Libya's oil revenues hit 32 bln dollars in 2010: agency

The Libyan revenues from oil climbed to 40.5 billion dinars (32.43 billion U.S. dollars) in 2010, up 61 percent from a year earlier, the news agency Libya Press reported on Tuesday, citing Libya's Central Bank.

In 2009, Libya reported oil revenues of 25.1 billion dinars (20 billion dollars).

The oil revenues make up 92 percent of the country's 2010 revenues, which jumped to 43.6 billion dinars (35 billion dollars) about 35 percent higher than the 2009 revenues.

The agency attributed the rise to a remarkable rise in oil prices.

Libya has the largest proven oil reserves in Africa and it has started to lure foreign investors seeking to tap into the Libyan market after the removal of international sanctions.

It pumps more than two million barrels day-on-day to be Africa' s third largest oil producer after Angola and Nigeria. Libya wants to reach a target of three million barrels per day by 2012.

Source: Xinhua