First Libyan private oil firm grows rapidly

A Libyan oil firm linked to the faction that controls eastern Libya has exported oil worth a minimum of $600 million since May, reported Reuters on February 17th.

This brings to an end to the state-owned national oil corporation’s monopoly on oil exports, according to shipping records and UN experts.

The shipments by the Arkenu oil company, created in 2023, are the first by a private Libyan oil company and likely mean that portions of the country’s oil revenue is being channelled away from the central bank.

Reuters