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The Libyan National Oil Company (NOC) has resumed crude exports from two terminals. This was achieved three months after the start of an oil blockade amid the political crisis
The Libyan National Oil Company (NOC) has resumed crude exports from two terminals. This was achieved three months after the start of an oil blockade amid the political crisis. The NOC recently said that the state of force majeure on the Marsa Brega and Zouetina terminals in the northeast of the country had been lifted and the tankers are on their way to load hydrocarbons.
The state of “force majeure” allows the NOC to be exonerated from responsibility in the event of non-compliance with oil delivery contracts. It is invoked during rare situations. The NOC suffered losses of more than US$ 3.5 billion due to forced closures since mid-April of major oil sites. These include Marsa Brega and Zouetina, declaring a state of force majeure for some of them.
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NOC during the last few days contacted the guards of the oil installations and the chairman of the energy committee in parliament to seek their opinions for resume crude exports. They had given an affirmative reply. Libya is in the grip of a serious institutional crisis since 2011. Six oil fields and terminals were forcibly closed in mid-April by groups close to the eastern camp.
