Thursday, April 7, 2011

Libyan Rebel Oil Shipment Leaves Port

Lloyd's List reported a 1 million barrel shipment of rebel oil left Libya on April 6. The last shipment of Gadhafi oil left on March 18.  U.S. led airstrikes began March 19.   The rag tag group of rebels is surprisingly sophisticated, at least corporately:  They established a Central Bank and Rebel Oil Co. within days of the UN authorizing the imposition of a "no fly zone."

Arabian Business reported:

The rebel-led government said it had concluded a deal with Qatar to market crude oil and had discussed plans with a UN envoy to exempt its oil exports from sanctions that have been imposed on Gaddafi entities.

Rebels will need a bank to facilitate the movement of $100 million shipment aboard the Equator.  George Prokopiou expects payment for the use of his ship Might the bank be the Arab Banking Corporation?

Update 4-24-11:  Bloomberg reported the shipment garnered $120 million for the Rebels.