Libya plans a huge comeback in its oil sector by the end of September. The Arabian Oil Company says the two oil refineries that were blown up during anti government protests earlier this year, will be back in production later this month.
The country has been slow in production as the rebels try to form a govenrment and take control of the oil industry again. But has already lost close to $4 billion in lose oil revenue since the beginning of the year, which has seen a soar in food and fuel prices, not just in Libya but everywhere on the continent. So this could possibly mean lower fuel prices for us all! yeah car owners!
Meanwhile, over in West Africa Ghana is not doing so well with its oil production. The country is the newest baby to the industry sector but it is already facing some speed bumps.
The country’s only refinery has had to shut down one of its main units due to lack of feedstock. So Ghana’s once again had to import crude oil from its neighbour nigeria.
The Tema refinery also needs essential upgrades to be able to continue producing oil, analysts say billions in revenue will be lost unless these are implemented fast.
Ghana’s government has promised to move quickly to get the sector back on track.