Glencore seals oil deal with Libya

London

TRADING house Glencore has secured a deal to buy as much as half of the oil Libya is currently exporting, market sources said, as it looks to boost trading to help offset flagging profits from mining.

For war-torn, cash-strapped Libya, the deal offers steady sales to international buyers and shifts to Glencore the risks associated with loading oil and chartering vessels at ports where operations have become more unpredictable due to the conflict in the north African nation.