LibyaBusiness.tv News - February 2013

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Tripoli, 6 September 2017 (Lana) Natural Sciences & Technology Corporation is to organize Saturday a national seminar on renewable energy in Libya in Tripoli's Corinthia hotel.

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LANA - Libya news agency
Executive Body of Renewable Energy, Solar Energy Studies Centre, Awrinco Renewable Energy and Economic Knowledge programme are taking part in the seminar.

Preparatory committee of the seminar told Lana that papers by Libyan and foreign academicians will be presented on renewable energy.

The one-day seminar designed to explain the benefits of renewable energy for both public and private sectors in Libya and highlight its role in environment protection.

=Lana=
Comments:

Dear Sir/Ma,

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Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  06/09/20172017-09-06
Word count:  306

SINGAPORE (Reuters) - Oil prices slipped on Wednesday as crude demand remained subdued on the back of refinery closures following Hurricane Harvey which hit the U.S. Gulf coast 10 days ago.

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Reuters
Market focus was also being drawn to Hurricane Irma, a record Category 5 storm, which is barrelling towards important shipping lanes in the Caribbean.

Although many refineries and pipelines which were knocked out by Harvey are now in the process of restarting, analysts say it will take some time before the U.S. petroleum industry is back to full crude processing capacity.

As of Tuesday, about 3.8 million barrels of daily refining capacity, or about 20 percent, was shut, though a number of the refineries in that group were in the process of restarting. Several others, including Marathon’s Galveston Bay and Citgo’s Corpus Christi refineries, were running at reduced rates, according to company reports and Reuters estimates.

U.S. West Texas Intermediate (WTI) crude futures Clc1 were at $48.57 barrel at 0333 GMT, 9 cents, or 0.2 percent, below their last settlement. In international oil markets, Brent crude futures LCOc1 dipped 19 cents, or 0.4 percent, to $53.19 a barrel.

Meanwhile, Hurricane Irma is heading for the Caribbean islands of Antigua, Barbuda, Anguilla, Montserrat, St. Kitts and Nevis, the Virgin Islands, Puerto Rico, the Dominican Republic, and parts of Cuba.

“With another hurricane threatening to hit the U.S. coast, traders still remain cautious,” ANZ bank said on Wednesday.

Around 250,000 barrels of daily refining capacity in the Dominican Republic and Cuba lies in the currently expected path of Irma, Thomson Reuters Eikon data shows, with several tankers seen on satellite images changing their routes to avoid being caught by the storm.

“Maximum sustained winds are near 185 mph (295 km/h) with higher gusts. Irma is an extremely dangerous Category 5 hurricane ... Irma is forecast to remain a powerful Category 4 or 5 hurricane during the next couple of days,” the U.S. National Hurricane Center (NHC) said.

There is another tropical storm on Irma’s heels in the Atlantic, and another one active in the Gulf of Mexico.
Comments:

Dear Sir/Ma,

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Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News
Released:  06/09/20172017-09-06
Word count:  438

The government of Libya spurring the reconstruction of the country after the civil war requested Korean builders to resume construction work in Libya as soon as possible.

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Business Korea
Libyan Deputy Prime Minister Ahmed Omar Maiteeq attended the Global Infrastructure Cooperation Conference (GICC) held by the Ministry of Land, Transport and Maritime Affairs at COEX InterContinental Hotel in Seoul on September 4.

"Libya will generate big reconstruction demand after the end of the civil war," Maiteeq said. "If Korean companies return to Libya, they will receive strong support from the Libyan government such as securing safety and compensation for losses caused by their withdrawal from Libya due to the civil war."

"Libya is currently expanding its financial capacity by increasing its crude oil production to one million barrels a day," said the Libyan deputy prime minister. "We hope to resume the US$10 billion project with that we pushed forward with Korean companies. I request Korean companies to participate in additional projects in the future."

In the past, Libya was picked as one of Korea’s main overseas construction markets for Korean builders after Saudi Arabia.

Hyundai Engineering & Construction, Daewoo Engineering & Construction, Doosan Heavy Industries & Construction, and others participated in the construction of infrastructure such as thermal power plants in areas such as Tripoli West, Sirte and Al Zwitina in northern Libya.

However, after safety concern was caused as Libya's civil war intensified and Libya was designated as a travel-banned country, Korean companies suspended their work and left Libya in August 2014. It is estimated that a total of 47 projects worth US$10 billion were being carried out by Korean construction companies along with the Libyan government.

Libya has been divided into an Islamic government based in Tripoli and a non-Muslim government based in East Tobruk since the dictatorship of Muammar Gaddafi collapsed in 2011 with “the Arab Spring.”

The government of Libya begun to ask for help from the Korean government as the long civil war destroyed infrastructure, disrupting electricity production. In February, a Libyan government delegation, including the head of the General Electricity Company of Libya (GECOL) visited Korea and met with officials of Korean construction companies.

