Friday, May 20, 2022

Libya says it can replace Russian oil in 5-7 years…

Libya says it can replace Russian oil on the market in 5-7 years.

Libya will not be able to replace Russian oil for Europe at the moment, this option, if possible, only could be achieved in five to seven years, Libyan Oil and Gas Minister Mohammed Aoun said.

“Libya cannot become a substitute (for oil from Russia for the EU – ed.) at the moment, maybe in five or seven years,” the minister said, answering a question to RIA Novosti.

Earlier, Italian oil and gas group Eni said it intended to replace Russian oil with supplies from the international market and suspended new contracts for crude oil supplies from Russia.

According to the company, in 2021 only 18% of crude oil processed by Eni was of Russian origin, and it plans to compensate for these volumes by purchases on the international market.