Libya to Resume Zueitina Oil Exports as Force Majeure Ends
Libya's National Oil Corporation is to resume exports from Zueitina port after declaring an end Tuesday to a force majeure imposed on the terminal blocked by rebels for nine months.
"NOC has announced the lifting of the state of force majeure at the port of Zueitina" which has an export capacity of 100,000 barrels per day (bpd), the company said on its website.
The measure was imposed in August to clear NOC of any liability for failure to honour contracts.
Its removal comes three weeks after the Libyan army said it had taken control of Zueitina and Al-Hariga ports, ending a crippling nine-month blockade by autonomy-seeking rebels.
Renewed exports will restore a much-needed revenue stream for Libya's weak central government after the 2011 armed uprising that ended Moamer Kadhafi's four-decade rule.
The rebels' seizure of four eastern oil terminals last July in pursuit of their campaign for restored autonomy for the eastern Cyrenaica region slashed exports from 1.5 million bpd to just 250,000 bpd.
Source: Agence France Presse
| Copyright © 2012 Naharnet.com. All Rights Reserved. | https://naharnet.com/stories/en/128518 |