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Oil & Gas News

Oil & Gas News
Released:  27/04/20122012-04-27
Word count:  215

Eni SpA has reported that its first-quarter profits rose 42% due to increased production in Libya.

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Mina Monir
Italy’s largest energy company which is based in Rome said that its net profits of the first quarter of 2012 reached €3.62 billion which is higher than the €2.55 billion profit of the same period last year. Eni’s shares were trading up 0.1% to €16.58 on the Milan Stock Exchange, according to Associated Press. "Eni delivered excellent results thanks to the ongoing recovery of production in Libya and higher oil prices, despite the difficult market environment," Eni CEO Paolo Scaroni said in a statement. Eni's Libyan production was cut off during the first quarter of last year due to the armed conflict in the country that endangered oil workers and blocked exports. Production is expected to reach levels achieved before the conflict, that is 280,000 barrels of oil per day, by the second half of the year. According to Oil Price News, xactly one week before Col. Muammer Gadhafi died after falling into rebel hands, Eni announced that it, along with Libya's National Oil Corp., started tests to restart the Greenstream natural gas pipeline, which had supplied Italy with about 10 percent of its natural gas before the war began in 2011.. Despite the National Transition Council’s decision to probe the contracts of companies that operated in Libya during Gadhafi’s rule, there was no charge made against Eni SpA.
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Oil & Gas News

Oil & Gas News
Released:  27/04/20122012-04-27

Oil and Gas Summit in Rome, session on Libya

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Mina Monir
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Business News

Business News
Released:  26/04/20122012-04-26
Word count:  272

The Korean Trade-Investment Promotion Agency (KOTRA), has reported that Korea is intending to restore its distinguished business activities in Libya again.

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Mina Monir
KOTRA stated that Korean companies have the opportunity to acquire a share of up to $40 billion from an estimated sum of $120 billion which the agency believes to be the required amount needed to rebuild Libya. KOTRA believes that the energy sector of Benghazi will become a magnet for post-Qaddafi Libya’s Korean interests. The Korean investors and businessmen have Korean government support to search for new projects in an oil-driven economy, KOTRA says. The Korean Ministry of Knowledge Economy (MKE) provides a three year “Overseas Resources Development Plan.” The Plan includes a policy of supporting state-owned energy entities like KNOC, KOGAS and KORES (Korea Resources Corp.) to become globally competitive firms. In 2009, Korean investments in overseas oil and gas developments reached $5.18 billion, a significant increase of 32% compared with the previous year. This will keep her eyes on the emerging oil resources in countries like Libya. According to Petroleum Africa, the chairman of the Libyan National Oil Corp. (NOC) recently met the South Korea ambassador in Libya and KNOC representatives to discuss a joint cooperation venture in the oil and gas industry in the country. Korean investment in Libya’s oil and gas industry has increased in recent years and this should continue to be the trend. For instance, a Korean consortium has a 4% interest while KNOC has a 2% interest in Mellitah Oil & Gas B.V established to operate the Elephant oil field in Murzuk Basin. With Korea on the hunt for oil and gas resources, Libyan opportunities will serve to demonstrate the aggressiveness and willingness of Korean enterprises to do what it takes to break into the sector, as Petroleum Africa believes.
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Construction News

Construction News
Released:  26/04/20122012-04-26
Word count:  286

The Libyan capital Tripoli is going to be the destination of many international companies for hosting the Libya Build 2012 conference.

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Mina Monir
ATEXT international organizers announced that the 8TH Libya Build conference has attracted international companies to come and discover the possible business chances in Libya. Libya Build has received all the necessary approvals from the National Transition Council (NTC) to promote the rebuilding of Libya. According to the official announcement, Libya Build aims to be the gateway to the Libyan Market with its huge profile and long and successful history, hence, over 2,000 exhibitors from all over the globe participated in Libya Build in the last seven events. In the last conference in 2010, Libya Build welcomed over 17,000 professionals,, which made the event the most successful and indeed most significant event organized in Libyan exhibition history. ATEXT reported that after sending the first letter to Libya Build clients, they have received confirmation from all the enterprises, official governmental organizations and international companies who showed interest in continuing their participation with full belief and confidence that this coming Libya Build 2012 will be a big success and the right gateway to enter the market. The official organizations that have confirmed so far are UBI France, I.C.E -The Italian Institute of foreign trade, Malta Enterprise, Royal Thai from Thailand as well as agents from Turkey, Egypt, China, Tunis and many individual international companies from all over the world. General Information: • Event: The 8th International Building & Construction Exhibition • Event Title: Libya Build 2012 • Show Date: 20th - 24th of May, 2012 • Organizing Company: ATEX - International Exhibition Organizers • Venue: Tripoli International Fairgrounds, Tripoli – Libya • Opening Times: Sunday 18:00 to 21:00 , Monday to Thursday 10:00-14:00, 17:00-21:00 • Admission: admission to the exhibition is restricted to trade and professional visitors, admission is free upon completing a registration card or presenting a business card. • Website Event: www.libyabuild.com
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Oil & Gas News

