NOC announces that the net revenues achieved during May 2021 from the sales of crude oil, gas, condensates, oil products and petrochemicals have amounted to record levels due to the huge demand and an increase in the international prices. Crude oil achieved the sum of 1,322,362,503.68 US dollars, followed by gas and condensates which sales amounted to 53,055,556.55 US dollars.
NOC has achieved revenues from the sales of oil products amounting to 13,925,159.15 US dollars, while the petrochemicals’ revenues amounted to 584,405.61 US dollars, in addition to 5,824,254.83 Euros. The total net revenues from oil sales in US dollars amounted to 1,389,927,624.99 US dollars, and 5,824,254.83 euros.
In this regard Mr. Mustafa Sanalla, NOC Chairman, commented: “The stability of production levels must be maintained and rather increased.” He also 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 procedures for selling polyethylene to the local market, which will lead to alleviating the burdens of importing this substance in hard currency. Furthermore, polyethylene will be provided in the easiest manners to the private sector specialized in plastic industries.
May’s revenues do not include royalties and taxes. There are 194,736,598.07 million US dollars of May’s revenues that will be shown in June’s outcome, due to the fact that their payment due date coincided with a holiday in the beginning of June, which necessitates documenting them on the date of their payment.
Al-Zawya Refinery has resumed its operations in full capacity at the two units, with a daily refining capacity exceeding to 100,000 barrel p/d. This will ease the burden of importing fuels, as well as the crude oil deliveries to the Ubari power station which will be charged to the General Electricity Company, which value was estimated in May by 18,676,528.13 US dollars.
Mellitah Company was also supplied with quantities of crude oil for generating electricity, which value amounted to 2,630,442.23 US dollars charged to the company to be settled later.
NOC announces its oil revenues in line with its principles of disclosure and transparency, which it has always pursued since January 2018, and continues to adopt those principles.
27 May 2021
National Oil Corporation
Tripoli – Libya
