This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Libyan Militias Attempt to Export Oil Abroad

By Esam Mohamed

TRIPOLI, Libya -- Militias in control of Libya's eastern ports are attempting to export oil on a North Korean-flagged tanker that docked at gunpoint Saturday.

The prime minister said his military leaders failed to carry out orders to stop the vessel, docked at al-Sidra.

It is not clear why the military leaders didn't stop the vessel from docking. Since the summer, the government has ordered that militias controlling oil terminals and ports be blocked from exporting crude. 

Prime Minister Ali Zidan simply said his government has been facing challenges from all sides.

"Everyone is working against the government," Zidan told a news conference. "The defense minister had asked the chief of staff to move [against the militia], asking them to deal with it, but nothing happened."

Leaders of a movement for self-rule in oil-rich eastern Libya control numerous ports and have halted Libya's exports for months. This has drastically affected the country's oil exports. The movement's militia have said they've formed a regional oil company and a shadow regional government.

Aside from autonomy, the group in the self-declared independent Barqa region is demanding a share of oil revenue.

The spokesman for the militia, Abd-Rabbo al-Barassi, said that his group would respond to any attempt to stop the shipment.

Mohammed al-Harari, the spokesman for Libya's national oil company, said Saturday that the vessel docked at al-Sidra could carry up to 350,000 barrels of oil. An oil company official, speaking on condition of anonymity because he was not authorized to brief reporters, said armed gunmen forced workers loyal to the government to dock the ship.

In January, Libya's navy prevented a Malta-flagged oil tanker from entering ports controlled by the militia.

Zidan's government has been undermined by the proliferation of militias around the country, some of which are allying themselves with rival political factions. Islamist, Western-backed politicians and tribal leaders are locked in power struggles that have left post-civil war Libya fractured. Assassinations of public figures and security officials are frequent.

Most of the lawlessness is blamed on militias, which the government is struggling to control even as it continues to rely on many of them to impose order.

Zidan said his government has been in touch with the North Korean government. He said the tanker is believed to be owned by a gulf businessman, but he didn't elaborate.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%
YHOO $44.52 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs