Only One Libyan Oil Export Terminal Up and Running
- Business & Finance
After the federalist rebels had reached an agreement with the Libyan Government early this month to reopen the country’s two occupied oil ports, the Zueitina and Hariga, with two more to follow, the Ras Lanuf and Es Sider, the Hariga terminal was the only one to re-start exports, according to ICAP Shipping.
The 70,000 bpd Zueitina terminal was also supposed to resume exports but technical issues prevented any loading from happening.
This Sunday, Libya’s Justice Minister Salah Bashir Margani announced that the terminal would reopen once the damage of the infrastructure had been assessed.
The two biggest terminals: Ras Lanuf and Es Sider were expected to start operating in a month following the agreement. However, it appears unlikely that they will resume exports before the Zueitina terminal becomes operational.
Libya’s oil exports suffered 80% decline in the past eight months after the closures of oil ports led by rebels. The country that produced around 1.6 million barrels a day back in 2011, last moth recorded production at a daily rate of 250,000 barrels.
Press Release, April 29, 2014