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Business News

Business News
Released:  25/07/20162016-07-25
Word count:  960

The Main Tender Committee of the Arabian Gulf Oil Company desires to release the following project:-

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NOC

 

No.

MTC No.

Projects Title

1

MTC-16/2016

·      Supply of the existing aged gear box of the gas Turbine TB-5000 (first stage) at GTP Sarir Oil Field

·      Supply of the existing aged gear box of the gas Turbine TB-5000 (Second and Third stages) at GTP Sarir Oil Field

2

MTC-17/2016

·      Supply of the over head line Truck at Hamada Oil Field

·      Supply of the well head maintenance Truck at Nafoora Oil Field

 

 

 

 

 

 

 

 

 

Bidding procedure:

 

All specialized  companies  which have the true desire to participate in this tender, and have the efficiency, ability, previous experience and specialized in the above mentioned field, please be informed that  tender documents shall be withdrawn during the period from: (Day: Sunday, Corres. To: 17/07/2016 A.D To Day: Sunday, Corres. To: 31/07/2016 A.D), (from: 12:00  P.M   to: 14:00 P.M)  through a direct delivery  to their representatives who have to fill the attached receipt   form  to be brought later on the date of  delivery,

 

·      Prepare and submit by Email or a direct delivery the below listed documents (Requirements) to the Main Tender Committee (MTC) of AGOCO.           

Bidding Requirements(Provided by all applicants)

                     

1.    A copy of work license.(Valid)

2.    A copy of a recent  Commercial Record Extract .(Valid)

3.    A copy of  record certificate of the Chamber of Commerce .(Valid) and financial file

4.    A proof of tax payment. (Valid).

5.    A copy of the decree of formation.

6.    A copy of the basic structure.

7.    A copy of a partnership  agreement (if any)- if the company had incorporated or joined another legal person - certified by the local competent authorities or by those at the state headquarters-If the other party in the partnership agreement is a foreigner  and  approved by the Libyan embassy at the State Headquarters.

8.    Work permission from the competent ministry for the foreign companies.

9.    The applicant’s qualification and previous experience, supported with documents of the related field, including copies of the handing –over minutes of projects executed for the interested bodies.

10.The participant, if accepted, shall facilitate the  field visit procedures to his  company's headquarter for the Arabian Gulf Oil company representatives who authorized to examine all his available  material and human capabilities .

Offers Submission:

 The Tender should be submitted through a direct delivery or by courier in (4) separated  envelopes, closed with red  sealing wax and with the stamp of the bidder, writing clearly the name of the project, the bid number and the name of the participating Body on each envelope.

 

  1. The first envelope should include a priced financial proposal (original + 1 copy)
  2. The second envelope should contain an un-priced financial proposal without price (original + 1 copy) (do not mention the price); otherwise, it will be rejected   and has to contain the required financial conditions and the required method of payment, with the necessity to agree on all AGOCO general terms and conditions.
  3. The third envelope includes a technical proposal (original + 2 copies). As well as the validity of the proposal shall be three months at least from the closing date stated in this announcement. (Plus an electronic copy of the technical proposal ONLY).

 

The proposals shall be submitted during the official working hours to the main Tender Committee at the Arabian Gulf Oil company Headquarter- Alkeish- Benghazi- B.O. box 263  the  dead line is: (Time: 14:00 P.M Day Wednesday, corresponding to: 31/08/2016 A.D)

  

Any proposal not complying with the above mentioned procedures shall not be accepted, i.e. any offer which does not comply with such tender ,or not clearly reflects the ability of the bidder to execute the work in a required precision ,shall be ignored, and the lower prices shall not be the only standard for winning the bid.

 

The Arabian Gulf Oil Company has the right to cancel the tender without stating the causes, as well as the Arabian Gulf Oil Company shall not bear any expenses incurred by the participant after the tender cancellation, taking into account that all offers and the attached document submitted by the participant in this tender will be owned by the Arabian Gulf Oil Company, 

 


 

For any inquiries, please, contact the main tender committee secretariat on the following address:

The Main Tender Committee–Office No.(4)-New building- The    Company's main  headquarter - Alkiesh- Benghazi – Libya  - P.O.box:263

Fax No.:218-61-2229006

Tel. No.: 218-061—2228931-44 –Ext.: 3883

E.mail address: mtc@agoco.com.ly

 

Note: All correspondence   shall be addressed to the chairman of The Main Tender Committee of the Arabian Gulf Oil Company. 

 

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Oil & Gas News

Oil & Gas News
Released:  25/07/20162016-07-25
Word count:  234

Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come.

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Reuters
International Brent crude oil futures LCOc1 were trading at $45.59 per barrel at 0424 GMT, down 10 cents from their previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $44.09, also down 10 cents a barrel. Both benchmarks were close to two-month lows reached last week.

