Trade

Libya: Eastern NOC signs shipment deal with Egypt

Monday, 21 December 2015 08:54

In Libya, the Eastern government’s state oil company has entered into an agreement to sell 2 million BO to Egypt, a spokesman revealed.

This is part of the Libya’s effort to gain exports despite the fact that most trading companies prefer to deal with the rival western government.

According to Aswat Masriya News, a group from the eastern NOC led by the chairman, Naji al-Moghrabi, had paid a visit to Egypt and signed the deal for the shipment and also for other issues including training and exchanges associated with the oil industry.

For months, the eastern government has been struggling to sell its oil without the control of the Tripoli NOC and central bank in the west, acquiring revenue from the country's biggest natural resource.

Since 2011, Libya has had two rival factions. Each of these factions have been causing confusion as regards the control of oil assets, as they operate separate national oil corporations (NOCs) and oil ministries.

Representatives from the two factions, however, entered into a U.N.-brokered agreement last week. The aim of the agreement was to form a national unity government, in which the Western powers and Libya's North African neighbors anticipates will the conflict in the country.

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