Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Libya returning to oil market despite violence  Join our daily free Newsletter

MENAFN - AFP - 19/08/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - AFP) Libya may be on the brink of chaos but it is gradually boosting output in the vital oil sector after a crisis blocked export terminals for a year, sector executives say.

"The country's production is rising constantly and should return to its level prior to this year if the situation stabilises in the various oilfields," interim Oil Minister Omar al-Shakmak told AFP.

Mohamed Hrari, spokesman for Libya's National Oil Corporation (NOC), said: "Production on Monday reached 550,000 barrels, up from around 400,000 barrels a day previously."

In a statement to AFP, Hrari forecast "a production level of one million barrels a day (bpd) in September, with an increase in production in the Sharara and Al-Fil (southwest) fields and a resumption of production in other fields in the east, west and south of the country."

Though Libya is currently wracked with violence between well-armed rival militias, the government announced on July 6 that the 200,000 bpd Ras Lanuf and 350,000 bpd Al-Sidra terminals were ready to resume exports.

The announcement was possible following an agreement unveiled four days earlier for rebels to hand back the two terminals in eastern Libya to government control.

The block on the two other eastern terminals, 110,000 bpd Al-Hariga and 100,000 bpd Zueitina was lifted in April but exports have been slow to take off.

Separatist security staff at ports in eastern Libya had prevented all exports since July 2013.

A first export cargo of 690,000 barrels of crude left Ras Lanuf, 700 km (400 miles) east of Tripoli, last week bound for Italy, Hrari said.

Another cargo should leave Al-Sedra termina "probably next week," he said.

- Winning back customers -

Libya's return to the market has hit oil prices, which slumped to a four-month low in London on Monday before recovering in Asian trade on Tuesday.

Libya may be plunged in chaos, but it has managed to step up daily output from 200,000 to 450,000 bpd, analysts at PVM brokerage in New York said on Monday.

The reopening of Ras Lanuf is a major sign of progress and indicates that Al-Sidra is likely to reopen soon, they added.

Shakmak, the interim oil minister, said: "Libya lost many customers on the oil market while exports were halted for a year.

"These customers went elsewhere," he said, adding: "Libya has managed to win some of them back."

Libya "is trying to regain traditional customers and find new ones, and we will get there," Shakmak said optimistically.

A tanker with 600,000 barrels capacity will arrive "in the next two days at Al-Sidra to take a shipment," said Samir Kamal, NOC's director of oil and gas.

He told AFP that tanks at the terminal currently contain 6.5 millon barrels of crude, stored during the crisis, while Ras Lanuf has 4 million barrels in storage.

"All terminals in the country are in working order except Zueitina, shut because of industrial action we are trying to settle," Kamal said.

The oil crisis has cost Libya 40 billion in lost income this year, specialists say.

The strife led to production dropping to 250,000 bpd from a peak of 1.5 million bpd before the 2011 fall of long-time dictator Moamer Kadhafi.


 


AFP




  MENA News Headlines
 Mar 23 2017 - Jordan- King, Moroccan Monarch open African Art Exhibition in RabatJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- Their Majesties King Abdullah II and King Mohammed VI on Thursday opened an African Art Exhibition in Rabat. The two monarchs toured the ...

 Mar 23 2017 - Jordan- King, Moroccan Monarch hold talksJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- His Majesty King Abdullah II held talks here on Thursday with Moroccan Monarch Mohammed VI on bilateral ties and latest developments in the ...

 Mar 23 2017 - Jordan- King meets Moroccan PM, parliament speaker, President of House of CouncillorsJordan News Agency
(MENAFN - Jordan News Agency) Raba, March 23 (Petra) -- His Majesty King Abdullah II on Thursday received at his residence here Moroccan Prime Minister Abdelilah Benkirane, President of the Moroccan ...

 Mar 23 2017 - Jordan- King calls British PM, condemns terrorist attackJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- His Majesty King Abdullah II on Thursday made a telephone call with British Prime Minister Theresa May, in which he condemned the heinous ...

 Mar 23 2017 - Jordan- Daily News BulletinJordan News Agency
(MENAFN - Jordan News Agency) Jordan News Agency (Petra) starts its daily news bulletin from Amman for Wednesday, March 22, 2017, corresponding to Jumada al-Akhirah 23, 1438 Hijri. 22/3/2017 - ...

 Mar 23 2017 - Jordan- Arab summit enjoys political and economic importance, says ministerJordan News Agency
(MENAFN - Jordan News Agency) The Dead Sea, March 23 (Petra) -- The upcoming Arab Summit has its political importance as well as its economic, social and developmental impact, which will reflect ...

 Mar 23 2017 - Jordan- Arab Economic and Social Council discusses economic filesJordan News Agency
(MENAFN - Jordan News Agency) Dead Sea, March 23 (Petra)--Assistant Arab League Secretary General for Social Affairs Badr El Din Alali said that meeting of the senior officials of the Economic and ...

 Mar 23 2017 - Foreign Ministry contacts UAE authorities on killing of Jordanian womanJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 23 (Petra)--Official Spokesperson of the Ministry of Foreign and Expatriate Affairs Sabah Rafei said that the Jordanian Embassy in Abu Dhabi and the ...

 Mar 23 2017 - Saudi executes two drug dealersThe Peninsula
(MENAFN - The Peninsula) Riyadh: Saudi Arabia executed two convicted drug traffickers on Thursday, bringing the number of prisoners killed in the kingdom to 20 so far this year. The state-run ...

 Mar 23 2017 - Qatar's Al Behaih wins gold at Special Olympics Winter GamesThe Peninsula
(MENAFN - The Peninsula) Vienna: Qatar's Hamad Jaber Al Behaih won the gold medal in the speed skating 222m event at the Special Olympics World Winter Games in Vienna, Austria. He finished the ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help