At present, the uncertainty of politics and security in Libya is not removed yet so it is not possible to resume business soon. However, it is expected that the suspended projects will be resumed soon after a thawing mood was created between the two sides in Libya.

The Korean government is planning to determine whether or not to resume business based on review results produced by a joint public-private cooperation group. The Korean Ministry of Foreign Affairs is currently blocking Koreans from travelling Libya by designating Libya as a non-travelable country, but is planning to support the projects by allowing construction workers to move to Libya as first step if safety is secured.
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

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Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  05/09/20172017-09-05
Word count:  317

Libya and Nigeria, the two OPEC members exempt from the current oil production cut deal, have been invited to participate in the producer group's latest ministerial committee meeting September 22.

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Platts
The two countries have been asked to attend the meeting in Vienna to identify the latest developments in their oil sectors, Kuwait's OPEC governor, Haitham al-Ghais told Al-Rai newspaper Sunday.

Nigeria's oil production, including crude oil and condensates, is currently at around 2.2 million to 2.3 million b/d, including about 300,000 to 400,000 b/d of condensates, oil minister Emmanuel Kachikwu said Thursday.

Libyan output had also recovered to reach an average of 990,000 b/d in July, its highest level in three years, up 180,000 b/d in June, according to the latest S&P Global Platts OPEC survey. This was before the closure of three fields -- the 300,000 b/d Sharara, 90,000 b/d El-Fil and 10,000 b/d Hamada field, shutting-in around 360,000 b/d of output since the middle of August.

OPEC will consult with them to identify their plans, Ghas said.

The production cut agreement, which began January 1, calls on OPEC's 14 members along with 10 non-OPEC countries, led by Russia, to cut a combined 1.8 million b/d in output through March.

The group will hold a technical committee meeting on September 20, looking at the continued effects of US shale oil on the global market, and the impact of Hurricane Harvey.

"The amount of production affected by the hurricane is estimated at 700,000 b/d, which may strengthen the status of the market", Ghais said. US production had increased by 500,000 b/d so far in 2017, compared with 2016, he added.

This will be followed September 22 by a committee overseeing the deal, composed of ministers from Kuwait, Russia, Venezuela, Algeria, Oman and Saudi Arabia.

Sources have told Platts that Saudi Arabia and Russia are seeking to extend the deal for a further three months to June, to demonstrate their commitment to market management and dampen fears that the producers will return to a market-share battle as soon as the deal expires.

--Adal Mirza, adal.mirza@spglobal.com --Edited by Maurice Geller, maurice,geller@spglobal.com
Comments:

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Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Construction News

Construction News Business News
Released:  05/09/20172017-09-05
Word count:  171

Seoul, 4 September 2017(Lana) the Deputy President of Presidency Council Ahmed Mi'tig opened here on Monday the 5th session of the International Cooperation Conference of Infrastructure 2017.

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LANA - Libya news agency
Mi'tig praised relentless efforts by South Korea to promote exchange with Libya, crowned by a visit by a Korean delegation to Tripoli. He said the conference which attends along with several Libyan Cabinet ministers has opened avenues for cooperation and exchange between the two countries.

Since 2011, the political crisis in Libya has shadowed the economic activity, despite the fact that no political solutions can succeed without viable economic plans, Mi'tig told the audience at the opening ceremony. He noted that the Government was facing obstacles which it works to overcome them.

The GNA, he said was giving priority to boost the economy, address damage in the infrastructure in the cities which had been scene of military clashes.

'Our attendance will mark a new start of partnership with the Korean side, and we are confident that our country would prosper through working with you, he added.

Mi'tig held a press conference at the conclusion of the conference in which he welcomed return of Korean companies to Libya to complete unfinished projects.

=Lana=
Comments:

Dear Sir/Ma,

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Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  04/09/20172017-09-04
Word count:  403

SINGAPORE (Reuters) - Oil prices fell on Monday after a powerful North Korean nuclear test explosion triggered a flight of investors away from crude markets and into gold futures, which are seen as a safe haven.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, fell by around 1 percent from their last close, or 51 cents, to $52.24 per barrel by 0631 GMT.

The fall came as traders were nervously eying developments in North Korea, where the military conducted its sixth and most powerful nuclear test over the weekend. Pyongyang said it had tested an advanced hydrogen bomb for a long-range missile, prompting the threat of a “massive” military response from the United States if it or its allies were threatened.

This put downward pressure on crude as traders moved money out of oil - seen as high-risk markets - into gold futures XAU=, traditionally viewed as a safe haven for investors. Spot gold prices rose for a third day, gaining 0.9 percent on Monday.

U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, at $47.28 barrel, close to their last settlement. Traders said that the more stable U.S. crude prices were a result of production outages following Hurricane Harvey.

