Saturday , 18 September 2021
Home / Normal / Libya has lost nearly 5 billion dollars due to oil blockade, NOC says
The building housing Libya's oil state energy firm, the National Oil Corporation (NOC), is seen in Tripoli, Libya February 22, 2016. REUTERS/Ismail Zitouny

Libya has lost nearly 5 billion dollars due to oil blockade, NOC says

The National Oil Corporation (NOC) of Libya said on Thursday that suspension of oil exports has caused losses of nearly 5 billion U.S. dollars.

“The total losses of the current suspension (of oil exports) have amounted to 4,943,976,768 U.S. dollars, which is impossible to compensate from the reserves,” NOC said in a statement.

“This amount could have covered part of the state’s expenses, such as salaries, fuel subsidies, dealing with a coronavirus pandemic crisis and others,” it added.

NOC called for resuming oil exports “to support the national economy and protect it from consequences of bankruptcy and dependence on foreign banks.”

Tribal leaders in eastern Libya closed oil ports and fields in January, accusing the Tripoli-based UN-backed government of using oil revenues to support armed groups against the east-based army.

Libya’s oil production was estimated at 1.3 million barrels a day before the shutdown.

Check Also

Libya’s interim government must end civil society crackdown

In 2011, Libyans took to the streets to overthrow the regime of Muammar Gaddafi after …