Glencore defends its controversial deal with the Libyan National Oil Corporation

Glencore defends its controversial deal with the Libyan National Oil Corporation

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Glencore has defended a controversial deal with the Libyan National Oil corporation

Glencore has defended a controversial deal with the Libyan National Oil corporation

Commodoties giant Glencore has stood up for its deal with Libya’s National Oil Corporation after one of the nation’s rival administrations threatened to block its tankers.

Tripoli-based NOC says it operates independently of both the rival government that controls the capital and the internationally recognised government in the east.

Alex Beard, head of oil at Glencore, said oil firms, ‘have made it very clear there is no alternative to the NOC at its legal address in Tripoli as the only recognised marketer of Libyan oil’.

Glencore organises buyers for oil, which is exported from near the border with Egypt.

The company’s shares rose by 5.3p to 95.88p yesterday.

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