More exports of Libyan crude are trickling through to the market as the country strives to ramp up its production in the wake of eight months of violence and unrest.
More exports of Libyan crude are trickling through to the market as the
country strives to ramp up its production in the wake of eight months of
violence and unrest.
Traders told Dow Jones Newswires Tuesday that Unipec, the trading arm of
China
's
largest refiner, was the latest company to purchase Libyan barrels, taking two
cargoes of 1 million barrels each for delivery at the end of October.
Unipec is the first Chinese company to buy Libyan oil since violence started in
the country in February. Until now, the majority of the crude has been delivered
to European destinations.
Libya
is
now producing about a quarter of its pre-war output of 1.6 million barrels a
day and efforts are ongoing to try and increase this figure.
To date, state owned Arabian Gulf Oil Co., or Agoco, has shipped some 4 million
barrels of oil from its export terminal of Tobruk, according to Nuri Berruien,
Chairman of the National Oil Company.
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