Libya is gearing up to welcome fully laden VLCCs again after a five-year hiatus.
Brokers Gibson report the war-torn North African nation has plans to build a port in the eastern city of Susah capable of handling VLCCs.
The Libyan Seaport Authority is joining forces with US-based Guidry Group to develop the port, which has a projected cost of $1.5bn. The harbour itself already has a natural depth of 18 metres, only a few metres short of what’s needed for a fully loaded VLCC.
Gibson stated in its latest weekly report that Libya’s neighbours Sudan and Chad have welcomed the project stating their desire to use it.
VLCCs have not fully loaded in port for over five years due to a build-up in silt at the Es Sider terminal.
Last year Libyan oil production averaged close to 1m barrels per day. The chairman of state oil company NOC, Mustafa Sanalla, has announced plans to up this figure to 2.1m by 2021.