PetroChina to buy Libyan oil

By Sami Zaptia:

PetroChina has reportedly signed a contract to buy Libyan oil in 2018.

PetroChina has reportedly signed a contract to buy Libyan oil in 2018.

London, 2 March 2018:

PetroChina has signed an annual contract to buy Libyan crude in 2018, Bloomberg reports. It is the first oil purchase deal with the NOC by the Chinese company since 2013.

The deal comes after similar deals were agreed by oil majors like Royal Dutch Shell and BP in January. The deal is seen as vote of confidence in Libya’s ability to increase its oil production – currently at around 1,1 million barrels per day – despite its on-off political and security problems.

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