Glencore strikes a deal with Libya’s NOC to handle Libyan oil output

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo

Reuters – Swiss-based commodities giant Glencore has extended a deal with Libya’s state oil firm to be the sole marketer of one third of the country’s current crude oil production, sources familiar with the matter said.

It was not clear for how long Glencore would continue to have exclusivity over the output and whether some parts of the deal would be renegotiated.

The deal extends Glencore’s dominance over rivals such as Vitol and Trafigura in handling barrels from the North African country for a second year running.

A spokesman for Glencore declined to comment. Officials at Libya’s state-owned National Oil Corp. (NOC) also declined to comment.

Libya has struggled for years to end a crippling blockade of its oil ports amid a civil war and Islamic State intrusions. Between security fears and erratic supply, refiners eventually stopped attempting to buy from the North African country.

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