The failure of Libya’s internationally recognized government to make funds available to the state oil company is costing the country more than $10mn a day in lost oil revenue, according to the country’s hydrocarbons chief. Oil exports have fallen to little more than 200,000 b/d.

In a statement on the National Oil Corporation (NOC) website, the chairman of the Tripoli-based branch of the organization, Mustafa Sanalla, says that the “Financial Arrangements Committee of the Presidency Council [PC] needs to explain the delay [to the release of funds] because every day our country loses over $10mn because of the shortfall, and that is money we will never recover.” (CONTINUED - 1954 WORDS)