NOC lifts force majeure at all Oil Crescent ports and resuming oil exports

NOC chairman Mustafa Sanalla yesterday visited Zuetina port and accepted handover of the ports from the Libyan National Army reporting to the House of Representatives.

 

“NOC is in charge of the ports,” he said. “They are secure, and we have been in contact with our foreign commercial partners. NOC assessment teams have reported that Zuetina and Brega ports are intact, and that Ras Lanuf and Es Sidra were not further damaged during recent events. NOC is therefore lifting force majeure at all Oil Crescent ports. Exports will resume immediately from Zuetina and Ras Lanuf, and will continue at Brega, in accordance with the instructions given to me by House of Representatives and the Presidency Council. Exports will resume from Es Sidra as soon as possible."

 

Force majeure is a legal protection from liability invoked when performance of a contract is interrupted due to events beyond the control of the contractual parties. Force majeure was declared at Es Sidra and Ras Lanuf in December 14, 2014. Both ports were damaged in attacks in January 2016. Force majeure was declared at Zuetina on November 3, 2015. Force majeure was not declared on exports from Brega.

 

"I‎ want to commend the Libyans leaders and politicians for choosing unity of Libya and reconciliation at this critical juncture,” said Sanalla. “The developments of Sunday and Monday had the potential to escalate, with potentially devastating consequences for the nation and our petroleum industry. Instead, we have found a shared interest in letting the oil flow, and the wisdom of that decision needs to be recognized".

Tripoli

15 September 2016