Libya’s National Oil Corporation declares force majeure on exports – The National

Libya’s National Oil Corporation declares force majeure on exports – The National

The six-month blockade has cost the country $6.5bn in lost production

















A general view of refinery on Libya's El Sharara oilfield. Much of Libya's production has remained offline during the civil war that erupted between rival factions after the downfall of Muammar Qaddafi in 2011. Reuters

















July 13, 2020



July 13, 2020













Libya's National Oil Corporation reimposed force majeure on all oil exports from the North African country, a day after it declared it would start loading shipments.



"The renewed blockade demonstrates the urgent need for moves to improve financial transparency to be accompanied by reform of security at oil installations,“ said NOC chairman Mustafa Sanalla.



Force majeure refers to an unforeseen set of circumstances preventing a party from fulfilling a contract.



The NOC, which loaded the tanker Kriti Bastion at Es Sider port on Saturday has since halted further loadings from across its facilities.





Forces allied with Field Marshall Khalifa Haftar released a statement on Sunday setting down conditions for the reopening of exports from the North African producer. Among the conditions are equitable distribution of oil revenue