Libya's UN-Backed Government Hopes To Access Money From Oil Extraction Before Year End

Libya's UN-Backed Government Hopes to Access Money From Oil Extraction Before Year End

Libya's UN-backed Government of National Accord (GNA) hopes to be able to use the revenues from the resumed oil extraction in the country in the coming months, Minister of Foreign Affairs Mohamed Siala said on Tuesday

MOSCOW (UrduPoint News / Sputnik - 01st December, 2020) Libya's UN-backed Government of National Accord (GNA) hopes to be able to use the revenues from the resumed oil extraction in the country in the coming months, Minister of Foreign Affairs Mohamed Siala said on Tuesday.

Earlier in November, the National Oil Corporation (NOC) stated that the production of oil in Libya had surpassed 1 million barrels per day. The company, however, froze revenues at its accounts at the Libyan Foreign Bank until a political agreement is reached in the country.

"Money from the oil is deposited in the offshore Libyan Bank, the money will not be touched for services for the Libyans, the money is frozen.

We hope that this can be lifted so that the money can be spent in these last months of 2020 and start providing services in 2021," Siala said at the MED 2020 online conference.

The NOC lifted a state of emergency at ports and oil fields in September when Khalifa Haftar, who leads the Libyan National Army, announced the resumption of oil production and export from Libyan ports after months of suspension over hostilities.