TRIPOLI/BENGHAZI: A Libyan crude oil pipeline blown up on Tuesday will take about a week to repair, the head of state oil firm NOC said on Wednesday.
A “terrorist group” was probably responsible for the explosion as such groups were roaming around in the desert where the remote field is located, said a spokesman for an eastern Libyan force tasked with protecting oilfields.
The blast, about 130 kilometers south of the Es Sider terminal, cut output by between 70,000 and 100,000 barrels per day (bpd), according to NOC, which said the cause was unclear.
“It is estimated that the repair will take about one week from today,” NOC Chairman Mustafa Sanallah said in a written response to questions. “The damage is estimated as 30 to 35 meters of a 24 (inch) pipeline.”
“This will not have a major effect in the marketing program, only a little change,” he added.
He did not give a production figure, but an industry source said Libya’s output had dropped to between 900,000 bpd and one million bpd.
An official at NOC subsidiary Waha Oil, which operates the pipeline, said a team of senior executives and engineers would visit the site on Wednesday to assess the damage.
The pipeline was attacked after being uncovered by maintenance workers carrying our repair work to stop an oil leak, said Miftah Magariaf, commander of the oil protection force.
Pictures circulated on social media appeared to back his comment, showing parts of a pipeline unearthed next to piles of sand.
Magariaf said security in the desert was shaky. “Terrorist groups have been roaming in the desert and creating problems everywhere,” he said.
Several Libyan websites linked to Waha said in the evening that the fire had been extinguished.
Flows have been diverted, but at least one tanker’s berth at Es Sider was canceled in the morning, an industry source said.
But a Libyan shipping agent said the tanker, Al-Mabrouk, was likely to berth at the port in the afternoon.
NOC may have to revise January loading programs for Es Sider due to the outage, and likely cancel some cargoes, according to two trading sources that lift Libyan crude.
A preliminary loading schedule for the terminal shows 13 crude tankers are due to load at the port next month, at a rate of around 252,000 bpd.
The blown-up crude pipeline lies in an area of poor security where Daesh has operated in the past.
Libya needs a week to repair blown-up crude pipeline, state oil firm says
Libya needs a week to repair blown-up crude pipeline, state oil firm says
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
