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 terminal "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
 Jun 1 2015 - Kingdom of Saudi Arabia Participates in ILOSaudi Press Agency
(MENAFN - Saudi Press Agency) The International Labor Conference (ILO) started here today its 104th session with participation of 190 member States of the International Labor Organization, including ...

 Jun 1 2015 - Qatar renews its condemnation of criminal bombing in Kingdom of Saudi ArabiaSaudi Press Agency
(MENAFN - Saudi Press Agency) Prime Minister and Minister of Interior of the State of Qatar, Sheikh Abdullah bin Nasser bin Khalifa Al Thani, has renewed his country's condemnation and disapproval of ...

 Jun 1 2015 - Kuwait- Makhseed Takes A Dominant Win At Red Bull Car Park DriftArab Times
(MENAFN - Arab Times) Ali Makhseed took a dominant win in front of an energetic crowd at the 2015 Red Bull Car Park Drift in Kuwait. Makhseed driving a Toyota Supra showed a consistent level across ...

 Jun 1 2015 - Bhavans Bag Balakalamela Overall ChampionshipArab Times
(MENAFN - Arab Times) Indian Educational School (Bhavans Kuwait) was crowned overall champion of Balakalamela 2015 with 63 points which was held recently at the United Indian School premises in Jleeb ...

 Jun 1 2015 - Kuwait's ICAI Chapter Holds AGM, SeminarArab Times
(MENAFN - Arab Times) The Kuwait Chapter of the Institute of Chartered Accountants of India (ICAI) conducted its Annual General Meeting (AGM) on 17 May 2015 at the Holiday Inn Down Town. Speaking on ...

 Jun 1 2015 - Kuwait Bourse Sheds 22.37 Pts Volume DipsArab Times
(MENAFN - Arab Times) Kuwait stocks pulled lower to end the month on a sour note. The price index dropped 22.37 points in choppy trade to close at 6,297.46 pts weighed by selling pressure in select ...

 Jun 1 2015 - Kuwait- Jazeera Airways 'Bids' To Acquire 35% Stake In KACArab Times
(MENAFN - Arab Times) Jazeera Airways announced today that it formally submitted a letter of intent to acquire 35 percent of Kuwait Airways Company, which is currently undergoing a privatization ...

 Jun 1 2015 - Kuwait- Crisis Behind Us " And Growth Opportunities Ahead: GlobalArab Times
(MENAFN - Arab Times) Global Investment House (Global) held today a press conference entitled "Global and the future," attended by Maha Al-Ghunaim, Vice Chairman & Group CEO and Bader AL-Sumait, ...

 Jun 1 2015 - Tasneef, ADNATCO sign Inspection and Quality Certificates agreement for 2 shipsDaily News Egypt
(MENAFN - Daily News Egypt) The Emirates Classification Society, Tasneef, signed a first-of-its-kind agreement to issue classification and calibration certificates for two of ADNATCO's container ...

 Jun 1 2015 - German automotive companies file lawsuit against Egyptian Customs AuthorityDaily News Egypt
(MENAFN - Daily News Egypt) A legal conflict has occurred between German automotive companies and the Egyptian Customs Authority, due to the application of the indicative prices on cars at the start ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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