Swiss company Gelncore loses exclusive rights to two oil grades in Libya

Swiss company Gelncore loses exclusive rights to two oil grades in Libya

January 10, 2019 - 21:01
Posted in:
Written By: AbdulkaderAssad

Mesla Oil Field

The Switzerland-based trading and mining giant Glencore has reportedly lost its exclusive marketing rights for two of Libya’s main crude oil export grades after holding them since late 2015, Reuters said on Thursday.

Citing trading sources with direct knowledge with the issue, Reuters reported that Glencore lost exclusivity on Mesla and Sarir oil fields.

"Companies like BP and Shell had their first Mesla and Sarir allocation starting this year." Sources told the news agency.

Earlier this week, the Libyan National Oil Corporation (NOC) announced that oil revenue brought over 24 billion dollars to the country in 2018, with a production rate being the highest since 2013.

The two grades that Glencore has lost account for nearly a fifth of the Libyan oil output.

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