Oil & Gas News
Released:  26/04/20122012-04-26

Libya hosted a major oil and gas conference in Tripoli striving to reach and exceed its pre-civil war oil production levels with the help of foreign firms. VOA's Ndimyake Mwakalyelye reports.

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Mina Monir
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Construction News

Construction News
Released:  24/04/20122012-04-24
Word count:  248

The Italian air company Alitalia has declared it is launching two weekly flights between Rome and Tripoli from June.

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Mina Monir
The company will provide weekly flights with a promotional round trip fare of LD246. According to the Libya Herald, the Sunday and Tuesday flights wil l begin on Sunday 3 June. AZ 873 leaves Benghazi at 1240hrs, arriving in Rome at 1500hrs on each day. The return flight, AZ 872, leaves Rome at 0950 arriving in Benghazi at 1200hrs. Alitalia also has two other return trip promotional offers for its Benghazi service; LD500 for a Rome connection to any other Italian destination and a LD249 fare via Rome to any other European destination. These promotional fares which can be booked between now and 11 May are for flights up to 30 September this year. They do not include airport taxes. According to the Breaking Travel News, Alitalia is the first EU airline to have restarted its operation of commercial (passenger and cargo) flights to and from Libya. One month ago Alitalia reopened its commercial offices in Tripoli and resumed the operation of its Customer Centre in Libya. The decision comes after a plan of renewing its services and its planes. The airline’s fleet renewal plan will be marked by speedier deliveries of long-haul and short-to-medium-haul aircraft in 2012, with at least 20 new entrants, of which 5 are Airbus A330s for intercontinental routes. By the end of the year, cabins of the 10 long-haul Boeing B777s will be totally renewed (in accordance with the three travel classes Magnifica, Classica Plus and Classica), while 16 old aircraft will be phased out, according to the Business Travel Executive.
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Oil & Gas News

Oil & Gas News
Released:  24/04/20122012-04-24
Word count:  219

In an official statement, the Libyan National Oil Corporation )NOC( declared that Libya’s oil income has exceeded 12 billion dollars in the first quarter of 2012.

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Mina Monir
NOC stated that the Libyan exportation of crude oil in the first quarter of 2012, covering the period between January to the end of March, reached 103,728,000 barrels achieving 12 billion and 298 million dollars. The Libyan corporation marketed its crude in several European countries for 110 to 124 dollars per barrel. The statement showed that Italy bought more than 34.23% of Libya’s crude exports while China was second, purchasing 15.93% and the United States third, purchasing 2.21%. It also showed that the share of the partner companies in the ten Libyan oil fields reached 13,237, 275 barrels. The Italian companies had the highest share 55.3% while the French had 12.7% and the Spanish 11.3%. The head of NOC Noury Balrwin stated that Libya’s oil production reached 90% of its production capacity before the uprisings, which shows how the crude production in Libya is accelerating day by day. The statement was released while Tripoli is hosting the Oil & Gas Libya 2012 international conference. “The Organizers are in consultation with the Libya National Transitional Council, now internationally recognized as the legitimate conduit to the country’s future governance. The Council has established immediate priorities which include rebuilding the country’s oil, gas and petrochemicals sector, which has suffered a lack of investment in recent years and considerable damage during the conflict,” the fair’s executives said on the official web site of the event.
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Contract News

Contract News

14 April 2012. Canada has made a voluntary contribution to the OPCW of CAD 6 million (€ 4.53 million) for the Organisation to support the Libyan Government's efforts in resuming and completing the destruction of its remaining stockpile of chemical weapons.