Traders said that ongoing oversupply and growing economic headwinds were weighing on oil.

"Headwinds (are) growing for 2H16, hence our bearish oil bias," Morgan Stanley said on Monday in a note to clients, pointing to resilient U.S. supply, falling demand for transport fuels, and oversupply by refiners, particularly in gasoline.

"As a result, crude oil demand from refineries is underperforming product demand by a wide margin," the U.S. bank said, adding that growing economic risks added to downside risks for oil.

A strong dollar and a fourth weekly rise in the U.S. oil rig count also weighed on prices, traders said. [USD/] [RIG/U]

Money managers cut their net long U.S. crude futures and options positions, which would profit from rising prices, to a four-month low in the week to July 19, the U.S. Commodity Futures Trading Commission said on Friday.

Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports.

(Reporting by Henning Gloystein and Osamu Tsukimori; Editing by Richard Pullin)
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Business News

Business News
Released:  25/07/20162016-07-25
Word count:  177

Afriqiyah Airways is to start a weekly flight between Tripoli Mitiga and Obari in the south west of the country. The service will begin on Monday, 25 July.

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Libya herald
Until now residents in the Obari area have had to travel 400 kilomtres south-west to Ghat or 200 kilomtres north-east to Tamenhint, near Sebha, in order to fly to Tripoli.

The decision to launch a service to Obari reflects stability in the town and confidence in the effectiveness of the ceasefire between Tuareg and Tebu fighters in the area.

A prolonged conflict between the two which started in September 2014 resulted in over 300 lives lost and saw most residents flee the oasis town. There were various ceasefires culminating in efforts by the Qataris last November to mediate between both sides. However, all failed. In the end, it was an agreement mediated in Rome with the help of the Sant’Egidio community that worked. As a result, residents have returned home.

The Italian community has since been involved in ensuring the provision of humanitarian aid to Obari and the wider area. Earlier this month, a first container of medicines arrived at Obari hospital, the result of a humanitarian agreement signed the previous month in Rome by Fezzan activists and political figures.
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Oil & Gas News

Oil & Gas News
Released:  22/07/20162016-07-22
Word count:  391

Crude oil futures eased on Friday, extending big falls in the previous session as investors reassessed U.S. data underlining the glut in petroleum, while Iraqi crude exports are also on the rise.

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Reuters
The global oversupply of oil has been easing but with huge amounts of crude being held in tanks and tankers on land and water, the rebalancing has taken longer than many expected.

"The market is getting a little bit nervous about the medium term. The inroads into global stockpiles of oil are not as great as anticipated," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

Brent crude fell 13 cents, or 0.3 percent, to $46.07 a barrel as of 0605 GMT after closing 2.1 percent lower in the previous session. Brent is on track for a decline of more than 3 percent for the week.

U.S. West Texas Intermediate (WTI) dropped 25 cents, or 0.6 percent, to $44.50 a barrel after ending the previous session down 2.2 percent.

A weaker U.S. dollar helped support prices, which scraped into positive territory earlier in the session.

The dollar index slipped against a basket of currencies on Friday. A weaker greenback it makes dollar-traded commodities, including oil, cheaper for holders of other currencies.

While U.S. production has been falling, crude inventories are at a historically high of 519.5 million barrels for this time of year, the EIA said earlier this week.

Total U.S. crude and oil product stocks rose 2.62 million barrels to an all-time high of 2.08 billion barrels as gasoline stocks posted a surprise build of 911,000 barrels during summer driving season.

"There is so much oil in storage that it will take months to truly feel the erosion of the overhang," Energy Aspects said in a note.

In the Middle East, Iraq's oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC's second-largest producer back on track after two months of declines.

Exports from southern Iraq in the first 21 days of July have averaged 3.28 million barrels per day (bpd), according to loading data tracked by Reuters and an industry source. That would be up from 3.18 million bpd in June.

The rise came as a report by BMI Research on Friday said fundamentals in the Asian diesel market remain weak, as demand for the fuel continues to wane in key Asian markets.

"Tight margins, ample supplies and brimming stockpiles at key diesel storage hubs suggest that a pullback in diesel output is imminent," the report said.

(Reporting by Keith Wallis; Additional reporting by Aaron Sheldrick; Editing by Richard Pullin)
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Anonymous
22 hours ago

Business News

Business News

The Tripoli-based Audit Bureau and the Public Prosecutor’s Office have ‘‘temporarily’’ suspended the Commerce and Development bank’s cheque clearance activity for suspicion of fraud.

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Libya herald
The Audit Bureau, within its oversight powers, issued instructions to the Central Bank of Libya, in its role as the ultimate Libyan banking body and the operator of the cheque clearing system, to freeze the cheque clearance of Commerce and Development. The Audit Bureau and Public Prosecutor’s Office said that there is suspicion that there is a link between the crash in the black market exchange rate of the Libyan dinar and the very high volume of cheques cleared by the Commerce and Development bank at the time of the dinar’s crash.

