USD of crude oil, followed by gas and condensate, which amounted to USD 53,055,556.55.
While the National Oil Corporation achieved revenues from petroleum products 13,925,159.15 dollars, and petrochemicals revenues 584,405.61 dollars, in addition to 5,824,254.83 euros.
This means that the total net revenue from oil sales in US dollars has reached 1,389,927,624.99 US dollars, and 5,824,254.83 euros.
In this regard, Eng. Mustafa Sanalla commented: “The stability of production rates must be maintained and increased.” He added: “We are optimistic about the general trend of oil prices and we expect to achieve a surplus in revenues by the end of this year. We also announce that Ras Lanuf Company will start the procedures for discharging production of polyethylene in the local market, which entails contributing to alleviating the burdens of importing these materials in hard currency, knowing that polyethylene is available with the easiest procedures for the private sector specialized in the plastic industries.
It is noteworthy that May’s revenues do not include royalties and taxes, and there are 194,736,598.07 million dollars of May revenues that will be shown in June’s collections as a result of the fact that their due date coincided with a holiday at the beginning of June, which requires documentation on the date of collection.
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