The National Oil Corporation (NOC) has warned that the cessation of crude exports from oil terminals currently blockaded by the Libyan National Army General Command, potentially requiring the declaration of force majeure, will have significant short and long term consequences for NOC affiliate companies, the national economy and the Libyan people.
National Oil Corporation anticipates force majeure will have to be declared on the ports of Zuetina and Hariga on Sunday (1 July). This step will have to be taken due to insufficient storage capacity, and because the Libyan National Army (LNA) General Command has prevented legitimate allocations being loaded by blocking vessel entry to ports. Due to the limits of storage capacity, AGOCO and Zueitina Oil Co have already taken steps to limit possible pipeline damage. The Sarir refinery may be forced to cease operations, which will restrict local fuel supplies.