Oil Exports to Resume from Eastern Ports?

The incoming Chairman of the National Oil Corporation (NOC) in the East of Libya has said the company is considering lifting the force majeure at the ports of Es Sider and Ras Lanuf, allowing oil exports to restart.

Nagi Elmagrabi, who will take over from Al-Mabrook Abu Seif [Mabrook Buseif] at the end of the week, told Bloomberg he plans to meet the head of the Petroleum Facilities Guard (PFG), Ibrahim al-Jadran, to assess the possibility of resuming exports from the two terminals.

Libya stopped crude exports from the two ports in December after militias attacked Es Sider, its largest oil terminal.

Elmagrabi, the former director for oilfield facilities at the Arabian Gulf Oil Company (AGOCO), also wants to increase oil production in the eastern region, which is controlled by Libya's internationally recognized government.

(Source: Bloomberg)

(Oil image via Shutterstock)

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