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Wintershall upbeat on Libyan developments

Oct. 3, 2012 at 7:30 AM   |   Comments

BERLIN, Oct. 3 (UPI) -- German energy company Wintershall announced plans to build an oil pipeline for the Libyan port of Ras Lanuf by next year.

Wintershall said it was sending a "clear signal" of confidence in Libya with its announcement of plans to build a 35-mile pipeline between two oil fields. From there, the company said, crude oil would be delivered to Ras Lanuf.

Libyan oil production was shut down by last year's civil war but has rebounded since. Wintershall Chairman Rainer Seele, speaking at an energy summit in Berlin, said Wintershall's oil production had reached 85,000 barrels per day.

"Overall, oil production may still fluctuate, since it depends on the availability of export infrastructure in the country," he said. "However, fortunately, Wintershall was able to gain additional capacities in export pipelines in recent weeks."

The pipeline has a design capacity of 100,000 barrels per day and has an estimated cost of around $38 million.

Wintershall, before the war, was producing around 100,000 barrels of oil per day. It operates eight onshore fields in Libya.

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