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Mina Monir
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Business News

Business News
Released:  23/04/20122012-04-23
Word count:  283

An official visit to Libya was paid by the US-Libya Business Association (USLBA) delegation headed by US Assistant Secretary of State for Economic and Business Affairs Jose Fernandez to Libya between 20th and 28th of April.

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Mina Monir
The visit comes to support the business ties between Libya and USA. The delegation comprises 37 representatives of 20 American companies covering a wide range of business sectors including energy, construction, healthcare, training and agriculture. The US embassy in Tripoli, in cooperation with representatives of the Libyan National Transition Council, is providing an intensive programme of meetings for the delegation in Tripoli and Benghazi. According to the Libya Herald, USLBA Executive Director Chuck Dittrich said “We are very grateful to US Ambassador Gene Cretz and the entire US embassy team in Libya.” “Ambassador Cretz has been a driving force in involving the US private sector in the rebuilding of Libya. Without his leadership and the dedication of his team, this delegation visit would not have been possible. We are excited to be here and look forward to a very productive week.” Adds Mr. Dittrich. Mr.Dittrich expressed his satisfactionwith the Libyan developments, “While much press coverage about Libya is focused on the historic political transition to representative government now underway, it ignores the underlying fact that Libya is already in the process of building a new economy focused on the nation’s private sector,” he said. Notably, the visit comes shortly after the LNTC declared the re-opening of the Benghazi free trade zone and the hosting two large international conferences on Libyan oil investments and infrastructure in Tripoli. Companies in the delegation include A-T Solutions, BAE Systems, The Boeing Company, ConocoPhillips Libya Waha, LTD, Daniel J. Edelman, Inc., Dow Chemical, ExxonMobil, FARMCO (Valmont Irrigation), Hess Corporation, Hill International, General Electric, the Institute of International Education, Marathon Oil Corporation, Motorola Solutions, NSI – Nasa Services International, Parsons, RMA Global Fleet Sales, the Sandi Group and WorkingBuildings, LLC.
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Construction News

Construction News
Released:  23/04/20122012-04-23
Word count:  204

Under the authority and support of the Libyan National Transition Council (LNTC), Tripoli hosts the Infrastructure Libya 2012 conference between 23rd and 26th of April.

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Mina Monir
According to the organizers, the Libyan authorities are calling on the international export community to bring much needed expertise and technology to the market across a broad range of sectors, not least: building & construction public works & municipal engineering power & electricity transport & communications water & environment safety & security. The conference is run in parallel with exhibition programmes for companies that are interested to share in the rebuilding of the Libyan infrastructure and energy sector. According to the official website, the aim of the trade exhibitions is to bring to the market much needed expertise and technology across a broad range of sectors from the international export community, to meet the LNTC’s immediate priorities in rebuilding Libya’s infrastructure and energy sectors which have been neglected in recent years and which suffered during the conflict. Exhibitors will be international producers and suppliers of equipment, materials, products, technology, consultancy services, management capability and financial expertise appropriate for Libya’s reconstruction and future development plans. They will be drawn from Europe, North America, the MENA region and Asia through a comprehensive exhibitor promotion programme aimed at foreign governments, government export agencies, trade associations and industry. Libyan companies, both manufacturers and import agencies, will also be encouraged to exhibit.
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Oil & Gas News

Oil & Gas News
Released:  23/04/20122012-04-23
Word count:  241

In a conference held in Tripoli on Monday, the Libyan Oil Minister Abdul Rahman Ben Yazza stated that Libyan oil production has increased to about 1.5 million barrels per day (bpd) and that Libya hopes to reach the pre-conflict levels of production by mid-year.

