Last Update 21:35
Sunday, 15 September 2019

Libya says ready to resume oil exports

AFP , Monday 1 Aug 2016
Libya
A general view of the El Sharara oilfield, Libya (File Photo: Reuters)
Share/Bookmark
Views: 2088
Share/Bookmark
Views: 2088

Libya's National Oil Company says it is preparing to resume exports of crude, halted for months because of political differences and attacks by Islamist militants.

"Now we will begin working... to restart exports from the ports that were closed and from the fields that supply them," the NOC said in a statement Sunday.

Last week, oil installation guards announced the reopening of two major export terminals after an agreement with the Tripoli-based Government of National Unity (GNA).

Ras Lanuf and Al-Sidra terminals, with respective capacities of 200,000 barrels per day and 500,000 bpd, have been closed since January after storage tanks were set on fire during attacks by the militant Islamic State group.

The NOC said the GNA had decided to release funds to allow the oil company "to boost production by over 900,000 bpd by the end of the year 2016".

Libya's oil sector, its main source of income, is managed by the NOC which is split into two rival branches.

The main branch is in the capital and allied to the GNA, but its rival in the east is close to a parallel executive that has the confidence of parliament which has so far refused to cede power to the internationally recognised Tripoli government.

Nagi al-Maghrabi of the eastern-based NOC told AFP that he rejected the deal between the GNA and the oil installation guards, however.

"We will not accept that oil is exported under these conditions... as there will be no guarantees of the fair distribution of income, or assurances that the funds will not fall into the hands of militias," he said.

Oil is Libya's main natural resource with reserves estimated at 48 billion barrels, the largest in Africa.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.