Swiss Glencore loses exclusive rights to major Libyan oil grades

BY Libyan Express Jan 10, 2019 - 17:00

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo

Reuters reported on Thursday that the Swiss trading and mining giant Glencore (GLEN.L) had lost its exclusive marketing rights for two of Libya’s main crude oil export grades after holding them since late 2015, citing trading sources with direct knowledge with the matter.

The Switzerland-based firm had secured the rights to the Sarir and Messla grades when it was one of the few foreign companies willing to deal with Libya during unrest that has wracked the country since 2011.

Glencore, which had exclusive rights on the two grades until the end of 2018, and Libya’s National Oil Corp (NOC) declined to comment, Reuters reported.

“Glencore lost exclusivity on Messla and Sarir,” one of the trading sources told Reuters, asking not to be named. “Companies like BP and Shell had their first Messla and Sarir allocation.”

A second trader said that now “anyone can get these grades.” Reuters added.

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