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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.
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