Friday, October 22, 2021

Oil Minister warns budget deadlock could impact oil production

Oil Minister warns budget deadlock could impact oil production

“If the budget is not approved, there will be an impact and perhaps great difficulties in maintaining oil production rates,” Libya’s oil minister warned on Monday.

Mohamed Aoun told Bloomberg that his ministry has requested 7 billion Libyan Dinars ($1.5 billion) for investment projects to develop the sector, but only 3 billion dinars have been earmarked in the draft budget.

The minister also said Libya was studying offers by foreign companies to invest in refining-related projects, without naming the firms.