Vitol Close to Deal with NOC

The Financial Times reports that Vitol, the world’s biggest independent oil trader, is close to finalising a deal with the Tripoli-based National Oil Corporation (NOC) to supply billions of dollars of fuel.

The new contract would see Vitol deliver fuel to all of Libya, including the heavy oil required to support local infrastructure.

Vitol CEO Ian Taylor said in a statement:

“The UN Security Council recently said it was important for NOC to continue to function for the benefit of all Libyans.

“The key word there is ‘continue’. NOC, based at its legal address in Tripoli, has served Libya well by staying independent. We are confident it will continue to do so.”

The company has been a large supplier to Libya since 2011 when it helped rebel groups in Benghazi secure the refined oil it needed in its fight against Gaddafi.

(Source: Financial Times)

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