Libya’s National Oil Corporation is resuming operations at the Zueitina oil terminal after the unit was shut down last month because of the ongoing political turmoil in the country.
The oil company declared "temporary lifting of the force majeure” at the terminal on Sunday to start loading tankers with crude oil to reduce stock and free up storage capacity, it said in a statement on its website.
Force majeure refers to an unforeseen set of circumstances preventing a party from fulfilling a contract.
“With the efforts of the … people of this country and in regular and continuous communication with all parties, the [Zueitina] oil terminal has temporarily resumed work, to load two tankers and allow for enough space to store the displaced volume of crude oil,” the company said.
The company halted exports from the terminal last month after a group of people entered the unit and stopped employees from working. It also gave a warning about an “imminent environmental disaster” at the terminal if the stocks were not reduced to free up storage capacity.
The opening of the terminal is expected to add downward pressure on oil prices, which continued to slide on demand concerns due to movement restrictions in China, the world’s second-largest economy and the top importer of oil.
Brent, the benchmark for two thirds of the world's oil, was up slightly by 0.05 per cent at $107.91 a barrel at 11.42am UAE time on Monday. West Texas Intermediate, the gauge that tracks US crude, was trading 0.03 per cent lower at $104.66 per barrel.
Libya, an Opec member, produces about 1.2 million barrels of oil a day and is exempt from the Opec+ production deal because of security concerns.
The North African country’s output has suffered because of the closure of several oil production units in recent times amid political turmoil in the country.
Apart from Zueitina oil terminal, Libya also declared force majeure at Brega oil port as well as Al Sharara oilfield and El Feel oilfield, also known as the Elephant field.
“The instructions were given to the operator … to start shipping the crude to the tankers which [are] already nearby, and thus the NOC announces a temporary lifting of the force majeure from the Zueitina oil terminal, with the hope that the crisis will be sorted out soon,” the company said.
Libya, which exports mostly sweet oil, has had much of its production remain offline during the civil war that erupted between factions after the downfall of former Libya leader Muammar Qaddafi in 2011.
The country has had two competing governments since March and these rival administrations could herald a return to division and instability, the UN said earlier this year.
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Killing of Qassem Suleimani
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