Mediaboss Marketing

Commodities giant Glencore has extended its deal with Libyas National Oil Corporation (NOC) to be the exclusive trader of around 230,000 bpd of Libyas current crude oil production of around 700,000 bpd, Reuters reported on Monday, citing sources familiar with the deal.

According to the extended deal whose period was not immediately known Glencore is entitled to be the sole trader of some 230,000 bpd from the oil fields Sarir and Mesla, Reuters sources say.

The agreement gives Glencore advantage over commodity trading rivals Vitol and Trafigura in Libyas crude oil trading market for a second year in a row.

It is a big mosaic at the moment, but Glencore has kept a large chunk of the trade, one source told Reuters.

In October last year Glencores global head of oil Alex Beard said that the mining and commodity trading giant would be seeking to take on more crude oil trading in Iraq, Iran, Libya and Russia in a bid to boost its trading division.

At the time Beard said, speaking at the Reuters Commodities Summit:

We're very happy with our relationship with NOC and we've been very pleased to support them through some difficult times in the last 12 months and we're open to do more business there.

Related:Dollar Or Iran? Oil Needs A Serious Catalyst To Breakout

Back in 2015, Glencore secured a deal with Libyas NOC to buy half of the countrys then oil output of around 400,000 bpd. That deal was for the only relatively stable onshore production in Libya at the time, with civil unrest and port blockades crippling the countrys oil production in recent years.

Lately, Libya has recovered its crude oil production to around 700,000 bpd in January. The country seeks to increase oil production to 1.25 million bpdby the end of 2017 and 1.6 million bpd by 2022, the chairman of Libyas National Oil Corporation, Mustafa Sanalla, said last month.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

See the rest here:
Glencore Extends Deal To Lift 230000 Bpd Of Libyan Oil - OilPrice.com

The member of the High Council of Libyan Amazigh, Hisham Al-Hamadi, has denounced the statements made by the House of Representatives member, Ali Al-Tekbali, accusing what he called the Amazigh Army of occupying Tripolis western area.

Al-Tekbalis statements prove the amount of immorality the HoR has reached. Al-Hamadi added, saying Libyas Amazigh have boycotted the HoR both in nominations and elections from the start.

Speaking on TV, Al-Hamadi explained that the Tobruk MPs statements violate the international laws and the UN declaration (Article 08 of the International Law) that is signed by 106 countries including Libya on matters of reserving the rights of the natives.

We as Amazigh tolerate all people regardless of race and color. Al-Hamadi added, saying they decry threatening Tripolis Amazigh by what it he called Haftars militias that call themselves Libyan Arab Army, but they are loyal only to Haftar, he remarked.

Libyas Amazigh still have a fixed vision on supporting February revolution and rejecting any military rule. We will be the first to face any military rule that usurps Power in Libya. We will fight the so-called Arab Army. Al-Hamadi explained, denouncing the racial demeanor of the Tobruk-based HoR toward the the Amazighs case.

He also said that Nafousa Mountain and Zuwara areas, which are peopled by a majority of Amazigh residents, are two of the safest districts in Libya and Tripoli is much better than eastern Libya, which is under a military rule.

Rogue General, Khalifa Haftar, has called his Dignity Operation forces Libyan Arab Army which is very provocative for Libyas Amazigh, whose armed brigades have opposed Operation Dignity. They also fought against pro- Operation Dignity forces in Tripoli during Libya Dawn Operation in 2014.

See the rest here:
Amazigh High Council expresses preparedness to fight so-called ... - The Libya Observer

LONDON Swiss-based commodities giant Glencore has extended a deal with Libya's state oil firm to be the sole marketer of one third of the country's current crude oil production, sources familiar with the matter said.

It was not clear for how long Glencore would continue to have exclusivity over the output and whether some parts of the deal would be renegotiated.

The deal extends Glencore's dominance over rivals such as Vitol and Trafigura in handling barrels from the North African country for a second year running.

A spokesman for Glencore declined to comment. Officials at Libya's state-owned National Oil Corp. (NOC) also declined to comment.

Libya has struggled for years to end a crippling blockade of its oil ports amid a civil war and Islamic State intrusions. Between security fears and erratic supply, refiners eventually stopped attempting to buy from the North African country.

With a dwindling revenue stream, NOC needed an intermediary that was comfortable managing the risks, able to market the oil globally and pay cash upfront for the cargoes.

