BusinessLibya

630K crude oil barrels exported to Italy

Libya exported on Thursday 630,000 crude oil barrels to Italy, according to the administration of Brega Oil Port.

“Frank Coban” tanker, carrying the 630,000 barrels, was dispatched to Italy early Thursday.

Libya’s oil production returned to about 1.107 million barrels per day and its oil revenues reached around $24.4 billion in 2018, which is a five year high and a 78 percent year-on-year increase, despite the instability at oilfields including el-Sharara, the largest oil field in Libya.

The figures were announced on 6 January by Chairman of the National Oil Corporation (NOC) Mustafa Sanalla during a press conference in Benghazi.

The rise in production and the stability in several Libyan regions compared to previous years have encouraged investors to resume their oil-related businesses in Libya and led to exporting the crude oil to the other countries in the recent period.

On 6 January, an oil tanker named “Zino” departed Libya’s Zuwaytina port, shipping a million barrels of crude oil to Singapore, according to 218 News.

S&P Global, the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, exported a million barrels of crude oil to New Zealand in December.

S&P Global said that was the first time for New Zealand to import Libyan crude in almost three years. New Zealand mainly depends on the Middle East alongside Australia, Russia, Indonesia and Malaysia to meet its oil needs.

In October, Libya exported around a million barrels of crude oil to China and Australia.
To resume exporting oil to other countries and increase oil production, Vice President of the Presidency Council (PC) Ahmed Maiteeg told 218TV that the council will provide $4.5 billion to the National Oil Corporation (NOC) in 2019 to develop its projects and infrastructure to raise the production to two million barrels per day by 2020.

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