Libya's largest terminal resumes oil exports

By Dow Jones newswires

Italian tanker Maria Bottiglieri, which arrived overnight, is set to leave Wednesday afternoon from the Es Sider terminal with about 600,000 barrels on board, Mohamed el-Harari, a spokesman for the state-owned National Oil Co told The Wall Street Journal.

But after state-owned company National Oil Co cut its prices, OMV and Unipec, the trading arm of China Petroleum & Chemical Corp. , or Sinopec, have largely replaced traditional Libyan oil buyers from the Mediterranean and together bought the majority of the country's oil cargoes this month, according to a shipping broker.

The terminal, which has an export capacity of 350,000 barrels a day, hasn't shipped any oil to international markets since July 2013, when it was occupied by an armed group seeking greater regional autonomy for Eastern Libya.

Libya said Wednesday it was resuming oil exports from its largest terminal after a year-long stoppage, as its oil industry manages to recover despite intense fighting in large cities.

While the first Es Sider export will draw on oil in storage at the terminal, production to supply the terminal — notably the 150,000-barrels-a-day Waha field — is set to restart mid-next week, Mr el-Harari said.

Read more here: Business Spectator

    

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