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Mina Monir
"We have reached 85 percent (of pre-conflict levels)," Ben Yazza said. "We hope to reach our target by the middle of this year." According to Reuters, Libya reached the level of 1.6 million bpd before last year’s uprising, which means that the level of production in Libya now is very close to that. Ben Yazza’s statements were released during the Oil & Gas Libya 2012 conference held in Tripoli between 23rd and 26th of April. The conference will allow the Libyan authorities to set out their priorities and requirements for the country’s energy sector, and for suppliers of technology and services to recommend solutions. The conference is likely to focus on human capacity building, future technologies, reserves management and protection of the environment. According the organizers who are authorized by the Libyan National Transition Council, The recent freeing up of US$100 billion of Libya’s previously frozen assets will immediately contribute to the country’s energy redevelopment plans. The highest level of support will be encouraged from private and public sector planners, specifiers and procurement officials both as visitors to the exhibition and delegates to the conference. The Oil & Gas Libya 2012 Exhibition focuses on petroleum industry technology, reflecting the importance of this vital sector to Libya’s economy. The exhibition brings together oil exploration, production, service and supply companies from the world’s leading oil technology export nations including the UK, USA, France, Canada, Japan, Netherlands and Turkey and many other nations.
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News Releases

News Releases Trade Missions Business News
Released:  20/04/20122012-04-20
Word count:  148

The Libyan British Business Council (LBBC) concluded a successful visit to Libya from 15 to 19 April.

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Mina Monir
The delegation included 17 companies from different sectors and industries that are interested in undertaking projects in Libya. According to the Libya Herald, the delegation head, Lord Tefgarne, stated that “we look forward to doing business in the new Libya on a level playing field where UK firms can compete successfully on the basis of the acknowledged quality and value for money of their goods and services without the arbitrary, unpredictable and self-serving distortions which characterized the previous regime”. He went on to underline that, “we look forward to working with our Libyan partners to help grow Libya’s economy and prosperity through trade, investment and the transfer of knowledge and skills to the young Libyans involved”. The visit comes after Libya restored the Benghazi free-trade zone and provided new legislation to protect the rights of foreign investors. The new measures are expected to encourage foreign investment in Libya.
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News Releases

News Releases Cultural News
Released:  20/04/20122012-04-20

Al Jazeera eng. TV, April 6, 2012

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Mina Monir
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News Releases

News Releases Legal News
Released:  19/04/20122012-04-19
Word count:  137

In a visit to Abu Dhabi on Tuesday, the Libyan Minister of Economy Ahmed al-Koshli declared that Libya is setting up a new law that protects foreign investors in Libya and provides them with electronic business services.

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Mina Monir
Mr. al- Koshli referred to the good investment law (no. 9), which was praised by the International Bank. Al- Koshli’s visit to the UAE was planned to benefit from the Emirates’ significant experience in investment legislations and facilitations. The UAE officials offered their technical and legislative advice in issuing licenses, attracting investments and enhancing the regulations of non-oil sectors. Al-Koshli stated that Libya receives new investment offers on a daily basis, which has prompted the release of the new set of laws that protects the rights of foreign investors on Libyan soil. The Minister’s visit to UAE comes also to support the good economic ties between the two countries. According to the UAE chamber of commerce, there are 12 UAE companies that operate in the fields of the oil industry, real estate investments and finance in Libya.
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News Releases

News Releases Political News
Released:  19/04/20122012-04-19

Libya has requested the handover of Muammar Gaddafi's intelligence chief after his capture in Mauritania. Al Jazeera's Nicole Johnston reports from Tripoli.

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Mina Monir
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News Releases

News Releases Contract News Business News
Released:  18/04/20122012-04-18
Word count:  178

A Libyan delegation has offered a bundle of 3 billion dollar projects to be implemented by Egyptian companies during the coming two months. The offers were made during the Libyan contribution to the Cairo Metal Industries conference.

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Mina Monir
Libya was presented in the conference by 140 companies with brand new projects in the sector of infrastructure and real estats. Mohammed Naser, the head of the projects sector in the Ministry of Defence, stated that the Libyan delegation aims to import the necessary building materials for the Libyan infrastructure. Mr. Naser expressed that step in the light of the agreements made between Egypt and Libya to enhance the industrial and economic cooperation between the two neighbouring countries. Naser also stated that the Libyan investments in Egypt will continue. Yet, it will be subject to careful study since most of these investments were owned by Qaddafi’s family. Bashir Shtewy, a member of the Libyan delegation, stated that they seek cooperation with Egyptian companies to import machines and backups that are necessary for Libyan factories. Mukhtar Hussein, the head of al-Amal Contracting and Estate Investment company, reported that his company is willing to establish an economic alliance with a large contracting company in Egypt for new projects that will be declared in the beginning of the coming financial year.
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News Releases

