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Exclusive: Glencore loses exclusive marketing rights to two Libyan crude grades

Reuters  |  LONDON 

By and Ahmad Ghaddar

LONDON (Reuters) - Trading and giant has lost its exclusive marketing rights for two of Libya's export grades after holding those rights since the end of 2015, trading sources with direct knowledge said.

China's has been allocated three cargoes of that crude in January, according to one of the sources.

declined to comment and Libya's National Corp (NOC) did not immediately comment.

initially won the rights to the as it was one of the few traders willing to deal with the risks associated with Libya's unrest, including Islamic State incursions and a crippling port blockade that slashed the country's output.

Currently, produces 953,000 barrels per day (bpd), down from a pre-civil war capacity of 1.6 million bpd, NOC said on Sunday.

(Reporting by and Ahmad Ghaddar; editing by Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 17:50 IST
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