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FINANCIAL NEWS
Libya to boost vital oil revenue
15 Aug 2016
(MENAFN) Libya aims to enhance oil output by five-fold at the end of the year, which will remain out of reach until the government allocates funds to repair the damage.
Moreover, the country, which holds Africa largest oil reserves, saw it production jumped to 207.000 barrels per day.
The country depends almost on oil revenue for its expenditure and faces a serious cash flow problem, due to the disrupted oil exports.
In addition, the National Oil Corp is planning to boost oil output to more than 900.000 bpd by the end of the year and to 1.2mn bpd amid a year.
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