Libya Declares 'Force Majeure' in Largest Oilfield

Haftar, Saleh and Hammad are seen at the inauguration ceremony. (Government of Stability)
Haftar, Saleh and Hammad are seen at the inauguration ceremony. (Government of Stability)
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Libya Declares 'Force Majeure' in Largest Oilfield

Haftar, Saleh and Hammad are seen at the inauguration ceremony. (Government of Stability)
Haftar, Saleh and Hammad are seen at the inauguration ceremony. (Government of Stability)

Libya's National Oil Corporation (NOC) on Sunday declared a force majeure with immediate effect at its Sharara oilfield, which can produce up to 300,000 barrels per day, due to protests in the area.

Negotiations are ongoing to resume production as soon as possible, NOC said in a statement.

The closure of the oilfield - one of Libya's largest - has suspended crude oil supplies from the field to the Zawiya terminal, it added.

A force majeure event relieves the parties from performing their obligations due to extraordinary events or circumstances beyond their control.

The field is run by state oil firm NOC with Spain's Repsol, France's Total, Austria's OMV, and Norway's Equinor.

The oil sector in Libya suffered in 2022 from closures that lasted for nearly three months, leading to over 6 billion dinars ($3.59 billion) in losses.

Separately, east-based parliament Speaker Aguila Saleh extended invitations to both Arab and foreign companies to take part in Libya’s ongoing development initiatives.

In a speech during the inauguration of several bridges in Benghazi, he said the reconstruction of the city will benefit all Libyans.

The bridges were reconstructed by the east-based Government of Stability, headed by Osama Hammad.

The city, having weathered intense battles in recent years, stands as a testament to the resilience of the armed forces in combating various forms of terrorism, Saleh added.

In underlining the milestones unveiled in Benghazi, with similar initiatives slated for Derna and flood-affected regions, Saleh emphasized the transformative nature of the ongoing development.

He asserted that these accomplishments not only improve and simplify daily living but also send a resounding message to the global community, signifying the earnest commencement of Libya's development.

Saleh lauded Egyptian companies for carrying out their responsibilities in line with international standards, expressing gratitude to Egyptian President Abdel Fattah al-Sisi and the Egyptian people for their unwavering support to the Libyan people.

Libyan National Army (LNA) commander Khalifa Haftar was also attended the ceremony. He underscored the ongoing meticulous efforts dedicated to providing top services to citizens and advancing infrastructure development.

Haftar emphasized an unwavering commitment to precision in work and the expeditious completion of projects.



Lebanese Govt. to Seek New IMF Program, Policy Statement Says

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas//File Photo
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas//File Photo
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Lebanese Govt. to Seek New IMF Program, Policy Statement Says

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas//File Photo
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas//File Photo

Lebanon's new government will negotiate with the International Monetary Fund for a new program and will work to deal with the country's financial default and public debt, according to a policy statement approved by the cabinet late on Monday.

The statement, a copy of which was reviewed by Reuters, said the government would work for an economical revival that could only be achieved through restructuring the banking sector.

Lebanon has been in deep economic crisis since 2019, when its financial system collapsed under the weight of massive state debts, prompting a sovereign default in 2020 and freezing ordinary depositors out of their savings in the banking system.

Beirut reached a draft funding deal with IMF in 2022 - contingent on reforms that authorities failed to deliver.

Finance Minister Yassine Jaber, who took office as part of a new government agreed earlier this month, told Reuters an IMF mission is expected to visit Lebanon in March.

Jaber said he had met the IMF's resident representative in Lebanon, Frederico Lima, and confirmed that the government plans to move ahead with reforms.

Lebanon's political landscape has been turned on its head since the Iran-backed Lebanese group Hezbollah, long a dominant player in Lebanese politics, was badly pummelled in last year's war with Israel.

Reflecting the shift in the power balance, the government policy statement did not include language used in previous years that was seen to legitimize a role for Hezbollah in defending Lebanon, saying instead "we want a state that has the decision of war and peace".

The statement said it was required to adopt a national security strategy and a foreign policy that works to 'neutralize' Lebanon from conflicts.

In the field of energy, the Lebanese government will seek to resume work in oil and gas exploration, according to the cabinet statement. It said the government planned to establish a Ministry of Technology and Artificial Intelligence.

With a new administration in neighboring Syria, the statement said the Lebanese government believed it has an opportunity to start a serious dialogue aimed at controlling and demarcating the borders and working to resolve the issue of displaced Syrians in Lebanon.