Libya's oil company reports rise in October revenues

Libya’s National Oil Corporation (NOC) said Sunday that its revenues for October rose to $2.2 billion from $1.8 billion in September. An increase of 21 percent.

In a statement, the company chairman, Mustafa Sanallah said the revenues came from sales of crude oil, hydrocarbons, petroleum and petrochemical derivates.

Other sources include taxes, royalties from concession contracts and receipts of shipments made in September.

“Despite the deteriorating security situation in the country, the National Oil Corporation was able to achieve a rise in October revenues by increasing sales and maintaining production operations”, he said.

Sanallah added that “these revenues are vital to the Libyan people, and our continued supply of oil will undoubtedly contribute to the stability of the international market.”