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#Economy #Energy #Gas #Oil #Politics #LIBYA
Janos Fernandez
Friday 21 August 2020 Last update on Friday, August 21, 2020 At 9:53 AM

In Libya, the closure of oil operations resulted in losses of more than $ 8 billion for public funds between January and August. The situation has also created power outages in the east, where the populations are hit hard by the high summer heat.

Libyan state-owned petroleum company (NOC) said financial losses related to the oil blockade that has been going on in the country since January, reached $ 8.36 billion as of August 15, 2020.

The blockade imposed by the Libyan national army of Khalifa Haftar is being carried out in particular on the upstream production facilities and the ports of the oil crescent. The country currently produces less than 500,000 barrels per day of oil.

In addition to the financial losses, the NOC said the blockade is at the root of the power cuts currently affecting the east of the country. Indeed, the ports of the Gulf of Sirte are the major point of gas supply to power plants in the region. However, they are also closed.

“The closure of the ports in the Gulf of Sirte will reduce the supply to the port’s condensate tanks, which will end the transport of associated gas and condensate, which feed the power plants in Zueitina and north Benghazi”, the company explained.

Such a reduction in the electricity supply in a context of summer heat accentuates the dissatisfaction of the populations.
Once again, the NOC called for the immediate lifting of the blockade.

Source Ecofin Agency