First tanker to load crude at Libya’s Hariga port since January

A general view of the Marsa al Hariga oil port in the city of Tobruk, Libya, August 20, 2013. (Reuters)
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Updated 23 September 2020

First tanker to load crude at Libya’s Hariga port since January

  • The Delta Hellas tanker will enter Libya’s Hariga port on Wednesday and load 1 million barrels of oil from the port’s storage

BENGHAZI/LONDON: An oil tanker is expected to load crude at Libya’s Marsa el-Hariga terminal this week, the first since a blockade by eastern forces in January slashed the OPEC member’s oil production to a trickle.
The Delta Hellas tanker will enter Libya’s Hariga port on Wednesday and load 1 million barrels of oil from the port’s storage, the Arabian Gulf Oil Co. which operates the port said in a statement.
Eastern Libyan commander Khalifa Haftar said last week his forces would lift their eight-month blockade of oil exports, which depressed the OPEC member’s production down to around 100,000 barrel per day (bpd).
Trading arm of China’s Sinopec , Unipec- which prior to the blockade was one of the main lifters of Mesla and Sarir crude grades from the terminal- booked the tanker, two trading sources said.
Unipec also booked the Marlin Shikoku tanker, which according to Refinitiv Eikon shipping data is expected to arrive at Hariga on Thursday.
This comes as the National Oil Corporation (NOC) seeks to gradually boost production, with output expected to rise to around 260,000 bpd next week.
Before the blockade, Libya produced around 1.2 million bpd, or more than 1% of global production.
NOC, which said it would only resume at ports and oilfields that are free of military presence, has so far announced oil export resumption from the Hariga, Brega and Zueitina terminals.


India’s Reliance to push on with retail deal in battle with Amazon

Updated 26 October 2020

India’s Reliance to push on with retail deal in battle with Amazon

  • The row is the latest development in a prolonged battle for dominance in India between Reliance

MUMBAI: Indian conglomerate Reliance has dismissed Amazon’s push to delay its acquisition of domestic retail giant Future Group, despite an arbitration panel suspending the deal following objections by the US online titan.
The row is the latest development in a prolonged battle for dominance in India between Reliance, owned by Asia’s richest man Mukesh Ambani, and Amazon, whose founder Jeff Bezos is the world’s wealthiest person.
Amazon, which owned a stake in one of Future Group’s firms that reportedly included an option to buy into the flagship company, claims that the $3.4-billion Reliance deal, announced in August, amounted to a breach of contract.
After an arbitration panel ordered the deal to be put on hold following Amazon’s request, Reliance said late Sunday that it would nevertheless “enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.”
Reliance’s retail subsidiary RRVL said in a statement that it had followed “proper legal advice” before agreeing to buy Future Group, adding that the deal was “fully enforceable under Indian Law.”
Reliance, Amazon and Walmart-backed Flipkart have been locked in a frenzied contest for a share of India’s lucrative online market.
The acquisition of Future Group, which owns some of India’s best-known supermarket brands such as Big Bazaar, would strengthen Reliance’s presence in the hugely competitive e-commerce sector.
The arbitration panel has 90 days to give a final verdict on the Reliance-Future deal.