As a result, the Audit Bureau has meanwhile advised against dealing in Commerce and Development cheques until it concludes its investigation. The Public Prosecutor’s Office also confirmed that it was investigating the matter, adding that the ‘‘intelligence agency was asked to investigate’’ the allegations.

Libya Herald today contacted some foreign exchange dealers in Tripoli but none could or would admit to any linkage between the sudden crash in the dinar’s black market exchange rate and Commerce and Development bank.

All they would say is that Commerce and Development offered ‘‘the best cheque clearance system in Libya by a very wide margin’’ when compared to all the other Libyan banks – and especially compared to state-owned banks. Commerce and Development has become so efficient and reliable at cheque clearance that any of its cheques are ‘‘treated as if they were crossed/guaranteed’’ cheques, one foreign exchange dealer told me.

Another dealer said that it was simply the only means that the Libyan authorities could exert pressure on the black market foreign exchange dealers after the dinar crashed to over five dinars. They had worked out that most black market dealers used the Commerce and Development bank, simply because it was the fastest at clearing cheques, and therefore targeted them to halt the crash of the dinar’s exchange rate.

One other possible cause is the reactivation of foreign currency visa cards by Jumhouria bank, Libya’s largest bank, causing a run on dollars at the official 1.39 exchange rate.

Whatever the real causes of the sudden collapse of the dinar exchange rate, there is pressure on the Faiez Serraj-led Government of National Accord to do something.

It will be recalled that the black market Libyan dinar exchange rate against the dollar crashed to an all-time low two days ago. It broke the five-dinar ceiling against the dollar peaking at LD 5.30 against cash payments and LD 5.80 against Commerce and Development cheques. Even during the worst years of the Lockerbie embargo and sanctions under Qaddafi it had never reached the LD 5 mark against the US dollar.

Tripoli black market foreign exchange dealers put the crash to a loss of confidence in the politics of the country after they assessed that nothing positive had come out of the latest UN-brokered Tunis round of talks between all the contending Libyan parties.

Yesterday, the main black market foreign exchange market in the Medina’s Old Souk and the secondary market in Dahra were forcibly shut down by the RADA force..

The authorities have never commented in the past about the frequent closures of the market by RADA. They neither confirm nor deny whether RADA acts autonomously or on instructions from the government of the day. The dinar gained value today, quoted at LD 4.95/dollar by one dealer, but there was little activity in the market, he added.
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Anonymous
22 hours ago

Oil & Gas News

Oil & Gas News
Released:  21/07/20162016-07-21
Word count:  242

Crude oil prices edged up in early Asian trading on Thursday after the U.S. Energy Department reported a ninth consecutive weekly drawdown of crude stocks but a surprise build in gasoline supplies.

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Reuters
U.S. West Texas Intermediate crude for September delivery, the new front month contract from Thursday, was up 2 cents at $45.77 a barrel at 9.02 p.m. ET. The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel.

Brent crude's front-month contract, LCOc1 was up 5 cents at $47.22 a barrel. The contract, also for September delivery, rose 51 cents, or 1.1 percent, to $47.17 a barrel the previous day.

"Many market participants had expected far larger crude stockdraws during peak runs season in the United States. Clearly these expectations have not been met," Energy Aspects said in a note.

U.S. crude inventories USOILC=ECI fell 2.3 million barrels in the week ending July 15, data from the U.S. Energy Information Administration showed.

But at 519.5 million barrels, inventories are at historically high levels for this time of year, the EIA said.

Gasoline stocks USOILG=ECI rose 911,000 barrels, against a forecast for remaining unchanged, and are well above the upper limit of the average range, the EIA said.

July is considered the peak of a summer when Americans were expected to take to the road and put in record miles with prices relatively low.

Stocks of the motor fuel rose in spite of gasoline output slipping by 168,000 barrels per day and refinery crude runs USOICR=ECI rising 319,000 bpd as utilization rates edged up 0.9 percentage points to 93.2 percent of total capacity, the EIA data showed.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin)
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Qun
22 hours ago

Business News

Business News
Released:  21/07/20162016-07-21
Word count:  175

Oil exports at Libya’s only functioning oil terminal have resumed following the intervention of the president of the House of Representatives Ageela Saleh.

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Libya herald
According to HoR spokesman Abdullah Bilhaig, striking members of the Petroleum Facilities Guard (PFG) suspended their action after Saleh promised them they would be paid back salaries.

They say they have not been paid for five months. They started their strike las week.

As a result of the return to work, the Maltese-flagged tanker Panagia Armata which arrived in Hariga four days ago started taking on oil this morning: 600,000 barrels for delivery to Italy.

