View Videos sort by date sort by channel
Page

Construction News

Construction News
Released:  24/05/20122012-05-24
Word count:  218

David Cameron is to host his Libyan counterpart for talks in 10 Downing Street, it has been announced.

Play
Mina Monir
[Telegraph and Associated Press] Abdurrahim El-Keib was appointed interim prime minister of Libya in October last year, days after the overthrow of dictator Muammar Gaddafi following a violent uprising backed by the UK. Downing Street had no immediate information about the agenda for Thursday's meeting, but it is thought likely that Mr Cameron and Mr El-Keib will discuss the reconstruction of the country following last year's revolution, as well as the question of whether Gaddafi's son Saif al-Islam should be tried in an international court or in Libya. Just days after the death of the only person convicted of the Lockerbie bombing, Abdelbaset al-Megrahi, they may also discuss whether any further evidence relating to the atrocity has emerged in the wake of the downfall of the Gaddafi regime. Mr El-Keib spent much of his life working abroad as an academic and businessman in the United States and UAE, and played no part in Gaddafi's administration. He is understood to have helped fund the opposition from exile. Elections for a national assembly for Libya are expected in June, though no date has yet been set. The visit comes at a time when British companies are eyeing the restoration projects in Libya. Libyan-British business relations have been vastly improved in the last year, especially in the energy and finance sectors.
Comments:

Construction News

Construction News
Released:  24/05/20122012-05-24

People in Libya's second largest city Benghazi are casting their ballots in local elections. Voters are choosing 41 city councillors. And given that Benghazi was the birthplace of the revolution in Libya, the poll is taking on wider significance. Al Jazeera's Omar al-Saleh reports from Benghazi.

Play
Mina Monir
Comments:

Oil & Gas News

Oil & Gas News
Released:  23/05/20122012-05-23
Word count:  197

Arabian Gulf Oil Company (AGOCO) has declared that the level of its production is back to the pre-uprisings levels.

Play
Mina Monir
The president of AGOCO Ahmed al-Mujbary stated that production has reached 397 thousand barrels per day which is the level of production before the uprisings in February 2011. Mr. al-Mujbary said that the return of such levels has been achieved in a very short time, against the expectations of the international experts who believed that the return to such levels will not take place before October 2012, at least. Al-Mujbary believes that such progress has been achieved thanks to the “loyal patriots” who contributed to the acceleration of the maintenance and restoration process without any need for foreign intervention. He also stated that the total export of crude oil, since the restart of the company activity, has reached 13,600,000 barrels including half a million barrels exported to the Zawya refinery, 40 Kilometers west of Tripoli, while the rest was exported to the international markets. Notably, the oil production of Libya exceeds 600 Million bpd while the Benghazi based AGOCO’s share is a quarter of that total production. The production of AGOCO experienced some problems that halted its output in the last few months due to security problems. However, after the security was restored, the company returned to its high production levels again.
Comments:

Oil & Gas News

Oil & Gas News
Released:  23/05/20122012-05-23
Word count:  346

Libya's prosecutor office is probing possible irregularities in crude sales to oil giants China International United Petroleum & Chemical Co. (0386.HK), or Unipec, and PetroChina Co. Ltd. (0857.HK) as part of a broader probe into Gadhafi-era oil deals, a file from Libya's Interpol bureau shows.

Play
Mina Monir
London - Dow Jones Newswires

A file issued last month, attached to a request of arrest against the late ex-oil chief Shokri Ghanem by Libya's Interpol bureau, alleges he agreed to sell oil without contracts to Sinopec and Petrochina. The probe could cloud the return of energy-thirsty China to Libya after being cast as a supporter of the former regime. Ghanem, the ex-head of the National Oil Co., "also delivered quantities of crude oil to several companies such as Unipec and PetroChina before signing an agreement with them," the file seen by Dow Jones said. Sinopec and PetroChina spokespeople declined to comment. Though Ghanem has since died in Vienna's Danube river in mysterious circumstances, the probe into his dealings continues, said Abdulhamid Eljadi, an anticorruption activist who has been assisting the investigation. The rebels who fought former Libyan leader Moammar Gadhafi last year had previously said Chinese companies would be at a disadvantage for opposing the foreign intervention which led to them gaining power. However, Unipec, the trading unit of China's largest refiner Sinopec, has now returned to Libya as one of the country's largest oil buyers. Sales to the two Chinese companies had previously been singled out for scrutiny by Libyan government officials. The Libyan Interpol document said the issues surrounding sales to PetroChina and Unipec had been first raised by Najwa el-Beshti, who was head of contracts at NOC's marketing department under Ghanem. Beshti told Dow Jones Newswires the sales had taken place between June 2008 and 2010. She said contracts had typically been signed six months to a year after deliveries had started, potentially enabling the companies to pay with a delay. Libyan oil officials have previously said companies which gained irregular deals under Gadhafi could be disadvantaged or lose deals under the new regime. Mustafa El-Huni, the official responsible for oil at the interim National Transitional Council, said last year it would be up to Libyan courts, not the NOC or the interim government, to establish if a contract is valid. "If [corruption] is proven, the law will judge," El-Huni said at the time.
Comments:

