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

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.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
- Libya uses drones to intercept boats carrying migrants - August 04, 2022
- Tripoli Appeal Court to pronounce verdict on Sanalla - August 04, 2022
- Germany Blames Russia for gas fuel shortages - August 04, 2022