BASF's energy unit evacuates staff from Libya amid unrest

22 February 2011 02:12  [Source: ICIS news]

TORONTO (ICIS)--BASF’s energy unit, Wintershall, is evacuating international staff from Libya and shutting down its oil production amid increasing unrest and violence in the oil-rich North African country, the company said on Monday.

The measure would affect some 130 employees, Wintershall said in a brief statement.

The company currently operates eight onshore oil fields some 1,000km southeast of Tripoli or 350km southwest of Benghazi.

“In agreement with the Libyan National Oil Corporation (NOC), preparations are currently being made to safely shut down oil production,” Wintershall added.

The shutdown affects as much as 100,000 bbl/day of production, according to a separate report on Wintershall’s website.

Wintershall has been active in exploration and production in Libya, one of Africa’s biggest oil producers, since 1958.

Tens of thousands of people have held protests on Monday in the streets of the Libyan capital Tripoli as well as the second-largest city, Benghazi, to force Col Muammar Gaddafi to step down from power and reform Libya's government.

Meanwhile, BASF's shares closed down 2.66% at €59.90 ($81) on Germany's Xetra stock exchange on Monday.

(€1 = $1.36)

For more on BASF and other producers visit ICIS company intelligence
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By: Stefan Baumgarten
+1 713 525 2653

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