Business News

Business News
Released:  23/05/20122012-05-23

Once called the Pearl of the Sahara, Libya's centuries-old heritage site, Ghadamis, has been devoid of tourists since the uprising against Muammar Gaddafi began last year. Residents say the instability created after the downfall of the Gaddafi regime has dealt a heavy blow to the city's tourist-reliant economy. Al Jazeera's Omar al-Saleh reports from Ghadamis.

Play
Mina Monir
Comments:

Construction News

Construction News
Released:  22/05/20122012-05-22
Word count:  419

The Libyan Minister of Economy Ahmed el-Koshly has inaugurated the Libya Build 2012 fair.

Play
Mina Monir
“Libya has recovered from its wounds and started on its return to normality”, said Mr. Koshly before a large audience representing more than 600 international companies, “There are more than 600 companies present here today. These are our friends who came to join us in the building of Libya”. He added further, “Soon we will have elections and we hope to establish a democratic state. We saw how Japan recovered after the Second World War and we also hope that Libya likewise will rise quickly.” Italy is the most represented nation at the building and construction exhibition, as it can boast 131 exhibitors, 71 of whom are in the ICE pavilion. Italy's deputy Infrastructure and Transport Minister Mario Caccia’s meeting with Libya's Industry Minister Al-Ftise marked the beginning of a series of meetings of the Bilateral Committee for Industrial Cooperation in which ICE and SIMEST are also involved. Caccia also met with deputy Telecommunications Minister Ibrahim Jebril, with whom he signed a preliminary agreement for the establishment of another committee for the training of technical staff in the telecommunications sector and the shared use of innovative technologies in this sector. Caccia also met with Transport Minister Yousef El Weheshi with the goal of starting cooperation in the air transport sector. Dubai Investments PJSC (DI), the largest investment company listed on the Dubai Financial Market, is also marking a presence at Build Libya 2012 by showcasing the industrial products and services of its subsidiaries. According to Emirates News Agency, Khalid Kalban, Managing Director and Chief Executive Officer, Dubai Investments, said: "Dubai Investments has been working in Libya through its subsidiaries for several years now. Libya's redevelopment process offers excellent prospects to leverage our expertise and contribute to the country's trade, infrastructural, and real estate sectors. We hope this exhibition will provide us further opportunities to network with industry majors and government officials to gain significant traction within the rapidly growing market. We have been in talks with Libyan officials, but due to the political climate in the region, it wasn't conducive to start new projects. We have now re-started negotiations with them and they are keen to benefit from our experience gained in developing DIP. Our senior managers are currently in Libya to take this synergy forward", he added. The eighth edition of the international tradeshow which runs until May 24 at the Tripoli International Fairground. The event features expertise and technology across a broad range of sectors from the international export community that meets the new Libyan government's goals of rebuilding the country's infrastructure.
Comments:

Financial News

Financial News

18 May 2012, Rome ­- Libya and the Food and Agriculture Organisation (FAO) have committed themselves to work together to develop the country’s agricultural sector and improve food security, signing a cooperation agreement at FAO headquarters.

Play
Mina Monir
Under the agreement, Libya will provide $71 million in funding. This is needed to develop different areas, such as plant and animal health and production, pesticide management, seed development, natural resource management, capacity building and institutional strengthening.

The agreement was signed by FAO Director-General José Graziano da Silva and Sulaiman Abdelhamed Boukharruba, Libya's Minister for Agriculture, Animal Wealth and Marine Resources.

"This agreement includes a number of strategic projects aimed at supporting the new Libya in responding to its development goals and priorities," said Graziano da Silva.

Projects under the agreement will aim to increase food production and improve productivity while preserving natural resources such as water, all with the goal of improving food security in the country.

Beneficiaries will include farmers, herders and fishermen, as well as their organisations and cooperatives and traders.

The projects will significantly enhance the capacity of the Ministry of Agriculture, Animal Wealth and Marine Resources to implement all the proposed activities under the agreement. Ministry staff will receive both short- and long-term technical training. In March 2011, the FAO had expressed its concerns regarding food resources in Libya for its dependency on cereal imports that are vulnerable to disruptions due to people displacements. In a response to the UN flash appeal to the Libyan food crisis last year, the FAO was planning to supply peri-urban and coastal areas with vegetable seeds in order to boost the consumption of fresh food and micronutrient intake. The agreement comes after the startling recovery of the economic standing of Libya and it is expected to help the sectors of agriculture and food industry.
Comments:

Construction News

Construction News
Released:  22/05/20122012-05-22
Word count:  586

(Reuters) - Industrialized nations have stepped up plans to help countries swept up in the Arab Spring rebuild their economies through more access to international credit markets, investment and trade, a senior State Department official said on Monday.

