EU Lifts Sanctions On Libyan NOC, Clears More Libyan Oil Imports

Rigzone reported that the European Union announced that it is lifting sanctions on Libya’s National Oil Corp. after the fall of Col. Moammar Gadhafi last month.

The market news is quoted as saying:

Until now, European companies were generally barred from buying lift crude from Libya. The only exception was Arabian Gulf Oil Co, or Agoco, an Eastern oil company long controlled by the rebels which restarted production this month. That created a legal conundrum for foreign companies, which, like Total SA (TOT) are about to restart exports and would be expected to get an entitlement on their production through NOC.

The European move will also ease access to overdues from cargoes that were loaded by European companies but not paid after sanctions kicked in.

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