However, production of 1000,000 b/d at the Sarir oilfield which feeds into Hariga and which stopped as a result of the strike, will remain on hold for a few days, according to an official from the Arabian Gulf Oil Company (AGOCO) which operates both the field and the terminal.

Despite the reopening and uplifting, holding tanks at Hariga are almost all full. However, it is also alleged that AGOCO was having problems paying staff at Sarir because of cash flow issues. In addition, there is maintenance needing to be done. AGOCO has just issued tenders for gas turbine gearboxes for Sarir.  
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Anonymous
22 hours ago

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Anonymous
22 hours ago

Business News

Business News
Released:  21/07/20162016-07-21
Word count:  119

Tripoli, 19 July 2016(Lana) Libya remains the wild card in terms of additional short term oil supply of oil, an expert said.

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LANA - Libyan News Agency
The Libyan state despite the conflict between rival factions in the country could be the next key catalyst for the international market, said Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets.

Countries such as Saudi Arabia and Iran have defied expectations, and not flooded the market with more barrels, Croft told the CNBC 'Futures Now' programme last week.

Global oversupply and economic and political issues in countries like Nigeria and Venezuela have been putting downward pressure on crude prices, Croft said.

She added that other economic factors such as Britain's decision to leave the EU and fluctuations in China's economy would also weigh on the oil market and may drive prices down.

=Lana=
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Anonymous
22 hours ago

Oil & Gas News

Oil & Gas News
Released:  20/07/20162016-07-20
Word count:  336

Oil futures rose in Asian trading on Wednesday but gains were limited and U.S. crude traded sideways in advance of the release of official weekly inventory figures later in the day.

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Reuters
Brent crude LCOc1 was up 18 cents at $46.84 a barrel at 0349 GMT. On Tuesday, the contract settled down 30 cents, or 0.6 percent, at $46.66 barrel.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 4 cents at $44.69 a barrel, after initially trading higher then falling. It fell 59 cents, or 1.3 percent, to settle at $44.65 in the previous session. The front-month August contract will expire at the end of Wednesday's session.

Crude is "looking rather trepidative ahead of another weekly inventory report, while dollar strength is also helping to put the kibosh on a rally," Matt Smith, an analyst at oil cargo tracker and energy data provider ClipperData, said in a blog post.

The dollar firmed in Asian trading on Wednesday, as strong U.S. data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs. [FRX/]

U.S. crude rose earlier after industry group the American Petroleum Institute reported crude stockpiles fell by 2.3 million barrels last week. That was just above a 2.1 million-barrels draw forecast in a Reuters poll.

For distillate inventories including diesel, API reported a surprise draw of 484,000 barrels. But it also showed there was an unexpected gasoline build of 805,000 barrels.

The U.S. government's Energy Information Administration (EIA) will issue stockpile data later on Wednesday. If the EIA confirms a drawdown, it will be the ninth straight week that U.S. crude stockpiles have fallen.

Adding to the sense of oversupply for oil products, China's June gasoline output rose 8.7 percent from a year ago to 11 million tonnes, or about 3.1 million barrels per day, the Statistics Bureau said on Wednesday.

Diesel output last month fell 4.5 percent from a year ago, while kerosene supply shot up 10.5 percent, the bureau said. Liquefied petroleum gas, used mainly in cooking and sometimes for petrochemical feedstocks, rose 18.9 percent and naphtha production, mainly used for petrochemicals, climbed 15.7 percent from a year ago.

China is the world's second-largest oil consumer.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger)
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Oil & Gas News

Oil & Gas News
Released:  19/07/20162016-07-19
Word count:  389

Oil prices eased on Tuesday as concerns over a crude and refined fuel glut outweighed an expected cut in U.S. shale production and a probable further draw in U.S. crude inventories.

Play
Reuters
Crude prices fell more than 1 percent in the previous session after worries about potential supply disruptions stemming from an attempted coup in Turkey proved unfounded.

"Prices are a bit softer in the Asian trading period - traders and investors are torn which way prices are going to break. It's a knife edge between optimism and pessimism," said Ben Le Brun, market analyst at Sydney's OptionsExpress.

The market is waiting for U.S. crude stocks data on Tuesday and Wednesday to help give direction to prices, he said.

Brent crude slipped 13 cents to $46.83 a barrel as of 0349 GMT after finishing the previous session down 65 cents, or 1.4 percent.

U.S. crude, known as West Texas Intermediate (WTI), fell 14 cents to $45.10 a barrel after settling 71 cents, or about 1.6 percent, lower in the previous session.

Fuel inventories in the United States, Europe and Asia are brimming despite this being the peak summer driving season, leading traders to store diesel on tankers at sea amid wilting demand growth. With landed oil product storage nearly full as well, there is little support for any sustained recovery in crude prices even as output tapers.

U.S. shale oil production is expected to fall in August for a tenth straight month, by 99,000 barrels per day to 4.55 million bpd, according to a U.S. drilling productivity report on Monday.

Further weighing on supply, U.S. commercial crude oil inventories likely fell by 2.2 million barrels last week, a Reuters poll of analysts showed on Monday. [API/S] [EIA/S]

That would be the ninth consecutive week stocks have fallen.

The poll was taken ahead of weekly oil stocks reports due on Tuesday from the American Petroleum Institute (API) and on Wednesday from the U.S. Department of Energy's Energy Information Administration (EIA).

Giving some support to prices, China's crude oil imports - which slowed partly due to seasonal refinery maintenance in May and June - could rebound in the second half of the year as refineries there further diversify sources of supply, shipbroker Banchero Costa (Bancosta) said in a report on Tuesday.

China's crude imports grew 14.2 percent over January-June, with most of the gains coming from huge increases in supply from Russia, Oman, Iraq and Brazil, said Ralph Leszczynski, head of research at Bancosta. [O/CHINA1] [O/CNTRADE]

(Reporting by Keith Wallis; Editing by Richard Pullin and Tom Hogue)
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Business News

Business News

The Tripoli-based Central Bank of Libya (CBL) has today announced that it has increased the amount of hard currency it is setting aside in its annual budget for the import of five broad categories of goods through Letters of Credit (LCs) from 5 to 10 percent.

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Libya herald
In a circular dated 17th July but published today, it updated its previous circular confirming the prioritization of the opening of hard currency LCs for industrial goods, telecoms, aviation, children’s milk and medicines.

The CBL said that it will now also permitted companies importing the above categories of goods to use three different local banks to open their LCs and will allow importing companies to use money from their existing bank balances as part of the 130 percent cover required for opening an LC.

The announcement will come as welcomed news to Libyan consumers and businesses importing goods into the country. The shortage of foreign currency, caused by decreased state revenues and the use of currency purchased on the black market at over three times the official exchange rate to import goods, has sent prices and inflation sky-high.

It will be recalled that Libya is going through a financial and economic crisis with a budget deficit caused by a drastic drop in its oil production to just 27 percent of its 2012 1.5 million barrels per day production peak as well as the fall in international rude oil prices. The country is currently fast depleting its foreign currency reserves believed to have halved from around US$ 100 bn to around US$ 50 bn since the 2011 revolution.
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Oil & Gas News

Oil & Gas News
Released:  18/07/20162016-07-18
Word count:  349

Oil prices rose in Asian trade on Monday, following gains last week, as traders shrugged off the impact of Friday's attempted coup in Turkey, while a weaker dollar and upbeat economic data from the United States lent price support.

Play
Reuters
Brent crude futures rose 26 cents to $47.87 a barrel as of 0402 GMT after closing up 24 cents in the previous session, having gained nearly 2 percent for the week.

U.S. crude futures climbed 10 cents to $46.05 a barrel after ending the previous session up 27 cents, gaining more than 1 percent for the week.

Both benchmarks rebounded after declining early in Monday's session as investors digested the impact from the coup bid.

"The market is looking past the coup," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

"There is no disruption to shipping. There is nothing in terms of short-term risk (to oil supply)," he said.

Istanbul's Bosphorus Strait, a key chokepoint for oil which handles about 3 percent of global shipments, mainly from Black Sea ports and the Caspian region, was reopened on Saturday after being shut for several hours after Friday's attempted military coup.

The dollar index slipped against a basket of currencies in early trade on Monday. A weaker greenback makes dollar-priced commodities cheaper for holders of other currencies, boosting demand for crude.

Buoyant economic data from the U.S. and China on Friday, the world's two biggest economies, lent support to oil prices.

U.S. retail sales rose more than expected in June as Americans splurged on motor vehicles and other goods, while U.S. industrial production recorded its biggest increase in 11 months in June, official data on Friday showed.

But Morgan Stanley raised concerns about the longer term outlook for oil consumption as demand for petrochemicals rather than fuels such as diesel and gasoline is clouding the outlook for crude demand, according to a report on Monday.

"Fundamental headwinds are growing, supply-demand rebalancing is likely still a mid-2017 event, but tail risks are admittedly large in both directions, as geopolitics add to uncertainty," the report said.

"A rapid rise of non-petroleum products is boosting total product demand, but this is unhelpful for crude oil. Based on the latest data, even our tepid 800,000 barrels per day growth estimate for global crude runs looks too high," the report added.

(Reporting by Keith Wallis; Editing by Richard Pullin and Christian Schmollinger
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Business News

Business News
Released:  18/07/20162016-07-18
Word count:  37

Tripoli, 17.07.2016(Lana) Libyan Airlines ran a new air route from Maitiqa Airport to Tamenhent International Airport, then to Al-Abraq Airport and returned on the same route.

Play
LANA - Libyan News Agency
Director of Libyan Airlines Sebha branch, Eng. Mohamed al-Mansuori said the flight is the first of its kind to take off from Maitiqa via Temenhent to Al-Abraq.

He said there is great demand for this route.

=Lana=
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Business News

Business News

Sirte, 17 July 2016(Lana) The General Electricity Company has announced that the first steam unit at Al Khaleej Power Station is up and running and reconnected to the national grid, which will reduces hours of load shedding.

Play
LANA - Libyan News Agency
The station located at Al Gbeiba is consisted of 4 units and was forced to be disconnected for prolonged periods by the security situation.

=Lana=
Comments:

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Qun Bean

Anonymous
22 hours ago

Oil & Gas News

Oil & Gas News
Released:  15/07/20162016-07-15
Word count:  298

Crude futures dipped in Asian trading on Friday on renewed concerns about a global oil glut, but losses were capped by slightly better than expected Chinese economic data reflecting government efforts to stabilize growth.

Play
Reuters
Brent crude futures were down 16 cents at $47.21 a barrel at 0327 GMT. On Thursday they rose 2.4 percent, supported by short covering, and were on track to rise about 0.3 percent this week.

U.S. West Texas Intermediate (WTI) futures were down 18 cents at $45.50 a barrel having earlier fallen to $45.05. The contract rose 2.1 percent in the previous session and is heading for a weekly gain of 1.1 percent.

Prices partly retraced their losses after China reported economic growth of 6.7 percent in the second quarter from a year earlier. The result was steady from the first quarter and slightly better than expected as the government stepped up efforts to stabilize growth in the world's second-largest economy.

While fears of a hard landing in China have eased, investors are concerned a further slowdown and any major fallout from Britain's decision to leave the EU earlier this month would leave the world even more vulnerable to the risk of a global recession.

At the same time, persistent oversupply of crude oil is not clearing as early as many had expected, reports from the International Energy Agency and the U.S. official energy think tank showed this week.

"Changes to our oil balances and OPEC crude oil production assumptions continue to show that very little implied global stock change will occur from Q3 2016 until the end of 2017," BNP Paribas said in a research note, which updated its scenarios for supply and demand.

"As such, the inventory overhang built from the start of 2014 will remain largely in place, and thus continues to represent an impediment to any price rally," BNP said.

Data on Thursday from market intelligence firm Genscape showed a 171,511-barrel build at the Cushing, Oklahoma delivery hub for WTI futures during the week to July 12, traders said.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin)
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Business News

Business News
Released:  15/07/20162016-07-15
Word count:  1305

”The opportunities to create joint ventures in this room are vast. We believe that the planning and preparation for future investments and strategic success in Libya does not need to be undertaken on-shore in Libya’’ said Ahmed Kashadah, Managing Director of the Libya Africa Investment Portfolio (LAIP/LAP).

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Libya herald
‘‘We acknowledge that the conditions are not currently ideal, and that security and stability remain a priority for all Libyans and our partners our partners. But from our own experience, we know that if the work is developed, devised and completed anywhere else in the world, the planning today can enable a running start tomorrow when our country can comprehensively welcome foreign direct investment’’, he added. Kashadah was giving the keynote speech yesterday at the Libyan British Business Council’s (LBBC) annual luncheon held at the House of Lords.

The event was attended by about ninety leading members and guests of the LBBC interested in Libyan business affairs, including the Foreign and Commonwealth Office, Chris Cardona, the Maltese Minister for Economy, Tonio Casapinta, vice president of the Maltese Chamber of Commerce, PWC, AECOM, Mott MacDonald, KBR, Amec Foster Wheeler, BACB, ABC Bank, Aggreko etc.

LAIP is one of the five subsidiaries of the Libyan Investment Authority (LIA), Libya’s sovereign wealth fund. It is charged with diversifying Libya’s economy, which is especially important in this difficult time of transition. The LIA is a consortium with over 550 companies reporting through five subsidiaries. These are located across three continents and account for some $US 67 billion of assets and investments, the majority of which are invested outside Libya.

LAIP’s portfolio covers a wide range of sectors which include energy, real estate, technology, agriculture and financial asset management among others. It holds over 80 percent of its assets outside Libya across Africa, Europe, the UK and the UAE.

Asked by Libya Herald if in view of the trust deficit between Libyan citizens and state institutions and the acute electricity generation, poor health, education, a housing deficit he envisioned a change in the role of LAIP in order to meet Libya’s urgent short term needs, Kashadah said that ‘‘In accordance with Libyan Law Number 13 of 2010, LAIP cannot invest in Libya without approval from the Board of Trustees of the LIA (the ultimate shareholder), but such approval was obtained for two sectors – energy and construction’’.

‘‘What makes LAIP different is the fact that, in addition to the continued safe-guarding of its assets, it has been very active post-revolution in its investment strategy. Key decisions continued to be made in areas including restructuring, mergers and acquisitions and the execution of existing strategies; all of these decisions were made during the ongoing instability Libya has faced, and have been proven to be valuable investment decisions that have increased wealth and ensured the fund’s survival’’, he explained.

‘‘The diversification of the LAIP portfolio and the strategic turnaround achieved over the past few years has taken LAIP from one of the LIA’s lowest-performing subsidiaries, to one of its highest. Let me give you two examples of the strategies that have proven to be effective. ‘‘First is the Oil Libya Holding where decisions related to changes in management and mergers and acquisitions have helped the company to become one of the leading downstream companies in the African continent’’.

‘‘Over the years, Oil Libya became a major player in Africa employing over 1,500 diverse employees, generating an estimate of 20,000 indirect jobs in the countries of operations. It is visited by up to 250,000 customers per day. It has over 1,000 service stations, eight blending plants, over 60 fuel terminals, and a presence in over 50 airports across Africa’’.

‘‘Another excellent example of the turnaround capacity of LAIP and the adherence to its diversification mandate is well illustrated by the success of the company’s investment in a satellite company’’.

‘‘RSQ is a satellite business of LAIP that went through a major restructuring; it started providing services outside the Libyan market to ensure its external survival. It proved to be successful in this, and is now looking into providing its services for Libya’s rural areas which it believes are a promising market’’.

‘‘The company’s survival was under threat as it was struggling to meet its liabilities due to its over-reliance on the Libyan market; we have successfully supported the company with our partners to develop a new business plan with a change of management. The company is now operating and benefiting from its African origin in providing its services in much wider markets in association with international brand names’’. ”Earlier I also mentioned that we have investments in the Libyan construction sector, for which we have obtained a license required by Law 13. This Libyan construction arm is relatively new but we have very high hopes for it in terms of providing its services to the demand of the local markets’’. ‘‘These are just a few examples of success that illustrate how the LIA and its subsidiaries are committed to help rebuild Libya by creating the right platform – by economically empowering its people from the outside-in’’.

‘‘The LIA aims to directly and indirectly invest its Investment Fund abroad on the grounds of economic feasibility in diverse economic areas to contribute to the development and diversity of the resources of the national economy and to achieve the best financial returns to support the public treasury. It further seeks to secure the future of the upcoming generations and to mitigate the impact of income and other state revenue fluctuations’’.

‘‘To mention one – we currently have the largest network of oil distribution in Libya under one of our subsidiaries. The company is currently suffering from the instability in the country but once the situation is stabilised, we can consider joint ventures with international partners’’, he revealed. ‘‘Similarly with our construction subsidiary’’, he continued, ‘‘the potential future demand of rebuilding the country would benefit greatly from an international partner that can ensure a transfer of knowledge and experience in this sector. And we would be proud to see you join forces with us in this endeavour’’.

‘‘The LIA’s accountability is ultimately to the Libyan people and we must continue our work, no matter what is happening in Libya. The LIA’s responsibilities are above the political fray. Because of this, we are doing business as usual until the situation in Libya is stable once more’’, he explained.

‘‘It is difficult to know when this will happen’’, he admitted, ‘‘but we remain optimistic as we continue to build partnerships and work to create a more prosperous future for all Libyans. When political stability is secured, there will be a greater opportunity for the LIA to take an even more proactive approach to investing, and we very much look forward to taking advantage of this’’, he told his audience.

‘The LIA and its subsidiaries are the right partners, and hold strong principles of governance. We are proud to have this opportunity to discuss with you all our achievements to date and explore mutually-beneficial business opportunities. We would be delighted to have you as our partner and help us to rebuild Libya from outside of Libya’’, he concluded.

It is worth keeping in mind that the chairmanship of the LIA is being contested in London’s High Court between chairmen representing the east and west of Libya. However, (article 8 of) the UN-brokered Libyan Political Agreement signed in Skhirat, Morocco in 2015 stipulates that the Presidency Council/Government of National Accord takes over all top sovereign positions, including those of the LIA.

The LPA is further backed by UN Security Council Resolution 2259. The international community only recognizes the PC/GNA in Tripoli as the sole legitimate executive power of Libya yet recognizes the Tobruk-based House of Representatives (HoR) in the east as the exclusive legislature.

The HoR recognizes the PC and recognizes the GNA in principle, but has refused to vote on the GNA as it considers it to be dominated by ”Islamists”. Equally, it wants Khalifa Hafter to remain as head of the army ad wants the PC/GNA to be propped up by an army as opposed to what it considers western/Islamist militias.
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News Releases

News Releases
Released:  14/07/20162016-07-14
Word count:  193

Tunisia has no intention of introducing age-based restrictions on Libyan entering the country. All Libyans can continue to enter Tunisia without any age restriction, Tunisian Ministry of Interior media spokesman Yasser Mosbah has told the Libya Herald.

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Libya herald
During the week there were claims on social media as well some Libyan media outlets that the Tunisian authorities “would soon ban” Libyans under 35 years of age from entering via the Ras Jedir border crossing.

“Such news is groundless and has no foundation whatsoever. And there is no law banning Libyans from entering Tunisia”, Mosbah insisted.

However, the Ras Jedir border crossing’s Facebook page says that there are “routine” measures being carried out, “checking first newcomers to Tunisia for security reasons”. Scrutiny of some Libyans include “those whose names are blacklisted by Tunisian authorities or have a criminal record or possibly who is related to someone who is wanted by Tunisian authorities”. Apparently in case where names of travellers are the same as a wanted person, “they will be returned to Libya”, it was said.

Libya has for some time operated a ban on Tunisians under 35 entering Libya for the first time unless accompanied by a father already working in Libya or have a Libyan guarantor. That ban was then extended to Tunisians over 35 who enter Libya for the first time unless they have a “guarantor in Libya with a job offer”.
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Business News

Business News

Tripoli, 13.07.2016(Lana) Administrative Committee of Gulf Oil Company hears presentation on company's financial position.

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LANA - Libyan News Agency
The offer included ways to provide budgets and cash required for operation and continuation besides review of report about current position of Nafoura field and obstacles it encounters.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  13/07/20162016-07-13
Word count:  410

Crude futures fell on Wednesday as investors locked in gains after oil prices surged nearly 5 percent in the previous session, partly on forecasts from the U.S. government and OPEC that demand would increase next year.

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Reuters
Oil prices were also under pressure from industry data that showed a surprise build in U.S. crude stocks, price gains in other commodities including gold and a stronger U.S. dollar which gained against a basket of currencies .DXY, analysts said.

"We are on the cusp of U.S. weekly production statistics - the market is keeping a close eye on that. There is maybe a little bit of profit taking ahead of the stats," said Ben Le Brun, market analyst at Sydney's OptionsXpress.

Brent futures LCOc1 fell 37 cents to $48.10 a barrel as of 0339 GMT after settling up $2.22, or 4.8 percent, in the previous session. U.S. crude CLc1 dropped 28 cents to $46.52 a barrel after ending the previous session up $2.06, or 4.6 percent.

Those were the biggest daily gains since April 8.

"We do see a bit of counter-cyclical trade going on in the Asia time zone. Gold is a little higher, equity markets are strong, but not as strong previously, the dollar is up," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

"The market is concerned about the momentum in oil prices and whether that will be maintained or not," Spooner added.

The American Petroleum Institute on Tuesday said U.S. crude inventories rose by 2.2 million barrels in the week to July 8 to 523.1 million barrels, compared with analysts' expectations for a decrease of 3 million barrels.

The U.S. Department of Energy's Energy Information Administration (EIA) will release official weekly inventory data later on Wednesday. "Yesterday's API data might be making traders a bit nervous ahead of official U.S. stocks data today," Spooner added.

While the EIA on Tuesday cut its U.S. and world oil demand growth forecast for this year, it increased its demand growth estimates for 2017. The Organization of the Petroleum Exporting Countries also said demand for the producer group's oil in 2017 would be higher than its current production.

Credit Suisse raised its 2016 oil price forecasts on Wednesday. The bank forecast WTI would average $43.59 per barrel this year versus $36.91 in its earlier forecast, and $55.00 for 2017, versus $52.88 earlier.

Brent will average $44.53 a barrel this year, up from $37.77, and average $56.25 in 2017, up from $54.25 earlier.

Oil markets are also eyeing the impact of an international court ruling on Tuesday that China has no historic title over the waters of the South China Sea potentially putting it in conflict with other countries in the region which have rival claims.

(Reporting by Keith Wallis; Editing by Richard Pullin and Christian Schmollinger)
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Oil & Gas News

Oil & Gas News
Released:  13/07/20162016-07-13
Word count:  55

Tripoli, 12.07.2016(Lana) Chairman of the board of NOC discussed with the acting head of Oasis Oil Corporation ways to address problems facing work progress of oil companies.

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LANA - Libyan News Agency
The meeting held at the headquarters of the NOC attended by chairman of NOC Mustapha Sanaallla and members of the board and head of the Administrative Committee of Oasis Oil company.

NOC in Tripoli announced earlier this month end of dispute with the parallel institution in Benghazi thereby ending division that lasted two years.

=Lana=
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