Play
Mina Monir
Undersecretary of State Robert Hormats said while headlines from a G8 leaders' summit at the weekend focused on the economic crisis in the euro zone, the meeting also underscored efforts needed to stabilize the transition economies of Egypt, Libya, Jordan, Morocco and Tunisia.

The G8 launched the so-called Deauville Partnership last year, including global lenders such as the IMF and World Bank, after uprisings in Tunisia, Egypt and Libya ended decades-long dictatorships and protests prompted political reforms in countries such as Morocco and Jordan.

Hormats said there had been political and economic advances in the countries since the Arab Spring events, but financial conditions were still challenging and countries needed to export more and attract foreign investment.

"This meeting ... was designed to give political support to the countries and also recognize we need to continue to build," he told Reuters.

"Things are changing but they still have big financial challenges and need resources. The fact that there is economic weaknesses in their biggest Mediterranean markets is not helpful to them," he added, referring to the euro zone economic crisis.

BOOSTING INVESTMENTS

The G8 agreed to create a capital markets access initiative to help the five countries tap international capital markets "under reasonable financing terms" to meet their financing needs and allow government enterprises to invest in projects that create jobs, according State Department and U.S. Treasury statements on Monday.

G8 donors also agreed to create a new transition fund to strengthen government institutions vital for economic development, they added.

The European Bank for Reconstruction and Development was also trying to change its charter to create a special fund worth $4 billion to invest in the region over the next three years, Hormats said.

"We'd like to get it done within the next month or so but certainly by September," he said of the plans.

Hormats said further meetings around the Deauville Partnership would take place at a G20 leaders' summit in Mexico next month, on the sidelines of the U.N. General Assembly in New York in September, and at October meetings of the World Bank and IMF in Tokyo.

He said he would travel to Paris and Tunis over the next few days to encourage more investment and trade opportunities.

While budget constraints prevented the United States from committing new aid to the countries, Hormats said Washington could support through the United States Agency for International Development (USAID), the Export-Import Bank of the United States, and the Overseas Private Investment Corp.

Hormats said G8 efforts were also focused on improving transparency and accountability in the countries, which will help improve the business climate.

It would also facilitate the return under the Stolen Asset Recovery Initiative, or StAR, run by the World Bank and United Nations, of stolen loot stashed outside countries by former senior government officials.

Political turmoil across the Middle East and North Africa has translated into slower economic growth and forced some governments to spend billions of dollars to create jobs and counter rising costs to stave off further protests.

In addition, countries have been hard hit by the debt crisis in the euro zone, which has triggered global economic uncertainty and a slowdown in demand. Tourism, a major source of revenue for both Tunisia and Egypt, has been hammered, while worker remittances have fallen sharply.

Egypt is currently in talks with the IMF to finalize a $3.2 billion loan although analysts have put the country's financing needs at about $15 billion. The Fund has said it could provide $35 billion to help emerging Arab democracies.
Comments:

Oil & Gas News

Oil & Gas News
Released:  21/05/20122012-05-21
Word count:  542

Libya's oil industry has revived its oil production faster than many in the industry predicted after the eight-month civil war that damaged export terminals and left oil facilities looted.

Play
Mina Monir
Officials of the transitional government expect to reach pre-war output of 1.6 million barrels per day (bpd) by the end of next month. At the centre of the push in reviving that capacity and potentially going for the 3 million bpd Libya pumped four decades ago is the country's National Oil Corporation (NOC). TheNational spoke to Ahmed Shawki, Libya's head of crude marketing for the NOC. Can Libya get back up to 3 million bpd? Yes, it's possible. It depends on the policy of the Libyan government. But there are technical issues and economical issues and some other social issues and also infrastructure issues. Libya used to have 3 million barrels per day in the early '70s. Then, due to bad management and a lack of investment and no re-exploration, the reservoirs were depleting very fast, and there was nobody renewing those reservoirs. So over maybe 15 years, there was no real investment in the oil - only just to keep it operating, but not real investment. Also, we had many crises during the Qaddafi era. First we had the US sanctions in the '80s, then we had the Lockerbie crisis. We had many because Libya was sponsoring terrorism at that time. For about 30 years it was not possible even to invite anybody to invest in Libya to do business because the environment was unstable. So is this finally the moment to reach that target of 3 million bpd? Yes, it's finally the moment. But, also, we have to take into consideration the technical issues, because you cannot just say in one day I would like to be at 3 million [bpd]. There are technical issues to be tackled, and also the safety of the reservoir. This is a depletable resource, and you would like to stretch it as long as you can for the benefit of the people. It's better that you have a steady income than you have it in one shot. What do you think is the right policy? If you go and check the Libyan economy, you see that the money reinvested in the Libyan economy - the income coming from oil, which is reinvested to establish a diversfied economy - is very limited. It's only 9 per cent, or something like this. This is among the lowest ratios in the world, the reinvested capital. So this is a main issue. The government should look into this and how to reinvest in productive things, not only just to service or infrastructure. We also should move to the knowledge economy. With the knowledge-based economy we can export a lot of know-how. I think Libya - with a good government, good planning, good strategies - can reach this very easily. Are you seeing foreign partners in oil production and investors come back as quickly as they need to? Yes, I think all the companies, management-wise, they are there in Tripoli. But as for the expatriates or people who are working in the fields, they still [are not all back]. The security companies like to do big business in Libya, so always they keep saying "this is not secure", just to secure business for themselves. But the reality is it is very secure - otherwise how could we have reached this level of production? [source The National]
Comments:

