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The federalist movement that controls much of eastern Libya has raised hopes over renewed exports from three key oil terminals after announcing it has agreed to end the blockage of the export facilities.
Militia supporting the Political Bureau of Cyrenaica (PBC), a self-declared federal government for Libya’s eastern region, have prevented exports from the oil-rich part of the country since last July, causing production and government revenues to slump.
Since then, protracted negotiations, government threats and attempts by the PBC to independently sell oil have failed to restart exports. Last month, the ‘Morning Glory’ tanker successfully lifted crude at the Es Sider terminal and gave the Libyan navy the slip to escape into international waters. Only an intervention by the US, which captured the ship offshore Cyprus and handed it over to Tripoli, ultimately prevented the rebels from selling the cargo. (CONTINUED - 1045 WORDS)