Glencore’s Oil Export Deal in Libya Put to Question

The internationally-recognized government of Libya will not support a potential oil exports deal between tanker operator Glencore Plc and National Oil Corp.’s western counterpart in Tripoli.

The deal has not yet been formally announced, but was confirmed to Bloomberg by Mohammad Elharari, a spokesman for the NOC’s western administration.

Under the deal, the Swiss firm agreed to buy up to half of Libya’s oil exports from the western division of the NOC amid expected increase in oil exports.

According to Nagi Elmagrabi, chairman of the state-run NOC, the company has asked for a confirmation from Glencore and is pending a reply. Elmagrabi told Bloomberg that if the deal results to be true that the internationally-recognized government would undertake necessary measures to stop any Glencore-operated tanker from loading oil at the nation’s ports.

The deal envisages for the exports to take place via Tobruk’s Marsa el-Hariga port in the east, the Guardian writes.

The oil-rich country is struggling with two governments, an internationally-recognized government led by Prime Minister Abdullah al-Thinni and a self-proclaimed rival government controlling Libya’s capital.

Both sides have claims over the country’s oil exports and have clashed on various instances over competency over oil supplies putting shipping companies in a difficult situation. Such instances included announced arrests of vessels bound for the country’s ports following reported lifting of force majeure at Ras Lanuf and even bombing of tankers accused of transporting weapons.

World Maritime News Staff

 

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