Dubai, Cairo: Libya’s largest oil export terminal may reopen as early as next week in a move that would provide relief for the cash-strapped country holding Africa’s largest crude reserves.
Tankers may be able to load at Es Sider port by next week as maintenance work at the terminal is almost complete, a National Oil Corp. (NOC) official said by phone on Tuesday, asking not to be identified because he’s not authorised to speak with news media. Es Sider hasn’t exported crude since force majeure, a legal status protecting a party from liability if it can’t fulfil a contract for reasons beyond its control, was declared on loadings almost two years ago.
Libya currently produces 660,000 barrels a day of oil, the official said. This compares with production of about 1.6 million barrels a day before the 2011 uprising that ousted long-time leader Muammar Gaddafi. Output withered after international oil companies withdrew amid the conflict between rival governments and armed groups over the nation’s oilfields, ports and pipelines.
Libya, a member of the Organisation of Petroleum Exporting Countries, is struggling to boost crude production and exports since the NOC reached an agreement in September with Khalifa Haftar, the commander of forces...Read more...