Libya On The Cusp Of Oil Revival

A deal between Tripoli and federalists who have kept oil export terminals shut for almost a year could kick start production in the east of the country.

The fortunes of Libya’s oil sector could be revived by an unexpected turn in the country’s chaotic politics, which has raised the prospect of renewed exports from ports that were shut almost a year ago.

A federalist movement that last July occupied eastern Libya’s key oil ports this week announced it would hand back control of the key Ras Lanuf and Es Sider export terminals to the government. This was confirmed on 2 July by interim Prime Minister ‘Abd Allah al-Thinni after a meeting with the leadership of the Political Bureau of Cyrenaica (PBC), the self-declared government whose militia at one stage occupied four terminals. (CONTINUED - 1077 WORDS)