Libya to Resume Exporting Oil on Thursday

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Libya’s Arabian Gulf Oil Company (AGOCO) will resume exporting oil from the port of Hariga on Thursday, Bloomberg reported.

The Marlin Shikoku, a Suezmax tanker, is scheduled to arrive at the port of Hariga, to load crude oil. It will be the first export shipment since the announcement by the National Oil Corporation (NOC) of the lifting of the force majeure in safe sites.

Suezmax tankers can hold around one million barrels of oil. The Hariga port has 3 million barrels in storage.

In January the Libyan National Army (LNA), led by Field Marshal Khalifa Haftar, closed all oil ports in the east of the country. However, an agreement was reached, and the decision was reversed last week, allowing oil production to resume.

On Sunday, Major General Ahmed Al-Mismari, the spokesman for the LNA, said they had agreed to a fair division of the oil revenues. This will be shared equally between all Libyans residing in the east, west, and south alike. The committee to oversee this will consist of Deputy Prime Minister of the Government of National Accord (GNA) Ahmed Maiteeq, tribal sheikhs, and members of the Libyan Parliament.

Libya’s oil revenues amounted to about $20.3 billion in 2019.