Libya’s NOC lifts force majeure on El-Feel oilfield

Libya’s National Oil Corp. expects its total oil output to reach 1 million barrels per day within four weeks after lifting force majeure on the ports of Ras Lanuf and Es Sider. (AFP file photo)
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Updated 26 October 2020

Libya’s NOC lifts force majeure on El-Feel oilfield

  • NOC said it expected its total oil output to reach 800,000 barrels per day within two weeks

BENGHAZI: Libya’s National Oil Corp. (NOC) said on Monday it had lifted force majeure on the El-Feel oilfield and that by doing so it had ended all the closures of oilfields and ports that resulted from an eight-month blockade by eastern forces.
NOC said on Friday it expected its total oil output to reach 800,000 barrels per day (bpd) within two weeks and 1 million bpd within four weeks after lifting force majeure on the ports of Ras Lanuf and Es Sider.
The blockade was imposed in January by Khalifa Haftar’s Libyan National Army (LNA) and ended in September when he agreed to reopen oil facilities after talks with members of the internationally recognized Government of National Accord (GNA).
NOC has been gradually lifting force majeure in facilities where fighters no longer remained and restarting production in them.
On Sunday a first tanker in eight months docked at Al-Zawiya port and began loading, an engineer there said, after force majeure was lifted last week on Sharara, Libya’s biggest oilfield.
Al-Waha Oil Co, an NOC company, also said on Sunday a first tanker was bound for Es Sider and may dock there early on Tuesday.
Force majeure refers to unexpected external circumstances that prevent a party to a contract, in this case NOC, from meeting its obligations.


Erdogan’s son-in-law leaves sovereign wealth fund

Updated 12 min 29 sec ago

Erdogan’s son-in-law leaves sovereign wealth fund

  • The 42-year-old quit as finance minister in a cryptic November 8 message on Instagram
  • His resignation was ignored by state media until it was formally accepted by Erdogan the next night

ANKARA: President Recep Tayyip Erdogan’s son-in-law quit as the deputy head of Turkey’s huge sovereign wealth fund, completing a fall from grace that began with his surprise resignation as finance minister.
Berat Albayrak had been viewed as Turkey’s second most powerful figure until his chaotic departure from the government at the start of the month.
Married to the Turkish leader’s elder daughter, the 42-year-old quit as finance minister in a cryptic November 8 message on Instagram that cited health reasons.
His resignation from the helm of the Turkish economy was ignored by state media for more than 24 hours, until it was formally accepted by Erdogan the next night.
Albayrak’s two-year tenure as economy chief saw the lira lose 40 percent of its value against the dollar and the central bank burn though most of its reserves in trying to defend the currency.
His departure was linked to Erdogan’s appointment of a new market-friendly central banker whom Albayrak had strongly opposed.
Naci Agbal, the new central bank governor, sharply raised the main interest rate at his first policy meeting last week, helping the lira halt its slide.
Yet Albayrak still held on to his post as deputy head of the sovereign wealth fund, which was created in 2016 and now manages state assets officially valued at $22.6 billion.
Erdogan’s office said little about Albayrak’s departure, noting in a one-sentence statement that he “left the board of the sovereign wealth fund of Turkey after asking to take leave.”
He was appointed as its deputy head in 2018, the same year Erdogan became its official chief.