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Libya retakes key oil terminals after clashes cut output by 450,000 b/d: Sanalla

Vienna — The Libyan National Army has retaken the key eastern oil terminals of RasLanuf and Es Sider that shut 450,000 b/d of crude production, the head of thestate-owned National Oil Corp. said Friday.

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NOC Chairman Mustafa Sanalla disputed statements by militia leader IbrahimJadhran that the facilities were still under attack.

"He tried to have legitimacy and we will not give him any legitimacy," Sanallatold reporters before the OPEC meeting.

Sanalla said 450,000 b/d of Libyan production has been offline for "eight ornine days," and he hoped it would restart in a "couple of days." Libyanoutput was 950,000 b/d in May, before the armed clashes between rival militiagroups at the terminals last week, according to the latest S&P Global PlattsOPEC survey.

NOC declared force majeure last week on loadings from Es Sider and Ras Lanuf,which had been set to load around 420,000 b/d in June.

Ras Lanuf had five operational storage tanks, storing up to 950,000 barrels.The loss of the two tanks has reduced its total capacity by 400,000 barrels tojust 550,000 barrels, NOC said Monday.

Along with Brega and Zueitina, the Ras Lanuf and Es Sider terminals serve theSirte basin, a collection of oil and gas fields in central and eastern Libyathat account for around 650,000 b/d, roughly two thirds of the country'sproduction.

OPEC is meeting to decide the future of its production cut agreement.

Libya was exempted from the cuts when the deal went into force in January2017, but for 2018, it was given a loose cap of around 1 million b/d.

Sanalla said he supports the tentative deal to ease the quotas by 1 millionb/d.

"I think so, it is good," he said. "Our attention is to restore our quota andour production. We are working very hard to resume operations, to restore ourquota."

Sanalla said NOC was looking at opportunities to work more with Russia'sRosneft.

"We have cooperation with Rosneft for the trading," he said. "For otherissues, we are in the process to see what we can do. Rosneft has thetechnology, the know-how."

--Meghan Gordon, meghan.gordon@spglobal.com

--Staff, newsdesk@spglobal.com

--Edited by Jonathan Dart, newsdesk@spglobal.com