Glencore snapped up the opportunity in September 2015 to resell the only relatively stable onshore output - from the Sarir and Mesla oilfields loaded at the country's easternmost Marsa el-Hariga port. Libya's small offshore production also continued.

Since 2015, the trader has been the only company able to buy Sarir and Mesla crude output directly from Libya's NOC and is expected to continue as NOC has largely finalised its 2017 allocations.

Libya's production has recovered to around 700,000 barrels per day (bpd) and NOC hopes output will rise to 1.2 million bpd by the end of the year.

"It is a big mosaic at the moment, but Glencore has kept a large chunk of the trade," one of the sources said.

Glencore's deal entitles it to around 230,000 bpd from the Sarir and Mesla oilfields, the sources added. It also regularly delivers crucial refined fuel as Libya's refining system operates well below capacity. Glencore trades about 4.4 million bpd of crude and refined products.

Vitol and Petraco have also been picking up cargoes but on a small scale, and producers with stakes in oilfields in the country such as Total, Repsol, OMV have returned to loading tankers, as have buyers such as Unipec, the trading arm of China's state-owned Sinopec.

(Additional reporting by Dmitry Zhdannikov; Editing by Mark Potter)

LONDON Royal Dutch Shell is seeking to sell its stake in the Danish Underground Consortium (DUC), an offshore oil and gas joint venture, in what would mark the company's effective exit from Denmark, three banking sources said.

SINGAPORE Singapore Exchange has held talks with Saudi Aramco on a secondary listing, two sources familiar with the matter said on Monday, after the oil and gas company suggested last week it would likely simultaneously list on more than one exchange.

OSLO Hit by the oil industry recession, Norwegian offshore service vessel (OSV) operators Farstad Shipping, Deep Sea Supply and Solstad Offshore announced plans to merge on Monday to counter the downturn.

Excerpt from:
Trading giant Glencore extends major Libyan oil deal: sources - Reuters

Tripoli - More than 120 migrants, including women and children, were rescued by Libyan coastguards on Sunday off the coast of Tripoli after their boat ran into trouble.

The migrants set off Friday from Sabratha - a town 70km west of Libya's capital that has become a staging ground for traffickers - but their boat's engine failed, a coastguard official said.

An AFP photographer at the scene of the rescue said the vessel was intercepted by a coastguard patrol boat around 20 nautical miles northeast of Tripoli.

The official said those on board were of various African nationalities and included 10 women and five children, including a baby.

Libya said on Saturday it had intercepted more than 400 migrants bound for Europe in recent days.

The announcement followed a meeting of European Union leaders in Malta where they agreed moves to curb mass migration from Libya.

The plan includes funding and training Libya's coastguard to make it better able to intercept migrant boats and helping neighbouring countries to close routes into Libya, according to a draft statement seen by AFP.

Lawlessness in Libya since a 2011 uprising that ousted longtime strongman Muammar Gaddafi has allowed smuggling networks to develop a lucrative trafficking trade.

Italy's coastguard said Thursday that more than 1 750 migrants had been rescued in the Mediterranean within 24 hours.

Around 230 people have died en route to Europe since the start of 2017, according to the United Nations.

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

Go here to see the original:
Libya rescues 120 migrants off Tripoli coast - News24

SAVED FROM THE SEA: A medic tends to the baby of a migrant after she was arrested by Libyan coastguards in Tripoli yesterday Picture: REUTERS

More than 120 migrants including women and children were rescued by Libyan coastguards off the coast of Tripoli yesterday after their boat ran into trouble.

The migrants set off on Friday from Sabratha a town 70km west of Libyas capital that has become a staging ground for traffickers but their boats engine failed, a coastguard official said.

A photographer at the scene said the vessel was intercepted by a coastguard patrol boat around 20 nautical miles northeast of Tripoli.

The official said those on board were of various African nationalities and included 10 women and five children, including a baby.

Libya said on Saturday it had intercepted more than 400 migrants bound for Europe in recent days.

The announcement followed a meeting of European Union leaders in Malta where they agreed on moves to curb mass migration from Libya.

The plan includes funding and training Libyas coastguard to make it better able to intercept migrant boats and helping neighbouring countries to close routes into Libya, according to a draft statement.

Lawlessness in Libya since a 2011 uprising that ousted longtime strongman Muammar Gaddafi has allowed smuggling networks to develop a lucrative trafficking trade.

Italys coastguard said on Thursday more than 1 750 migrants had been rescued in the Mediterranean within 24 hours.

Share on Google Plus Share

More:
Libya rescues 120 migrants off Tripoli - Herald live