Money and Businessnews

Glencore loses exclusive marketing rights to two Libyan crude grades

The Address | Benghazi – Libya

LONDON – Trading and mining giant Glencore (GLEN.L) has lost its exclusive marketing rights for two of Libya’s main crude oil export grades after holding those rights since the end of 2015, Reuters reported.

China’s Unipec has been allocated three cargoes of that crude in January, according to Reuters.

Glencore declined to comment and Libya’s National Oil Corporation (NOC) did not immediately comment.

Glencore initially won the rights to the oil as it was one of the few traders willing to deal with the risks associated with Libya’s unrest, including ISIS incursions and a crippling port blockade that slashed the country’s output.

Currently, Libya produces 953,000 barrels per day (bpd), down from a pre-civil war capacity of 1.6 million bpd, NOC Chairman Mustafa Sanalla said on Sunday.

Tags

Related Articles

Close