Trade

Libya Oil port ships first cargo since 2014

Wednesday, 21 September 2016 12:22

For the first time since 2014, a tanker set sail from Libya with a crude cargo heading for Italy after rival armed forces decided to put an end to their clash and allowing the country to resume exports from its third-largest oil port.

According to Nasser Delaab, petroleum operations inspector at Harouge Oil Operations, the tanker, Seadelta, left the port of Ras Lanuf with 781,000 barrels of crude.

He added that another tanker, the Syra is to arrive in Ras Lanuf to transport 600,000 barrels of crude to Italy. The Syra was sighted at the sea near the port on Wednesday, tanker tracking data available on Bloomberg showed.

Libya has increased crude output by over 70% since August as some oil fields resumed production and other oil ports also reopened for their first overseas loadings in more than two years.

Data compiled by Bloomberg showed that last month production was at 260,000 barrels per day and rose to 450,000 barrels a day.

The country is looking to increase crude output and exports.  The National Oil Company (NOC) earlier this month, put an end to measures that had restricted exports from Libya’s main oil ports of Es Sider, Zueitina and Ras Lanuf.

Anita Fatunji

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
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