LONDON (Reuters) – Commodities trader Glencore (GLEN.L: Quote, Profile, Research) is planning to lift its first cargo of Libyan crude oil since production resumed there, trade sources said on Monday, in a further sign of recovery despite continued fighting.
Competition to buy the oil, absent from the spot market for months, has heated up following the easing of sanctions against Libya’s National Oil Corporation in mid-September.
LONDON/TRIPOLI (Reuters) – Libya’s prized light, sweet oil is trickling slowly onto the global spot market but demand from domestic refiners, production glitches and an internal struggle for control of the sector means it is unlikely to gush until deep into 2012.
Oil production resumed in early September and since then a flurry of field restarts has surprised many analysts who have been pessimistic about recovery prospects.
LONDON/TRIPOLI, Oct 7 (Reuters) – Libya’s prized light,
sweet oil is trickling slowly onto the global spot market but
demand from domestic refiners, production glitches and an
internal struggle for control of the sector means it is unlikely
to gush until deep into 2012.
Oil production resumed in early September and since then a
flurry of field restarts has surprised many analysts who have
been pessimistic about recovery prospects.
BENGHAZI, Libya (Reuters) – Libya’s eastern city of Benghazi would risk fading back into obscurity after a six-month interlude as the seat of the rebel government were it not for one powerful asset: oil.
Benghazi residents are struggling to convert their wartime sacrifices into economic clout to restore the status of a city once deemed on a par with the capital, Tripoli, and rescue it from its relative obscurity in the Muammar Gaddafi era.
LONDON (Reuters) – Libya’s top oil body is pursuing international oil firms for unpaid bills worth around $6 billion, a source in the National Oil Corporation (NOC) told Reuters this week, as it seeks to resume work after wartime paralysis.
Negotiations to recoup the unpaid money will put to the test relations between the OPEC member and its Gaddafi-era partners who are seeking to rebuild ties with the new administration.
TRIPOLI (Reuters) – In the walled old city of Tripoli, Libya’s independence flag pokes through crumbling buildings and a gang of children wielding toy pistols tear through dusty alleyways.
In these run-down streets stands the empty, faded peach-colored Dar Bishi synagogue.
LONDON, Sept 29 (Reuters) – ConocoPhillips became
the first U.S. major to buy Libyan oil following the end of
international sanctions in a move to help the country restore
normal oil trade after seven months of civil war.
Trading sources told Reuters that tanker Hellas Warrior,
which loaded 381,000 barrels of Sarir and Mesla crude, was
bought by Conoco for delivery to France’s Mediterranean port of
Fos/Lavera, and one source said it was destined for Germany’s
LONDON (Reuters) – Benghazi-based oil firm Agoco said it planned restarts at three more Libyan oilfields in east and west Libya by mid-October, boosting output to 350,000 barrels per day (bpd).
Oil is slowly starting to flow again after seven months of fighting and, if fresh projections prove correct, may beat the expectations of analysts who think it could take three years to reach pre-war output levels.
TRIPOLI (Reuters) – Libya’s new government said it had tightened its grip on oasis towns which sided with Muammar Gaddafi, but faced a tough fight to take two remaining strongholds loyal to the ousted leader and bolster its credibility.
Forces of the National Transitional Council (NTC) said they controlled a string of desert towns in Libya’s deep south, although they said Gaddafi loyalists were still holding out in pockets of at least one oasis.
BENGHAZI, Libya (Reuters) – In August, as rebels fought forces loyal to President Muammar Gaddafi, two representatives of a British business consortium took a “rather long and arduous ferry journey from Malta” to the North African country.
“To describe it as a ferry would be very polite,” according to an executive at a London-based global engineering company, whose interests the two men represented. “I think it was a trawler.”