Swiss-based commodities giant Glencore has extended a deal with Libya’s National Oil Corporation (NOC) to be the sole marketer of one third of the country’s crude oil production, Reuters reported.
With the extended deal, Glencore is the exclusive trader of around 230,000b/d from the oil fields Sarir and Mesla, Oil Price informed.
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.
Back in 2015, Glencore secured a deal with Libya’s NOC to buy half of the country’s then oil output of around 400,000b/d. That deal was for the only relatively stable onshore production in Libya at the time, with civil unrest and port blockades crippling the country’s oil production in recent years.
Lately, Libya has recovered its crude oil production to around 700,000b/d in January 2017. The country seeks to increase oil production to 1.25mb/d by the end of 2017 and 1.6mb/d by 2022, the NOC’s Chairman, Mustafa Sanalla, said in January.