(Author: Libyan Gazette Editorial Staff)
While addressing a conference in London, Mustafa Sanalla, the chairman of the National Oil Corporation (NOC), said that Libya’s economy depended on the country’s oil facilities to stay open. Sanalla warned that the blockade by Zintani tribal militia must be lifted on the Riyayna pipeline for Libya’s oil industry to support its economy.
The NOC chairman emphasized the need for authorities to fulfil the NOC’s budget requirements so that Libya’s oil production can reach 800,000 barrels of oil a day, compared to the current production levels of 590,000 barrels a day.
The conference Sanalla was attending discussed Libya’s economic crisis and political instability.
A member of the Libyan Government’s Presidency Council, Ali Gatrani, criticised the conference saying, “a conspiracy designed to impose the will of outside governments on Libya.”
Although oil prices have dropped, Sanalla expects that getting a sizable funding of $2.5 billion will bring $15.847 billion in revenue.