Oil & Gas News

Oil & Gas News
Released:  21/05/20122012-05-21
Word count:  206

The Libyan government declared it will not nationalize oil companies.

Play
Mina Monir
DUBAI, United Arab Emirates, May 17 (UPI) -- The Libyan government intends to uphold agreements between foreign investors and the previous regime, an interim leader said at an oil conference in Dubai. Libya is to have its first democratic national elections in a generation this summer. An interim ruling authority took control of the country last year as the regime of Libyan leader Moammar Gadhafi collapsed under the pressure of civil war and a NATO-led intervention. Mustafa el-Huni, deputy chairman of the interim Transitional National Council, told potential investors in Dubai that it was business as usual in post-revolution Libya. "We have no intention to nationalize or do something radical," he was quoted by the Platts news service as saying. "Libya is in essence a moderate country that will look at implementing moderate policies." International oil companies with Gadhafi-era contracts, some of which expire this year, may be extended, added oil committee member Abdulbaset Abadi. Abadi said Tripoli aimed to attract foreign investors to the country with the aim of increasing oil production from around 1.6 million barrels per day to as much as 3 million bpd by 2020. The interim government said it expects to generate about $45 million from the oil and natural gas sector this year.

[Source UPI]
Comments:

Business News

Business News
Released:  21/05/20122012-05-21
Word count:  1093

A director of Akakus Oil Operations was kidnapped in the city on 13 May on his way home from work. Seven people were killed and more than 20 injured in clashes in the western town of Ghadames in recent days, while in Obari a candidate for Libya's national elections was shot dead by unknown armed assailants. On the Libya-Egypt border, two men were killed and 29 others were wounded after they illegally crossed from Egypt to Libya and entered...

Play
Hind Bensari
Projections The situation in Tripoli will remain the same, although there is an ongoing risk of clashes between rival militias. Such clashes could also involve the national army, which will continue to struggle to exert its authority in the city. The risk of criminal acts involving armed groups could also increase the longer the security vacuum continues.

Benghazi will remain the same and there will be a risk of demonstrations and low level violence in the run up to the parliamentary elections. There is also a risk of further attacks using crude improvised devices, targeting government employees, the foreign diplomatic presence or large political gatherings.

The risk of clashes in the south and west of the country will remain, and there is likely to be sporadic fighting over the coming weeks and months.

Campaigning for the coming elections is likely to pick up over the coming weeks. There is expected to be a strong Islamist showing, with the Muslim Brotherhood’s Freedom and Justice Party expected to perform well.

Tripoli The situation in Tripoli remains the same, although AKE personnel on the ground have highlighted the threat of lawlessness and petty crime. Although generally low, particularly considering the lack of any organised force responsible for law enforcement, there is a general risk of muggings and robbery.

On 15 May unconfirmed reports indicated that two foreign journalists were robbed at gun-point near the Grand Hotel near the port and the old city/Martyrs’ Square. The assailants reportedly took the journalists’ cameras. Personnel should be mindful that although the situation is generally safe, and the risk of such incidents is generally low, there is a baseline risk given the lack of an organised police force.

Meanwhile, a director of Akakus Oil Operations, identified as Abdul Majeed Shiha, was kidnapped in Tripoli on 13 May on his way home from work. The assailants were an unknown armed group, who intercepted his car and held him for several hours in an unknown location in the city. Shiha was later released handcuffed and blindfolded in the Injila area of south Tripoli. His car and mobile phone were both stolen.

Although it remains unclear who carried out the kidnapping, it is clear that the increased number of armed groups operating in the city represents a potential destabilising factor. Many are resorting to criminal activity with increased frequency. The government will be keen to increase the rate at which these groups are disarmed, and responsibility for security is passed to a centrally controlled force.

