Thursday, 13 Dec 2018
Business

$ 750 million losses due to oil smuggling in Libya

Libya’s oil sector has lost 750 million dollars a year to the oil industry in Libya, a spokesman for Libya’s Oil Corporation said on Monday.

“Fuel smugglers and thieves have not only penetrated the militias that control many areas of Libya, but they have also penetrated some of the fuel distribution companies that are supposed to deliver,” he said during a conference on oil and fuel theft in Geneva, Fuel at a cheap price for citizens. ”

“The huge sums of money from the smuggling have spoiled the weakest people in Libyan society,” he said.

“With huge profits, the few measures taken so far have not been enough to create a real deterrent for fuel smugglers,” he said.

Sinallah asked for help from “those present at this conference and friends and neighbors of Libya, especially the Libyan people” to “eliminate the scourge of fuel theft and smuggling.”

In light of the low price of fuel in Libya, which is considered among the lowest in the world, the smuggling of fuel, especially to neighboring Tunisia to the west, Italy and Malta to the north, is an activity that generates a lot of money.

Libya currently produces about 1 million barrels per day compared to 1.6 million barrels before the overthrow of Muammar Gaddafi in 2011.

The Libyan Oil Corporation has faced regular turbulence in production in the oil fields due to closures imposed by armed groups guarding the oil installations against the backdrop of social or political demands.

Since the overthrow of the Gaddafi regime, Libya has not been able to benefit from its vast oil wealth amid the chaos of arms and the rivalry of two governing powers.

At the end of 2014, the battles and protests closed most of the oilfields and ports of export of this material, which has the largest reserves of the country in Africa.

The cost of halting the export of oil due to the closure of ports allocated for that more than $ 130 billion since the end of 2014, according to the figures of the Libyan Oil Corporation.

%d bloggers like this: