Libya's Oil Revolution: The Rise of Arkenu Oil Company

Arkenu Oil Company, linked to eastern Libya's powerful faction, has exported $600 million worth of oil since May, challenging the National Oil Corporation's control. The private company's rise highlights armed factions' growing oil sector influence under military commander Khalifa Haftar. Arkenu's operations signal a shift in Libya's oil revenue distribution.

A Libyan company tied to a dominant faction in eastern Libya has exported oil valued at $600 million since May, disrupting the longstanding export monopoly held by the National Oil Corporation, per shipping records and U.N. findings.

The exports by the nascent Arkenu Oil Company represent a significant shift, as it channels some of Libya's oil revenues away from the Central Bank. The country's political landscape has been marred by factional disputes since Gaddafi's fall in 2011, with Khalifa Haftar's forces controlling the east.

Arkenu's operations have drawn attention to growing armed actor influence over Libya's oil sector, as noted by Charles Cater of The Sentry. Despite reaching out for comments, efforts to establish ownership details for Arkenu were inconclusive.

(With inputs from agencies.)