Benghazi Benghazi remains calm, and there have been no major incidents of note over the past week. However, personnel should be mindful of the risk of demonstrations that can cause disruption in central areas of the city. AKE personnel on the ground have long highlighted the potential for disruption caused by strikes and demonstrations in central areas of the city, a fact that may become all the more apparent in the run-up to elections in June.

Large political gatherings can have the potential for violence, and there have also been a number of small scale bomb attacks at similar events in recent months.

Ghadames Seven people were killed and more than 20 injured in clashes in the western town of Ghadames in recent days. Reports indicate that the fighting was between local residents and a group of Tuareg militiamen who took over control of a checkpoint on the edge of the town. Tensions between local Arab and the traditionally nomadic Tuareg tribes have intensified since the revolution, in which many Tuareg provided support for pro-Gaddafi forces. There is an ongoing risk of further hostilities in the region and personnel travelling to the area should be aware of the risk of summary detention and kidnap by armed groups attempting to raise the profile of their specific grievances.

Obari – South Western Libya A candidate for Libya's national elections, identified as Khaled Abu Saleh, was shot dead by unknown armed assailants in the town of Ubari, shortly after registering as a candidate. Abu Saleh was travelling home from the registry office when he was intercepted by the armed gang. Local security sources have indicated that the culprits were a criminal gang, although there has been no confirmation of this.

Personnel considering travel to Obari, which is located along the main route to the major oil operations in the Murzuq Basin (Elephant and Sharara oil fields), are advised to take proper risk mitigation procedures. AKE personnel who visited the area noted that although the situation was generally calm, there are notable tensions between rival groups in the area, and the complete lack of any centralised law enforcement would slow the response capabilities of the authorities to any incident. The burden is therefore on company management to ensure that proper risk mitigation procedures are carried out, and response plans are put in place to cover all likely eventualities.

Libya-Egypt Border Two men were killed and 29 others were wounded on 13 May after they illegally crossed the border from Egypt to Libya and entered into a minefield. The northern border region between the two countries was heavily mined by the UK and Germany during World War II, and AKE has previously advised those travelling in the area not to stray from major access routes.

Political Section Abdelhakim Belhadj stated on 14 May that he is quitting his post as the head of the Tripoli Military Council in order to devote himself full-time to politics. The move can be seen as a significant vote of confidence in the democratic transition process, demonstrating that the former rebel commander feels his influence will be greater in the political field than it would be if he remained a militia commander. Despite initial reports indicating he was too late to register for the 19 June elections, Belhadj subsequently stated that he had already registered his party, named al-Watan (The Homeland), and would be taking part in the elections. He also stated that the party had candidates in every major Libyan city. Belhadj is known to have a large and loyal core of supporters, but remains a controversial figure given his alleged past role as the head of the Libyan Islamic Fighting Group (LIFG).

AKE is a leading international security risk-mitigation and analysis provider to international businesses, insurers, NGOs and news media. Founded in 1991 by Andrew Kain, AKE distinguishes itself from other security firms by taking a needs- and intelligence-led approach to assessing, monitoring, training for and protecting against risk. For security assistance on the situation in Libya please contact operations@akegroup.com or call +44 (0) 1432 267 111. For intelligence contact intel@akegroup.com for further information.
Comments:

Construction News

Construction News
Released:  18/05/20122012-05-18
Word count:  344

The European External Action Service (EEAS) has awarded a contract to British security firm G4S in Libya despite the fact it has no permission to work there.

Play
Tripoli Post
G4S works for the Israeli government, providing what it calls "security systems maintenance" for the SJ District police station and for the Ofer prison in the occupied West Bank.

The Ofer prison is currently in the headlines because of a mass hunger strike by Palestinian detainees who are being held without trial, making G4S a potential target for Arab hostility in the region.

According to EUobserver which questioned the whole affair, "The €10 million contract covers bodyguards and building security for the EU's Tripoli and Benghazi delegations for the next four years starting 1 June. EEAS officials also signed an end-user agreement for the company to import assault rifles and 9mm pistols for its work."

The online publication said EEAS took the steps despite the fact G4S has no permission from the National Transitional Council (NTC), the internationally recognized postwar authority in Libya, to operate on its territory.

EEAS spokesman Michael Mann and G4S spokesman Adam Mynott confirmed the

company has no NTC authorization. They told EUobserver that permission is not needed because there is no relevant law in Libya until a new government is formed after the upcoming elections.

"From the information we gathered in Libya, mainly through our delegation, there is no condition to get a 'non-objection' before granting a contract to a company. There is no law in Libya which regulates the operation of foreign security service companies," Mann said. "The current regime is not issuing non-objection documents," Mynott noted.

