Glencore “Extends Libyan Oil Deal”

By John Lee.

Reuters reports that Swiss-based commodities giant Glencore has extended a deal with the National Oil Corporation (NOC) to be the sole marketer of one third of the country’s current crude oil production.

In late 2015, Glencore reached an exclusive deal with the National Oil Corporation (NOC) to take all exports of the Messla and Sarir grades.

The report says it is not clear for how long Glencore would continue to have exclusivity over the output, and whether some parts of the deal would be renegotiated, but adds that the deal extends Glencore’s dominance over rivals such as Vitol and Trafigura in selling Libyan oil for a second year running.

Sources told Reuters that the deal entitles Glencore to around 230,000 bpd from the Sarir and Mesla fields.

(Source: Reuters)

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