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Over 1 Million Barrels Of Libya Waha Oil Shipping This Week After Port Restarts

Libya will ship over one million barrels of Waha Oil Co Libya will ship over one million barrels of Waha Oil Co.'s oil this week, one of the nation's oil officials said, following the resumption of exports from the giant Es-Sider terminal.A first tanker of 600,000 barrels sailed Monday and another one of 440,000 barrels is due Wednesday, he said.Es-Sider loaded 447,000 barrels a day in January 2011, according to the International Energy Agency, before becoming Libya's most heavily damaged terminal during the civil war. The need to repair the Es-Sider facility has been a stumbling block in the otherwise rapid recovery of the country's oil sector.The facility normally loads production from Waha Oil Co., whose foreign partners are Marathon Oil Corp. (MRO), ConocoPhillips (COP) and Hess Corp. (HES) .Source: Dow Jones

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Libyan tankers sailing again after war, sanctions

About 50/50 tankers back in action About half of state-owned Libyan shipping firm's 24-strong fleet of tankers is sailing again after months of paralysis due to sanctions and a freeze on assets belonging to the family of former leader Muammar Qaddafi, a company manager said.The General National Maritime Transport Company (GNMTC) was on US sanctions lists during the Libyan conflict, but has since been removed.Captain Tarek Youssef Said, a committee member for acquisitions on the company's management board, said GNMTC was in the process of resuming operations and shedding its former associations with the Qaddafi family."The OFAC (Office of Foreign Assets Control) decision has helped us get back to business after an eight-month stoppage. It's about 50/50 (tankers) that are in action and we hope to have the rest in the next few weeks," he said this week, wearing a tricolor symbol of the new Libyan flag pinned to his breast.Said added the company was now dealing with the necessary paperwork to get the remainder of the fleet back up and running after some tankers managed by an international company were laid up off Malta and Singapore.Lost business due to sanctions and high costs associated with servicing vessels stranded for ...

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First Libya crude cargo bound for Italy

Carrying a cargo of 381,000 barrels of Libyan crude Libya's first crude oil cargo to be shipped in months sailed from the eastern port of Marsa el Hariga on September 25 bound for Italy, Libya's port authority chief told Reuters.The country, formerly Africa's, third-largest producer, had exported only two other crude oil cargoes since a rebellion erupted against former leader Muammar Gaddafi in February. Gaddafi was toppled last month.Capt. Ramadan Boumadyan, chairman of the designated committee at Libya's Ports & Maritime Transport Authority, said the Hellas Warrior was carrying a cargo of 381,000 barrels of Libyan crude. "It left on September 25 to Italy," he said in an interview.The tanker's manager, Polembros Shipping, declined to comment. The Hellas Warrior was last reported in the Mediterranean between Malta and Italy, with the French port of Fos as its destination, AIS tracking data on Reuters showed.Libya's pre-war production was around 1.6 million barrels per day (bpd) of oil. A senior source in the National Oil Corporation told Reuters last week the OPEC member's oil production is set to reach 500,000 bpd by early October, helping to boost revenues badly needed to kickstart the economy after seven months of war.Separately, the Trident Hope ...

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Port re-open in Libya

With the exception of Mera El Brega Following their exchanges with Germa Shipping (Libya) via recently re-established e-mail connections, Budd Tunisia reports that all commercial ports in Libya are now functioning normally with the exception of Mera El Brega.Depending on the type of cargo to be loaded or discharged, delays may be experienced in Tripoli due to a shortage in stevedores.Source: The Budd Group

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Oil tanker waits off Libya for loading instruction

It is waiting outside the port and is awaiting instructions from the charterer An oil tanker is waiting off Libya for loading instructions, the owner of the vessel said on Tuesday.In a sign that war-torn Libya was working to get its oil industry back on its feet, market sources said the tanker would probably load a part of a Libyan condensate tender, which was offered late last week.NewLead Holdings, which owns the tanker Newlead Avra, said it was now waiting for instructions from charter Vitol near the port of Mellitah in western Libya."It is waiting outside the port and is awaiting instructions from the charterer," said Elisa Gerouki, NewLead's public relations manager.The Newlead Avra is an oil products tanker, which can carry a maximum of around 526,000 barrels.Oil trading sources said the condensate has been sold to Austrian oil and gas company OMV and it is likely to taken to the Italian port of Trieste.Vitol, the world's top independent trader, declined to comment. OMV was not immediately available to comment.Late last week, a limited number of oil companies were invited to a tender, where about 2 million barrels of condensate was offered from the western border of Libya.The condensate was ...

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EU lifts asset freeze on several Libyan entities

Freezing on the financial assets and economic resources of 28 Libyan entities In view of the developments in Libya, the European Council lifted the freeze on the financial assets and economic resources of 28 Libyan entities.The 28 organisations in question were subject to the EU's autonomous measures. EU's decision amends Council decision 2011/137/CFSP of 28 February, which introduced a travel ban and an assets freeze, while granting the necessary humanitarian exemptions.EU's decision, adopted by written procedure, will be published in the Official Journal on 2 September 2011.Source : European Union

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Libya is considered as a high risk area for merchant vessels

By London's marine insurance market There is no immediate prospect of Libya being removed from a list of areas deemed high risk by London's marine insurance market and underwriters will seek a stable period before looking at de-listing, a market official said on Monday.Libyan government tanks and snipers put up scattered resistance in Tripoli on Monday after rebels swept into the heart of the capital, cheered on by crowds hailing the end of Muammar Gaddafi's 42 years in power.The Joint War Committee (JWC), which groups syndicate members from the Lloyd's Market Association (LMA) and representatives from London's insurance company market, added Libya to a list of area it considered high risk for merchant vessels and prone to war, strikes, terrorism and related perils."There is no immediate prospect that Libya would be taken off the listed areas if hostilities were declared over," said LMA senior technical executive Neil Roberts."Every situation is different, but underwriters would certainly be looking for a stable period in the country before considering whether to de-list," he told Reuters.The London marine insurance market plays an influential role in the global marine insurance industry."It would be unrealistic to take it off in the short term and the situation ...

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Libyan oil tankers unable to trade as cash flow issues continue to bite

Gaddafi has faced international pressure and sanctions while he fights to hold power Many oil tankers in Libya's state-owned fleet remain anchored and unable to trade as cash flow issues continue to bite, a company managing some of their vessels said on Wednesday.Crude oil shipments from Libya, once Africa's third largest producer, have been at a virtual standstill for months as leader Muammar Gaddafi has faced international pressure and sanctions while he fights to hold power during a bloody uprising.While Libya's state-owned shipping firm General National Maritime Transport Company (GNMTC) is not targeted by sanctions, the tanker group is believed to be controlled by Gaddafi's son Hannibal, who is on a blacklist of individuals subject to travel bans and asset freezes."GNMTC is not on the list of designated individuals and entities; however Hannibal Gaddafi is, of course, on the list," said Laura Hamilton, an associate at law firm Norton Rose."The asset freeze not only applies to assets owned by the entities and individuals listed but also to assets held or controlled by them, hence the need for careful due diligence."GNTMC has 18 vessels in its international trading fleet, seven of which are managed by the company and a further three ...

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