Mohamed Farhat told the website on 2 May that the EEAS asked him in April to arrange a G4S permit. He noted that authorities in Tripoli are examining the request but have not made up their mind yet. "The Libyan government is the one who says Yes or No if there is to be any security company to provide security services ... We are a sovereign state and we say Yes or No," Farhat said. The EEAS contract was originally to start on 1 April. But Ashton officials gave G4S leeway to start on 1 June because it is not ready.
Comments:

Dear Sir, Greetings from Al Manzel International. As a leading company dealing with recruitment of Pakistani staff Al Manzel International Pakistan provides professional manpower to the Construction, Oilfield, hospitality & Power plants industry. One of our main policies is not to charge recruiting fees and air ticket charges from the companies. We can guarantee to provide you with the best screened recruits as we selected through two rounds of per-interview by our company, before the selection by foreign company. As a leading company dealing with recruitment of Pakistani staff we are looking companies in Libyan market and encourage you to contact us, please feel free to contact us Best Regards with Respect, Azam Khan Managing Director Mob: +971-50-7613855 Abu Dhabi United Arab Emirates U.A.E. Al Manzel International (OEP) Overseas Employment Promoters PAKISTAN Tel: +92-62-2443847 Fax: +92-62-2441847 Mob: +92-342 7380847 (PAK) E mails: azam@almanzelint.com URL: www.almanzelint.com YOU THINK WE MAKE POSSIBLE

Anonymous
5 yearss ago

Financial News

Financial News
Released:  18/05/20122012-05-18
Word count:  130

May 17 (Reuters) - Libya has approved an Islamic banking law that will introduce sharia-compliant banking in the North African country, a member of the ruling National Transitional Council (NTC) said on Thursday.

Play
Reuters
Libya has been working to amend its banking laws to attract foreign investment and stimulate its private sector following last year's war that ousted Muammar Gaddafi, the central bank governor has said. NTC Chairman Mustafa Abdul Jalil said in October Libya's new rulers were working on an Islamic banking system. The central bank submitted a proposal on this to the council for approval in the last few months. "The NTC has adopted the central bank's proposal regarding Islamic banking," Salwa Al-Dgheily, a member of the NTC judicial committee, told Reuters. She said it was up to the central bank to now announce the law. The central bank has been looking to update a 2005 banking law which first allowed foreign banks into Libya. (Reporting by Ali Shuaib; Editing by Elaine Hardcastle)
Comments:

Business News

Business News

Ahmad Salem Al Koshly is the Minister of Economy in the Libyan Transitional Government. He spoke with The Prospect Group about the current security situation in Libya and its effect on the business climate.

Play
Mina Monir
Comments:

Political News

Political News
Released:  17/05/20122012-05-17

United Nations, New York, April 2012 - Elections come to Benghazi. In the city where the revolution started, residents are preparing for two polls in the coming period -- local then national. For all but the oldest, it's a novel experience.

Play
Mina Monir
Comments:

Business News

Business News
Released:  17/05/20122012-05-17
Word count:  299

New Tunisian – Libyan level of business cooperation gives the Tunisian economy a boost.

Play
Mina Monir
The Trade Department of the Tunisian Embassy in Libya has sponsored the organisation of a Libyan business delegation comprising around 80 members heading to Tunisia in a four day visit to enhance the relations between the two countries on economic levels. Alfallah, the delegation chairman, stated that it is a good step for the interest of the peoples of the two countries. The Libyan Businessman Council encourages and supports the government’s plans towards employing the Libyan people in projects related to the private sector. He also confirmed that no contracts will be made with foreign workers unless Libyan staff are unavailable.. The visit comes after the African Development Bank’s (AfDB) report which shows that Post-Gaddafi Libya will provide major economic opportunities for its neighbours in North Africa. The AfDB acknowledged that the Libyan revolution at first had negative effects on Tunisia but the presence of up to 900,000 Libyans seeking refuge in the country drove an increase in demand for Tunisian products, contributing to economic growth. In spite of the challenges that Tunisians face in the new Libya, such as security woes and instability, the bank said that Libya represents an opportunity for Tunisian investors and job seekers, especially with Libya’s reconstruction. The report concluded that “Reconstruction of the new Libya will significantly address the ills of the Tunisian economy through more intensive and sustainable bilateral cooperation in which the private sector must participate actively and play a catalytic role in tandem with the public sector. Geographic, cultural and linguistic proximity could be a major asset in this process. Similarly, the excellent political ties between these two transitional democracies can cohesively promote greater Tunisian participation in Libya's economic life. In addition to this very favourable context, the comparative advantages of these two countries are quite complementary and exemplary.”
Comments:

Oil & Gas News

Oil & Gas News
Released:  17/05/20122012-05-17
Word count:  238

Libya is on track to regain its prewar oil pumping levels of 1.6 million barrels per day (bpd) next month, a top official of the transitional government has said.

Play
The National
That means Libya's oil industry would have recovered just in time for a meeting of Opec ministers in Vienna for a potentially contentious discussion over quotas. Last year, Opec agreed to set a collective ceiling of 30 million bpd including Iraq's output but did not set a quota for Iraq or change the group's targets for its other 11 members.

