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Primary cause for lifting force majeure at Al-Zawiyah refinery?
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Resolution / Starting Odds
Resolution of armed conflict • 25%
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Other • 25%
Official announcements from Libya's National Oil Corporation (NOC) or reputable news sources detailing the reason for lifting the force majeure
Story
Libya's NOC Declares Force Majeure at Al-Zawiyah Refinery on December 15 Amid Armed Clashes and Third Degree Emergency
Dec 15, 2024, 06:51 AM
On December 15, 2024, Libya's National Oil Corporation (NOC) declared a state of force majeure and an emergency of the third degree at the Al-Zawiyah oil refinery due to severe damage caused by clashes between armed groups. The fighting resulted in significant fires and damage to several storage tanks at the facility. Although the NOC reported that security personnel managed to control the fires and limit their spread, the situation remains precarious as clashes continue in the vicinity. The declaration of force majeure indicates that the NOC may be unable to fulfill its contractual obligations due to these unforeseen circumstances. Additionally, the ongoing violence has led to the suspension of classes at Zawiya University as a precautionary measure against the escalating conflict.
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