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
 Jul 27 2016 - KFH shareholders net profit KD 70.9 mln in H1Arab Times
(MENAFN - Arab Times) Hamad Abdulmohsen Al-Marzooq KUWAIT CITY, July 26: Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said that KFH has, by the grace of Allah, realized a net ...

 Jul 27 2016 - Kuwait- Expat Polish woman in immoral activitiesArab Times
(MENAFN - Arab Times) KUWAIT CITY, July 26: Criminal Investigation Department officers arrested a Polish woman for engaging in immoral activities. In a statement to the press, the Public Relations ...

 Jul 27 2016 - 'IS' kills priest in French churchArab Times
(MENAFN - Arab Times) This picture obtained on the website of the Saint-Etienne-du-Rouvray parish on July 26, shows late priest Jacques Hamel celebrating a mass on June 11, 2016 in the church of ...

 Jul 27 2016 - Indian technician nabbed for 'terminating' pregnancies Pakistani taxi driver in kidnap bid of Kuwaiti womanArab Times
(MENAFN - Arab Times) KUWAIT CITY, July 26: An Indian expatriate working as a technician was arrested by Criminal Evidences Men for using his flat in Farwaniya area to practice medicine and perform ...

 Jul 27 2016 - Burgan Bank honored with four awardsArab Times
(MENAFN - Arab Times) A Burgan Bank official receiving the awards KUWAIT CITY, July 26: Burgan Bank announced today that it has won four awards from The Asian Banking & Finance Magazine, one of ...

 Jul 27 2016 - Kuwait- Marriage certificateArab Times
(MENAFN - Arab Times) I recently read an article on the process for obtaining residency for a newborn in Kuwait. It was very helpful, however I still have one question: My wife and I were married in ...

 Jul 27 2016 - Kuwait- Abu Turab mother accused of joining DAESH releasedArab Times
(MENAFN - Arab Times) KUWAIT CITY, July 26: The Criminal Court, headed by Judge Muhammad Al-Deiaj, released on bail the mother of Abu Turab who has been accused of joining DAESH. The court, however, ...

 Jul 27 2016 - Kuwait's massive funds put it in safe zoneMENAFN
(MENAFN) Kuwait has been one of the few nations in the MENA region which stood up in the face of international crude oil prices decline, thus allowing it emerge with less to no damage.Additionally, ...

 Jul 27 2016 - UAE refuses to give in as it pushes ahead vital oil schemesMENAFN
(MENAFN) betting an oil price recovery will start as early as next year as demand begins to absorb the global glut, the UAE is closely working on launching massive new energy projects.In more detail, ...

 Jul 27 2016 - UAE leads by example in facing economic plungeMENAFN
(MENAFN) UAE has preserved its reputable position among regional and global countries as being a consistent supplier of oil despite a fall in oil prices by more than 50 percent in the last one ...

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