"From 400,000 [after the war], now we reach rapidly 1.5" million bpd, Mustafa El Huni, the deputy chairman of the National Transitional Council (NTC), said at a conference in Dubai yesterday.

"We hope after one month we will go back to our old level of production, which was about 1.65 million barrels per day according to our quota in Opec."

The news comes as oil markets, in which Libya accounted for about 2 per cent of supply before last year's revolution, are already being pushed down by economic fears in Europe and China. Yesterday, Brent, the European benchmark, was trading at US$111 a barrel.

The NTC, a temporary guardian government, has set aside 38 billion Libyan dinars (Dh109.95bn) of its 68bn dinar budget this year for rebuilding efforts in sectors including oil, communications and health care.

Next month, Libya is to elect its first national assembly, whose 200 members are tasked with drafting a constitution.

ayee@thenational.ae

twitter: Follow and share our breaking business news. Follow us

iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.
Comments:

Business News

Business News
Released:  16/05/20122012-05-16
Word count:  256

A Belgian trade delegation will arrive in Tripoli this week to discuss investment opportunities between Belgium and Libya.

Play
Mina Monir
The delegation, which includes around 50 representatives of different Belgian companies, will participate in the economic and business fairs in Tripoli and will stay at the Corinthia Hotel. The organisers have announced that various sectors including construction, healthcare, IT, oil and gas will be represented. The delegation representatives are expected to contribute to the Libya Build fair from 18- 20 May. Belgium has taken an active interest in Libya, with the Minister-President from the Flanders region leading a delegation last December, and Belgian Vice-Prime Minister and Minister of Foreign Affairs, Didier Reynders, leading a second in February. The Libya Herald reported that the delegation representatives will include high profile figures from the Ministries of Industry and Planning, along with other prominent Libyan and Belgian businessmen, who are also expected to attend. From the beginning of the political crisis that led to the fall of former Libyan leader Col. Gaddafi, the Kingdom of Belgium has taken up its responsibilities to support the country.The Belgium government participated in the international effort to provide humanitarian relief to third country refugees at the Tunisian border and repatriated 2.500 of them. Foremost Belgium committed, without hesitation, substantial military means to assist the Libyan people during the hostilities, including six fighter-jets that participated in an offensive role. The Belgian contribution to the rebuilding of post-revolution Libya is a major interest of the Belgian government and the coming delegation should actualise this interest. The Libyan government is also expected to provide special offers to win more Belgian investments in the field of construction and energy.
Comments:

Financial News

Financial News
Released:  16/05/20122012-05-16
Word count:  1111

Tripoli - Months after rebels brought down the extravagant dictatorship of Muammar Gaddafi, the disarray in Libya's state finances at the end of last year was so bad the new leadership did not know the size of state assets, how their money was being spent, or what had happened to more than $2bn transferred from the sovereign wealth fund.

Play
Fin 24
An internal National Transitional Council (NTC) document paints a picture of a government bureaucracy so fractured and disorganised that nobody appeared able to keep track of what money was coming in, and how much was going out.

Libyan officials say the anomalies in the state's finances revealed in the document were the result of complex accounting rules, delays in settling bills and poor communication between government departments - not by money being misused or stolen.

But campaigners for financial transparency say that the disarray in tracking government finances creates a fertile environment for abuse to ccur, particularly when Libya is now earning over $2bn a month from selling crude oil.

"The proper management of public finances, especially oil revenues which make up 90% of government revenues, is crucial," said Giulio Carini, a campaigner with the international anti-corruption group Global Witness.

"Any lack of transparency and accountability... fuels mistrust and suspicion that the interim and any future government of Libya is not taking the necessary steps to reverse the past legacy of mismanagement."

Libya has lacked a strong, central government since the rebellion, backed by Nato jets and missiles, ended Gaddafi's 42-year rule last year.

International concern about the new Libya has focused on security issues: out-of-control militias clashing with each other, weapons being smuggled across poorly-secured borders, the threat of Libya splitting into regional fiefdoms.

But there is another risk too, that in the muddle of the transition in Libya, millions and possibly billions of dollars in state assets could be misappropriated.

The NTC document, which was obtained by Reuters, relates to state finances several months back, under a government that has since been replaced. Nevertheless, high-profile corruption scandals since then indicate that the government's shortcomings with keeping track of money have still not been resolved.

Accounting holes

In November last year, the NTC's economy and finance committee, which provides oversight over the work of the interim government, submitted an internal report on the activities of the oil and finance ministries, the central bank and the sovereign wealth fund, the Libyan Investment Authority (LIA).

The seven-page report was dated 27 November 2011. It listed a litany of accounting holes, and failures by branches of the government to share information about th cash they were handling.

