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TEHRAN, July 11 - Libya is resuming oil exports from its eastern production heartland, its National Oil Corporation said Wednesday after a showdown between the war-torn country's rival authorities.
TEHRAN, Young Journalists Club (YJC) - The internationally recognized NOC was handed back control of four terminals in the oil crescent on Wednesday morning, it said in a statement, adding that "production and export operations will return to normal levels within the next few hours".
Exports from all four of the region's ports had been suspended after military strongman Khalifa Haftar's self-styled Libyan National Army (LNA) seized them from a rival militia in June.
The NOC had declared force majeure on oil loadings at the ports, a legal measure that frees parties to a contract from their obligations due to circumstances beyond their control.
But on Wednesday it announced "the lifting of force majeure" at the Al-Hariga, Zweitina, Ras Lanuf and Al-Sidra ports, which are conduits for much of the crude, gas and petrochemical sales that form the lifeblood of Libya's economy.
The NOC said in early July that the crisis had slashed crude production by over four fifths and cut the country's heavily oil-dependent public revenues by some $67.4 million (57.9 million euro) per day.
Libya has been wracked by chaos since the 2011 NATO-backed uprising that toppled and killed Libyan leader Moamer Kadhafi, with two rival authorities vying for control.
Source: AFP
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