Libya to increase oil trade with Spain

Spanish service companies to return to Libya according to Spanish Ambassador.

Libya’s oil industry making a swift recovery after lifting of the blockade. [Photo: Getty Images]
Chairman of the National Oil Corporation (NOC) Mustafa Sanalla, said on Thursday that Libya seeks to expand its oil trade with Spain in the near future.

During a meeting with the Spanish ambassador to Libya, Javier Garcia-Larrache, the chairman emphasised his appreciation for Spain’s support for Libya’s oil industry, the country’s main source of income, and that he looks forward to the return of Spanish service companies to Libya.

“We are happy with our partnership with the Spanish company Repsol and there has been a commercial exchange between Libya and Spain in the oil and its derivatives field that exceeded 7.5 billion dollars during the last three years,”

On his part, the Spanish ambassador expressed his recognition for the efforts made by the NOC to increase the country’s oil production and returning it to over a million barrels per day (BPD) in such a record time following the nine-month-long blockade that diminished the production rate to just hundred thousand barrels per day.

Oil exports in Libya suffered greatly in recent times due to the violent conflicts that took place between April of 2019 and June of 2020, but the oil industry in the North African nation has made a quick and impressive recovery after the signing of the ceasefire in Geneva and lifting of force majeure on oil exports.

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