Business | Oil & Gas
Libya cuts off supplies to Swiss refiner Tamoil
Libya halted oil supplies to its Swiss refining unit Tamoil SA, a decision that will cut supplies to the European country by about two million metric tonnes of oil a year, Switzerland's Oil Association said.
- Agencies
- Published: 00:27 October 10, 2008
Madrid: Libya halted oil supplies to its Swiss refining unit Tamoil SA, a decision that will cut supplies to the European country by about two million metric tonnes of oil a year, Switzerland's Oil Association said.
"This is a political decision, not an economic one," said Rolf Hartl of Association de L'industrie Petroliere Suisse in a telephone interview yesterday. "The whole of Tamoil's business in Switzerland is at risk."
Switzerland will be able to cover its shortfall by buying supplies in the spot market, Hartl said. Tamoil spokesman Laurent Paoliello would not comment.
Volumes
Libya supplies 20 per cent of Switzerland's annual oil demand. Tamoil imports crude into the port of Genoa, Italy, then sends it by pipeline to its 50,000 barrel-a-day Collombey refinery. It also operates more than 300 gasoline service stations in the country and a heating oil business.
Hannibal Gaddafi, Libyan leader Muammar Gaddafi's youngest son, and his wife were arrested in a Geneva hotel on July 15 after two of their employees filed a complaint accusing them of mistreatment. The couple were detained for two days, then allowed to return to Libya. The servants dropped their charges last month.
Tensions between the two countries escalated in late July when Libya ordered Swiss companies to close offices in the country. Libya's state-run oil tanker company said on July 24 it would stop carrying oil destined for Switzerland, though it backtracked later.
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