PetroChina signs annual contract to buy Libya’s crude

Chinese oil company PetroChina Co. has agreed to an annual contract which will see it buy Libyan crude as a first move of its kind for Chna since 2013, reported Bloomberg.

Similar deals by Royal Dutch Shell Plc and BP Plc were done earlier this year with the Libyan National Corporation (NOC).

On the same time, Bloomberg informed NOC sources that Libya would maintain its 1.1 million barrels per day oil production, that the higher production of its larger oil fields counteracts the impact of a closure on the Al-Feel oilfield.

“Production from Sharara, and Waha oilfields rose to 300,000 barrels a day each, making up for lost output from Al-Feel,” the person familiar with the matter added.

Mellitah Oil Company, which together with Italy’s oil giant Eni operates Al-Feel oilfield, was set to load four shipments this month, each holding about 600,000 barrels, according to a loading program seen by Bloomberg.

March 1, 2018

Read more: https://www.libyaobserver.ly/economy/petrochina-signs-annual-contract-buy-libyas-crude