Economics and Business

Force majeure declared on Brega oil port

Libyan Cloud News Agency – Brega

The National Oil Corporation (NOC) has declared force majeure on Brega oil port.

The NOC explained in a statement on Tuesday that while oil prices are recovering significantly due to increased global demand, which is being exploited by all producing countries to increase their oil revenues, the Libyan crude is being subjected to a wave of illegal closures.

The closures will have serious damage to wells, reservoirs and surface equipment for the oil sector, as well as the loss of state treasury opportunities at prices that may not be repeated for decades to come, according to the statement.

The NOC warned that the shutdown of production at Sirte oil and gas production and manufacturing company will have implications for the stability of the public electricity network, especially the eastern region, as most power plants feed on gas produced from the company’s fields.

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