In one passage, the report's authors said they needed more information to understand how the central bank calculated the $139.9bn it said Libya held in assets abroad.

"The question is: what is the size of deposits and investments for the central bank alone?" the report asked.

In another section, it took the oil and finance ministries to task over their lack of transparency.

"The (oil and finance) department has not provided monthly reports identifying sources of available financial revenues, their use and the way cash balances are being dealt with," it said.

The two ministries had "not provided reports on oil export shipments and the amounts collected in return and how the amounts were spent".

It said also it had received no details on who in the public sector had been paid their wages and how much they were paid.

The NTC said in the document it had reports of "ambiguity" surrounding sales of foreign currency and contracts concluded with brokers and currency traders.

In a different section, the report's authors addressed the LIA. The document queried $2.456bn which the LIA said it had handed over to the treasury, but had, it seemed, not shown up on the government's books.

"When have they (the LIA monies) been transferred to the treasury, how have they paid and to whom have they been paid?" the report asked.

The NTC complained that the sovereign fund was keeping it in the dark on other issues as well. It said the fund provided it with no details on assets held in stocks, bonds or investment funds, including those funds which had registered multi-million dollar losses.

In the report, the NTC committee said it had no information on why the LIA's assets had shrunk. "Total (LIA) resources after 2010 allocations were $65bn, how did it become $62.956bn?" the report asked.

Money 'not misused'

Asked to comment on the shortcomings raised in the report, NTC spokesperson Mohammed al-Harizy acknowledged that "communication is very weak between the NTC and the government".

He said the NTC had set up a special oil committee, which started work in April, to improve oversight over crude exports and the revenues earned.

Harizy said there was "no control over the international investments", and government schemes to provide assistance to people who fought Gaddafi in last year's revolt have seen cases of corruption at local level.

But at the ministry level, he said: "I don't think the money is being misused... The oil revenue is turned over to the finance ministry right away so I don't think there are problems."

Asked about the allegations of "ambiguity" with currency transactions, central bank deputy governor Ali Mohammed Salem said: "We had to sell dollars at a low price in order to bring the cash flow back into the banks."

An LIA official, Mohsen Derregia, told Reuters the authority could not immediately comment on the NTC document.

Ibrahim Belkheir, the head of the Libyan government audit bureau, said his office had looked into the issues raised in the report, including the LIA's financial statements, but said he could not disclose his findings.

He said though that most of the apparent financial discrepancies raised in the report could be explained by routine delays between oil export shipments being delivered and payment being received.

Belkheir, an academic before the revolt, has been given a leading role in trying to ensure that the pervasive corruption under Gaddafi does not carry over into the new Libya.

Already there are signs of graft. In one case, the government had to halt a scheme to give cash to people who fought in last year's rebellion because the money was being paid out to people who were dead or who never fought.

In another scam, fraudsters enjoyed state-funded vacations abroad by claiming to be wounded veterans of the fighting needing treatment in foreign hospitals.

The corner office where Belkheir works is steeped in symbolism. It was previously used by Hannibal Gaddafi, a son of the ex-Libyan leader famous for his extravagant lifestyle and raucous parties in five-star European hotels.

Belkheir said his organisation would root out corruption wherever it found it and had not faced any interference from the new authorities. But he acknowledged he faced a huge task.

"Corruption is not easy to uproot. It is a cultural issue that is prevailing among certain people," he said.

"As they are so used to it, it does not seem to be corruption to them."
Comments:

Business News

Business News
Released:  15/05/20122012-05-15
Word count:  199

According to Turkey’s official statistics TurkStat, Turkey’s exports to Libya has jumped to high levels since visa exemption agreement.

Play
Mina Monir
Since the visa exemption was launched between the two countries in April 2009, Exports rose to 1.9 billion from 1.8 billion between 2009 and 2010. However, Turkish exports to Libya saw a significant decrease due to the Arab Spring and fell to 747.7 million USD in 2011, according to the Tripoli post. Although Turkish exports to Libya decreased slightly in 2011, they continued to increase in the first quarter of 2012. As a result, cooperation between the two countries increased considerably in the energy sector. In April the Turkish Energy & Natural Resources Minister Taner Yildiz stated that the Turkish Petroleum Refineries Co. (TUPRAS) had started purchasing approximately 1 million tons crude oil from Libya. “With the purchase, Turkey will meet its domestic demand as well as we will help Libya become normal,” Yildiz said. Libya also welcomes cooperation between the two countries in other fields. Through contribution new initiative supported by the two countries, a Libyan radio channel has been launched to promote Turkey in Libya. the Turkish International Cooperation and Development Agency (TİKA), will begin broadcasting soon on the FM band. TİKA provided all the necessary equipment for the radio channel, which will broadcast in Arabic and will promote Turkey as well as play Turkish music.
Comments:
Find out what contracts are on offer in Libya
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
Page
  • 1
  • ...
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...