Libya's National Oil Company on Sunday declared force majeure at its Zawiya Refinery after clashes inflicted damage in the facility, threatening to throw another wrench into the Opec member's export commitments and economic progress.
NOC said the declaration was a "level three" or "highest" emergency, after gunfire in the refinery's vicinity caused "significant damage" to storage tanks that led to "serious fires", the company said. It did not identify the belligerents, although Libyan news website Almarsad reported that the fight was between two tribes.
While the fighting has since calmed down, NOC has yet to provide any updates on the damages and when it would lift the force majeure, which is used to describe unforeseeable circumstances that prevents an entity from fulfilling an obligation in a contract, and is often included as a clause in company deals as protection from any liabilities.
"The continued risk of similar damage to the refinery’s storage tanks, which contain highly flammable materials, poses a grave danger to civilian lives," NOC said.
Zawiya is currently Libya's second-biggest crude refinery, with a capacity of 120,000 barrels per day, behind only the 220,000 bpd at the Ras Lanuf refinery. Other smaller facilities are in Tobruk with 20,000 bpd and Brega and Sarir, both with about 10,000 bpd each.
Zawiya is the key to Libya's economy, especially amid economic and political turmoil. As of 2023, the value of the country's petroleum exports was at nearly $30.7 billion, which is almost 85 per cent of all exports, Opec data shows.
Libya’s economy is heavily dependent on oil and gas. Last year, the sector accounted for about 97 per cent of the country's exports, more than 90 per cent of fiscal revenue and 68 per cent of gross domestic product, according to data from the African Development Bank Group.
The country's economy grew a healthy 12.6 per cent last year after a recession-riddled 2022, on the back of sustained oil production made possible by an improved security situation, driven by private consumption and exports, the Abidjan-based lender said.
However, Libya's situation has remained unstable, which has the potential to turn off companies from investing in the country, as the political and stability situations may cause oil price fluctuations, which may potentially harm the security of investments and profitability.
Sunday's move was not the first time NOC was prompted to use force majeure this year. In August and September, the company made similar actions at the Sharara, El Feel and Es Sider oilfields amid political tension in the country. Before those closures, Libya's oil production stood at 1.2 million barrels per day.
That oil disruption also prompted the International Monetary Fund this week to lower Libya's economic growth forecast for 2024, although it upwardly revised its figure for 2025 due to the expected rebound in production.
In its World Economic Outlook released in October, the IMF projected Libya's GDP to moderate at 2.4 per cent growth this year before rising to 13.7 per cent next year, before settling at 2.3 per cent in the medium term.
Libya has some of the cheapest, largely sweet oil in northern Africa. But much of it remained offline following a bloody civil war that erupted between rival factions after the downfall of Muammar Qaddafi in 2011.
The Opec member held nearly 4 per cent of the world's proven oil reserves, with about 48.36 billion barrels at the end of 2023, making it also the largest in Africa, data from the group shows.
However, since 2020, oil production has been relatively stable in the Opec producer at between 1 and 1.1 million barrels per day, except for a short period in May to June 2022. NOC aims to bolster oil production to 2.1 million bpd by 2025, from about 1.2 million bpd currently.
Libya has also announced plans to raise its gas production to 4 billion cubic feet a day in the next three to five years, from the current levels of 2.5 bcf per day, as it focuses on expanding its natural gas resources, its oil and gas minister Khalifa Abdulsadek said in November.
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
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UAE currency: the story behind the money in your pockets
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December 8: UAE v USA (Sharjah Cricket Stadium)
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December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: Lamborghini Aventador SVJ
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Engine: 6.5-litre V12
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F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
