CAIRO: Libya resumed oil exports Wednesday, ending a hiatus that lasted months.
The resumption came after the country restarted production at oil fields following the firing of the chairman of the state-run oil corporation by one of the country’s rival governments.
A Malta-flagged tanker, Matala, docked at the Al-Sidra terminal to ship one million barrels of crude oil, the new leadership of the National Oil Corporation said. The vessel will then head to Italy, it said.
Two other tankers, the Marshall Islands-flagged Nissos Sifnos and the Liberia-flagged Crudemed, were scheduled to ship 1.6 million barrels Wednesday from the terminals of Zueitina Ras Lanuf, according to the NOC.
Last week, the NOC lifted a force majeure which was declared in April at several oil facilities after tribal leaders, aligned with powerful commander Khalifa Haftar, shut them down. The force of majeure is a legal maneuver that enables a company to get out of its contract obligations because of extraordinary circumstances.
Production was resumed Tuesday at several fields including the Sharara, the county’s largest, after three months of closure, the NOC announced.
Abdul Hamid Dbeibah, prime minister of the Tripoli-based government, announced last week the sacking of Mustafa Sanalla, the chairman of the NOC. He appointed Farhat Bengdara, a former governor of Libya’s central bank, to head the crucial oil company.
The move was rejected by Sanalla, who said Dbeibah’s government lacked legitimacy.
NOC’s new chairman, Bengdara, became known for his strong ties with the United Arab Emirates and Haftar, whose forces control the country’s eastern and much of southern areas.
His appointment was seen as a move by Dbeibah to gain control over oil revenues and gain the support of Haftar in his rivalry with Bashagha.
Libya is now ruled by two rival administrations, Dbeibah’s government in Tripoli and the government of Fathi Bashagha, who was appointed as prime minister by the east-based parliament in February and is now based in the city of Sirte.
The North African country has been wrecked by conflict since the 2011 NATO-backed uprising turned civil war toppled and later killed longtime dictator Muammar Qaddafi.
The country’s prized light crude has long been a feature of Libya’s conflict, with rival militias and foreign powers jostling for control of Africa’s largest oil reserves.
Tribal leaders, aligned with Haftar, in April shut down oil facilities, including the country’s largest oil field and major terminals, likely to deprive Dbeibah’s from funds.
The closures caused Libya’s daily output of oil to drop by two-thirds. The country’s production was at 1.2 billion barrels a day earlier this year.
The shutdown had come amid skyrocketing oil prices following the Russian war in Ukraine It also exacerbated the country’s electricity shortages and sparked protests, including one that resulted in the storming of the east-based parliament in Tobruk.
Libya says oil exports resumed after monthslong hiatus
https://arab.news/vck9z
Libya says oil exports resumed after monthslong hiatus
- A Malta-flagged tanker, Matala, docked at the al-Sidra terminal to ship one million barrels of crude oil
- Production was resumed Tuesday at several fields including the Sharara, the county’s largest
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
