• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 day Even Shell Agrees with Climate Change!
  • 8 days America should go after China but it should be done in a wise way.
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 1 hour Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 hours Does Toyota Know Something That We Don’t?
  • 4 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 days World could get rid of Putin and Russia but nobody is bold enough

Breaking News:

Houthis Threaten More Red Sea Attacks

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

The Biden administration's electric vehicle…

Azerbaijan Eyes Increased Gas Exports to Europe With Support From U.S.

Azerbaijan Eyes Increased Gas Exports to Europe With Support From U.S.

Azerbaijan's Energy Minister secures cooperation…

Eastern NOC Strengthens Hold On Oil Crescent

All oil export revenues from Libya’s Oil Crescent will be sent to a central bank in the eastern part of the country, according to eastern Libyan officials quoted by Reuters during a ceremony to mark the official taking of control over the eastern oil terminals.

“We undertake that the money won’t go to someone shorn of legitimacy,” the head of the eastern National Oil Corporation said at the ceremony. “We have a central bank in (the eastern town of) Bayda, and it is recognized by the Libyan parliament,” Faraj Said added.

The official, who heads the Benghazi-based NOC affiliated with the eastern Libyan government but unrecognized by the Tripoli-based NOC that has been responsible for oil exports until now, referred to the central bank in Tripoli as lacking legitimacy in handling oil exports.

The two NOCs have been vying for control over Libya’s oil riches for years. At one point, they agreed to start working together to make the best of the resources, but the agreement did not last long. Now, the eastern NOC has had the opportunity to seize the Oil Crescent thanks to the Libyan national Army, an eastern government-affiliated militia that wrested control over the oil ports from the Petroleum Facilities Guard two years ago.

At the time, the LNA handed control to the Tripoli NOC. But this time, after two weeks of fighting with several other armed groups, the army decided to give control of the ports to the eastern NOC.

Related: Power Grab In Libya Threatens Oil Industry

The Tripoli NOC, meanwhile, has called on buyers of Libyan oil to avoid doing business with the Benghazi company, saying it was the only legitimate state oil company, affiliated with the internationally recognized government in Tripoli, that could sell Libyan oil.

As the saga continues, the UN Secretary General Antonio Guterres called on the LNA and the eastern NOC to return control of the Oil Crescent to “the recognized Libyan authorities.”

According to the eastern government, however, the oil revenues would from now on go to the eastern central bank because until now, it had been going to “militias and extremist groups”.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News