Libya’s Sharara oilfield resumes output at half capacity — engineer

The shutdown caused a loss of about 290,000 barrels per day. (File/AFP)
Updated 22 July 2019

Libya’s Sharara oilfield resumes output at half capacity — engineer

  • The oil company faced a crude shipments force majeure on Saturday
  • The shutdown caused a loss of nearly $19 million

BENGHAZI: Libya’s Sharara oilfield resumed production at half capacity on Monday after being shut down since Friday due to a valve closure, a field engineer said.
The valve was reopened on Sunday evening enabling oil to be pumped again to a refinery at the port of Zawiya, 49 km west of Tripoli, Libya’s National Oil Corp. said in a statement.
NOC declared on Saturday force majeure on Sharara crude shipments at the same port.
“We are working on lifting force majeure,” a Libyan oil source told Reuters while also confirming output resumption at the field.
The shutdown caused a loss of about 290,000 barrels per day (bpd) of production worth an estimated $19 million, NOC said.
Libya’s overall oil production before the Sharara outage stood at 1.2-1.3 million bpd, NOC chief Mustafa Sanalla said earlier this month.
NOC operates Sharara in partnership with Spain’s Repsol, France’s Total, Austria’s OMV and Norway’s Equinor.


Saudi finance minister reassures public on taxes

Updated 10 December 2019

Saudi finance minister reassures public on taxes

  • Mohammed Al-Jadaan: There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully
  • The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year

RIYADH: Saudi finance minister Mohammed Al-Jadaan pledged that there would be no more taxes or fees introduced in the Kingdom until the social and economic impact of such a move had been fully reviewed.

He was speaking at the 2020 Budget Meeting Sessions, organized by the Ministry of Finance and held in Riyadh on Tuesday, where a number of ministers and senior officials gathered following the publication of the budget on Monday evening.

“There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully, especially in terms of economic competitiveness,” said Al-Jadaan.

The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year and more than 10 percent higher than the expected budget for this year. 

Most of that increase has come from taxes on goods and services which rose substantially as a result of the improvement in economic activity over the year.

The reassurances from the minister come as the Saudi budget deficit is estimated to widen to about SR187 billion, next year, or about 6.4 percent of GDP.