The NOC announced yesterday that its net revenues during May 2021 from the sales of crude oil, gas, condensates, oil products and petrochemicals amounted to record levels due to huge demand and an increase in international prices.

Total net revenues from oil sales in US dollars amounted to 1,389,927,624.99 US dollars, and 5,824,254.83 euros.

Crude oil sales reached the sum of 1,322,362,503.68 US dollars, followed by gas and condensates which amounted to 53,055,556.55 US dollars.

The NOC reached 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.

In this regard, NOC Chairman Mustafa Sanalla commented: “The stability of production levels must be maintained and rather increased. 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.

Ras Lanuf Company will start selling polyethylene to local market

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.

Two units at Zawia refinery resumed operations

The NOC also revealed that Zawia Refinery has resumed its operations in full capacity at the two units, with a daily refining capacity exceeding to 100,000 barrels 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, the value of which was estimated in May at 18,676,528.13 US dollars.

It also reported that Mellitah Company was also supplied with quantities of crude oil for generating electricity, value at 2,630,442.23 US dollars charged to the company to be settled later.