Central Bank of Libya says Libyan energy revenue dropped 92% last year

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Libya’s oil and gas revenue dropped by 92% last year, the central bank said on Wednesday, after most exports were stopped by a months-long blockade by fighters in the civil war.

The Central Bank of Libya (CBL), based in the capital Tripoli, said revenue in 2020 was 2.9 billion dinars ($652 million), down from 31.4 billion dinars in 2019.

Libya has for years been divided between rival administrations in Tripoli, home to the internationally recognised Government of National Accord (GNA) and the east, where Khalifa Haftar’s Libyan National Army (LNA) is based.

Oil output and exports fall under the National Oil Corporation (NOC), which is also based in Tripoli, but which disputes CBL revenue figures.

Libya has been in chaos since the 2011 NATO-backed uprising against Muammar Gaddafi and energy installations, the country’s main source of wealth, have repeatedly come under attack by rival forces.

($1 = 4.4500 dinars)

Main Photo: EPA/MOHAMED MESSARA

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