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Libyan rebels agree to reopen two oil terminals after deal

The Citizen by The Citizen
April 7 2014
in Global News, Uncategorized
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Two Libyan oil terminals have reopened, after rebels agreed partially to lift their oil blockade in a deal reached with the government.

The terminals of Zueitina and Hariga in the east are now in government hands, the justice minister has said.

Two other ports are due to reopen in the coming weeks.

Oil exports have plummeted 80% in the past eight months after the closures of oil ports led by militiamen seeking greater regional autonomy.

Traders have been watching the negotiations closely, keen to know when Libyan oil is going to re-enter the market after major disruption.

A failed attempt to sell oil illegally last month triggered the latest round of talks to lift the blockade.

Libya’s Minister of Justice, Salah al-Marghani, confirmed the partial lifting of the oil blockades, at a news briefing in the eastern city of Benghazi.

Zueitina is located to the south of Benghazi and Hariga to the east.

Potentially the two ports could increase Libya’s crude oil exports by about 200,000 barrels per day.

That would be a big boost to the nation’s output, which is currently running at around 150,000 barrels per day.

Mr al-Marghani said the remaining two largest oil terminals in the east, Ras Lanuf and Sidra, would also reopen soon.

“The protesters are banned from returning or obstructing work at the ports,” he added.

Under the agreement, the government will pay compensation to the rebels, drop charges against them and reverse its threat of a military offensive. BBC

 

 

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