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FINANCIAL NEWS
Electricity shortage causes oil production decline in Libya
10 Jul 2013
(MENAFN) Oil industry faces new challenges in Libya due to continuous electricity cut causing to derail the oil pumps from beneath the ground. Only 1.13 million barrels delivered a day, which indicates a decline by 16% in production. Daily Stars reported.
As the country’s attempt to provide the needed power and avoid any near-future crises, Libya has signed an agreement with APR Energy PLC to supply the country through mobile generators with 450 megawatts of power.
It’s worth mentioning that more that 70% of Libya’s economy relays on the oil and gas industry, according to the International Monetary Fund.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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