Oil swap deal reported as Libya conflict drags on

National Oil Corporation (NOC) is widely reported to have signed an agreement with Glencore under which the Swiss-based trading company acquired rights to the Sarir and Messla crude being exported from Marsa al-Harigah in return for importing a quantity of gasoline each month. NOC responded to the reports, which emerged in the industry press in late August, with a statement saying: “what has been published in those media outlets is not true. In addition, NOC would like to take this opportunity to reassure to its customers in the global oil market that NOC is committed to respect its contracts and their terms.