Commodities trader supplied rebels with fuel worth $1bn
Libyan oil firm Arabian Gulf Oil Company (Agoco) has pledged half of its crude production to Rotterdam-headquartered Vitol until it has repaid the energy trading company for fuel supplied to anti-Gaddafi forces during the uprising.
Vitol supplied the rebels with more than $1bn of fuel during the six-month civil war that ended with Gaddafi’s expulsion from Tripoli, according to Agoco chairman Ahmed Majbri.
Around half of this amount has been repaid in a mix of cash, crude oil and naptha.
“We will give them 50 per cent of production until we have paid them back,” says Majbri.
Agoco announced it had restarted production at the Sarir oil fields on 14 September, pumping 160,000 barrels a day (b/d), also resuming operations at the refinery and sending crude to the export terminal in Tobruk.
Production at a 50,000 b/d field in Sarir had restarted a day earlier.
Before the oil industry came to a standstill in February, Agoco pumped around 420,000 b/d, roughly a quarter of Libya’s pre-war output.
You might also like...
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
Abu Dhabi makes major construction investments
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.