Libya seeks to increase oil, gas trade with Spain

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BREGA, LIBYA - JUNE 2: The Brega facilities fall under the managment of the Libyan National Oil Corporation, and maintain some of the oldest and newest equipment in the Libyan oil Industry on June 2, 2004 in Brega, Libya. With the lifting of US sanctions against Libya earlier this year, American oil companies, eager to find other avenues for oil exploration have begun negotiating with the Libyan government to return to its vast oil fields. (Photo by Benjamin Lowy/Getty Images)
Rhe Brega facilities fall under the managment of the Libyan National Oil Corporation, and maintain some of the oldest and newest equipment in the Libyan oil Industry on June 2, 2004 in Brega, Libya. (Photo by Benjamin Lowy/Getty Images)

Libya wishes to increase oil and gas trade with Spain, Mustafa Sanalla, chairman of the state-owned National Oil Corporation (NOC) of Libya said on Thursday.

Sanalla made this remark during a meeting with Javier Garcia-Larrache, Spanish ambassador to Libya, according to a statement issued by the NOC.

“We are happy with our partnership with the Spanish company Repsol and there has been a commercial exchange between Libya and Spain in the oil and its derivatives field that exceeded 7.5 billion dollars during the last three years,” Sanalla said.

He appreciated the role that Repsol has been playing through its cooperation with the NOC in capability building and sustainable development.

The Spanish ambassador commended the NOC’s efforts to increase the country’s daily oil production, confirming that he will encourage Spanish service companies to return to Libya, according to the statement.

The NOC recently announced that Libya’s daily oil production has exceeded 1 million barrels, after months of closure of oilfields and ports that had dropped the daily production to less than 100,000 barrels per day.

Demanding a fair distribution of the oil revenues, Libya’s eastern-based army had since January been blocking oil production and exports, the country’s main source of income, before the NOC announced reopening of oilfields and ports in June.

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