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BREAKING NEWS

Divided Libya agrees on oil

Rival Libyan factions have reached an outline agreement to join forces and form a single oil authority operating throughout the country.

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Divided Libya agrees on oil

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Point of view

These institutions can only be managed centrally

  • Rival factions agree on oil
  • Exports could resume in days
  • ISIL fighters pushed back towards Sirte
  • What is happening?

    Rival Libyan factions have reached an outline agreement to join forces and form a single oil authority operating throughout the country.

    The news was announced by the Foreign Minister of the UN-backed unity government, Mohammed Siyala after ongoing talks in Vienna.

    “These institutions can only be managed centrally. That is why it was agreed that both institutions from east and west be united, so that there is only one oil company, one investment company and one central bank,” Siyala told reporters.

    Competing administrations of Libya’s state-run National Oil Corporation have agreed to resume exports to help revive the OPEC member’s production.

    Crude oil will begin to be shipped from the port of Marsa El Hariga in around three days, NOC (East) Chairman Nagi Elmagrabi told the media.

    Exports from Hariga have been blocked for two weeks due to a standoff between the rival national oil corporations in the east and west of the vast OPEC member state.

    Read the report :Libya is “losing 10m USD a day in revenue”.

    The battle in Misrata

    Forces in Misrata are continuing to fight ISIL militants, who have advanced east of their base in Sirte.

    They have pushed them back towards their stronghold with air-strike support from the Libyan Air Force.

    The forces in Misrata are made up of militia fighters loyal to the UN-backed Government of National Accord, based in the Libyan capital, Tripoli.

    The airstrikes came on the same day the US and other world powers agreed to supply Libya’s internationally-recognised government with weapons to counter the threat from ISIL.

    The context

    The international community is counting on the UN-backed unity government to tackle ISIL in Libya.

    The hope is this will help stem the flow of migrants to Europe via the central Mediterranean route.

    What they are saying

    “These institutions can only be managed centrally. That is why it was agreed that both institutions from east and west be united, so that there is only one oil company, one investment company and one central bank,” – Foreign Minister Mohammed Siyala explains the situation to reporters in Vienna.