Loss of European oil companies - by the war in Libya

Loss of European oil companies - by the war in Libya

Stopped the war in Libya's oil supplies to the Austrian energy group, "or. Or. In the" Italian refiner "Saras" in the second quarter of this year, hurting profits and gave companies the uncertain outlook for the region.

The Austrian company said that its production in Libya would remain on hold through the remainder of the year as a result of the turmoil of the country, while Saras said that turned into a net loss it reduced operations and air distillation unit as a result of reduced supplies.

The production,. Or. Walking in the natural rhythm in Libya until February 20 last, and then fell sharply with the outbreak of protests against the rule of Colonel Muammar Gaddafi, which forced the Austrian company to rely on oil from other countries.

And got a company that has long-term activities in Libya in 12 exploration licenses and production of oil contracts and continue until the year 2032, about 10% of its oil from Libya last year, but production stopped completely now.

The results also influenced by the high cost of exploration and falling refining margins and exchange rates, as the high oil prices did not offset the decline in production.

Said its chief executive Gerhard Royce "The rise in crude prices was not enough to make up the shortfall in production quantities."

Suspended or. Or. Its activities in Yemen and Libya since March / last March, and said she did not expect to resume production in Libya during the current year, while the recently resumed production operations in Yemen.

And won the cessation of production in Libya and the dollar's decline also results from Total of France and Eni of Italy in the second quarter of the year.

Saras is the third largest refining company in Italy and usually buy large quantities of Libyan crude oil, as you get 4.35% of its supplies from Libya. The company suffered a net loss of 44.3 million euros, after it posted a profit of 24 million euros a year ago.