PetroChina Is Said to Agree to 2018 Deal to Lift Libya Oil
- Deal comes after Shell, BP term contracts to buy Libyan crude
- Libya’s oil output stabilizing despite political uncertainty
The logo of Eni SpA.
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PetroChina Co. agreed to an annual contract to buy Libyan crude after similar deals by oil majors like Royal Dutch Shell Plc and BP Plc, underscoring a recovery in the North African country’s production even as its political uncertainty persists.
The term contract is the Chinese oil producer’s first with Libya’s National Oil Corp. since 2013, according to a person familiar with the matter, who asked not to be identified because they aren’t authorized to speak to the media. BP and Shell also agreed in January to annual deals to buy crude from Libya.