Libya needs USD3.5b to cover for crude exports halt: Badi

16 Jun 2011

(MENAFN) President of foreign investments and sovereign assets in Libya’s rebel government, Mahmoud Badi, said that the government is left with a deficit of USD3.5 billion in its budget for the coming six months due to bombing of major oil fields by Al Qaddafi, thus suspending crude exports, reported Bloomberg.

Badi said that the government was able to sell a single cargo only priced somewhere between ninety and a hundred million US dollars, however, as the oil fields were attacked, exporting operations were forced to stop.

Badi said that rebel government is seeking financial aid to cover its deficit. Previously, the government had received loans totaling to USD1.2 billion from countries including France, Italy and Qatar.

On the other hand, oil companies like Total has and Eni said that it was not clear when production in Libya could be resumed.

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