News Releases Political News
Released:  18/04/20122012-04-18

Even when Libya's economy begins to recover with an oil industry which is resuming its production levels. The population can't see reflected this boom on their pocketbooks, by contrast, they have to resist the loss of government support and the high cost of living. teleSUR

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Mina Monir
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News Releases

News Releases Cultural News
Released:  17/04/20122012-04-17

Meeting with four women, during the Progressive agenda for a new Arab world, Tunis, March 30th 2012: Rowyda Omar (Democratic Transition EDA, Egypt) Farida Elallagi (National Consortium of Libyan women) Amal Al Yusuf (Al Wefaq Political Society, Bahrein) Samira Qasem Al-Fuhidy (Yamaniya newspaper Equal Citizenship, Yemen)

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Mina Monir
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News Releases

News Releases Financial News
Released:  17/04/20122012-04-17
Word count:  246

Libya’s Bank of Commerce and Development (BCD) has agreed to sell a 49 percent stake in itself to the Qatar National Bank (QNB) for an undisclosed amount. The decision was made by BCD shareholders at an extraordinary general meeting held in Benghazi yesterday.

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Mina Monir
BCD chairman Jamal Abdelmalek said the agreement would result in an increase in the bank’s capital, which will support its financial position and its ability to expand in the Libyan market. Besides an unrevealed capital injection, QNB will be providing administrative support.



Ali Shareef Al-Emadi, QNB Group CEO said the deal was in line with the company’s strategic plan of international expansion in selected and promising markets, of which Libya was clearly one.

“The QNB group looks forward to increasing fields in the Libyan market which is anticipated to record healthy growth rates, paving the way for a wide range of banking services in partnership with the BCD.”

Privately-owned BCD was set up in 1993 but did not begin operations until June 1996. Headquartered in Benghazi, it now has 32 branches throughout the country with 820 staff a network 82 ATMs.

QNB’s first foray into North Africa was the representative office it opened in Tripoli in 1996. It has offered banking facilities to major Libyan corporate and financial institutions, promoting in particular operations to Europe using the QNB branches in Paris and London.

QNB has branches, subsidiaries or associate institutions in 25 countries. It employs some 7,000 staff, supplying an array of global standard banking services through 335 outlets with an ATM network of more than 650 machines. QNB has been a regular winner of international awards, including the leading bank in the Middle East and North Africa (MENA) and most recently among the top 50 safest banks in the world. [Source: Libya Herald]
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News Releases

News Releases Political News Business News
Released:  16/04/20122012-04-16
Word count:  281

Serious steps have been taken by the newly elected Russian President Vladimir Putin and the Libyan National Transition Council to restore the Russian-Libyan economic cooperation.

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Mina Monir
In an answer to parliamentary questions, Mr. Putin stated that he received “signals” from the Libyan government that they wish restore the economic ties. Putin showed that the Russian government is willing to respond positively to these signals. The Russian – Libyan economic ties were well established during Qaddafi’s time, in the oil industry and crops, particularly wheat. According to the Libyan Herald, officials in Moscow have estimated that the country has faced losses in excess of $4 billion on contracts made with the Qaddafi regime. These are principally in connection with weapons supplies and railroad construction, as well as oil and gas investments. Russian-Libyan relations suffered severe disruptions due to the political developments in Libya. Russia’s reluctance to support the NATO’s operation in Libya caused problems in the relations between the post-Qaddafi Libya and the Kremlin. Furthermore, the successful attack on the Russian embassy in Tripoli by Libyan and Syrian rebels in February of this year increased the tensions between the two countries. However, Putin expressed his interest to re-establish economic relations in a different way. “I have no doubts,” he said, ”that we will move to new forms, new horizons and new levels of cooperation.”

He added that, in his view, the best way to achieve this was to develop Russia’s own economy, so that cooperation with Russia became “attractive” and did not depend on “regime changes in any countries.” According to Bloomberg, Libya bought 50,000 metric tons of Russian-grown wheat on international markets, Paris-based farm adviser Agritel reported on its website today, without saying where it got the information. It is expected that new contracts in the energy sector will be signed soon between the two countries.
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Find out what contracts are on offer in Libya
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