About 5.5 percent of the U.S. Gulf of Mexico’s oil production, or 96,000 barrels of daily output, remained shut on Sunday, the federal Bureau of Safety and Environmental Enforcement said.

At the same time, refineries that use crude to make fuel were gradually starting up again, along with the pipelines transporting products.

“Traders are hopeful that crude backlogs will be cleared,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA.

Meanwhile, U.S. gasoline prices RBc1 slumped back from a spike after the release of emergency fuel stocks and on signs that the damage from Hurricane Harvey to the Gulf coast energy infrastructure was not as bad as initially feared.

Still, many analysts say it could take months before the U.S. petroleum industry fully recovers from Harvey, and Texas Governor Greg Abbott estimated damage at $150 billion to $180 billion, calling it more costly than Hurricanes Katrina or Sandy, which hit New Orleans in 2005 and New York in 2012.

Storm Harvey made landfall along the Gulf coast of Texas and Louisiana last week, knocking out almost a quarter of the entire U.S. refining capacity, causing a price spike and supply gap for fuels like gasoline, which traders around the world have been scrambling to fill.

Overall trading activity in oil futures market is expected to be low on Monday due to the U.S. Labor Day public holiday.

Reporting by Henning Gloystein; Editing by Kenneth Maxwell and Christian Schmollinger
Comments:

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Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News
Released:  04/09/20172017-09-04
Word count:  628

Two Tripoli youth are launching a new start-up business venture to help provide some more entertainment for the capital’s youth. The new games centre called City Club located in the heart of Tripoli is slated to open next week.

Play
Libya herald
The modern looking games centre on the main Fashloum road will have darts, table tennis, billiards, electronic games such as Play Station, fast internet and a cafe. More importantly, as the co-owner pointed out, it will have electricity, thanks to what he referred to as its ‘‘huge generator’’.

The club is co-owned by 30-year old Seraj Mohammed Elarbi from Tripoli and his partner Mohammed Ali Alforjai. ‘‘It’s my first business. I am an IT engineer graduating in 2012 from Tripoli University’’, he told Libya Herald.

Seraj was very upbeat and quite optimistic about business and life in Tripoli. Asked what were the biggest challenges he and his partner had to face in opening their first business venture in today’s Tripoli, Seraj said that ‘‘the biggest challenge is how to get our money – my partner and I – out from the Bank’’. He was of course referring to Libya’s acute cash crisis and the inability of most citizens to withdraw cash ot of their bank accounts without having to pay a 10 percent bribe to the militias guarding the bank entrance or without ‘’wasta’’ – having a close contact in the bank.

Despite this, Seraj was quite cheerful about his new venture. We hope ‘‘to open after the end of the forthcoming Eid (of sacrifice) holidays which end next week’’, he added.

Asked what was the motivation behind his business idea, he said that ‘‘as a young guy looking to spend some fun and leisure time outside home, I find it hard to find a good place that is not too far from the heart of Tripoli. There are a lot of other places but they are not good enough. So this is my biggest motivation. As youngsters, we find it hard to find a satisfying place in which to hang out’’, he explained.

‘‘I know that guys like me have the same need and as a young Libyan, guys find it hard to find a satisfying place to hang out’’.

Asked about wanting to be self-employed as opposed to going for the ‘‘easier’’ option of a state-salaried job, he said ‘‘of course I prefer to be my own boss. Who wouldn’t love so?’’ Adding that in his view it provided more ‘‘financial stability’’.

Looking further ahead into the future, Serraj was quite bullish about his business and his expansion plans. ‘‘I am optimistic for this business because if this club wasn’t mine, I would love to hang out in it. My dream is to have a chain of City Clubs. I want to grow the business even further. I have a lot of ideas already’’, he explained.

Asked about Libya’s general prospects as a whole, he said ‘‘I am the kind of guy who is always hoping for the best, but preparing for the worse’’.

With a keen eye for marketing and market segmentation, Seraj also explained that the club will be reserved exclusively for expats until 6pm on Fridays. These would be ”mostly Filipinos. The vast majority of them work as nurses. I have a lot of Filipino friends”, he explained. Seraj speaks English as well as some German, but has not lived abroad, he points out.

The new business venture seems to bode well for the Tripoli business environment at least on one level as youngsters continue to seek entertainment destinations in a country where there has not been a strong entertainment sector by international standards. The mushrooming of the café sector in Tripoli confirms the trend for increased entertainment and hospitality and continues to confirm the existence of latent demand in this sector. Are you or do you know someone who is opening a new business venture in Libya. Contact Libya Herald if you would like the possibility of your business being featured.
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  01/09/20172017-09-01
Word count:  432

TOKYO (Reuters) - U.S. crude futures fell in Asian trading on Friday, partly reversing sharp gains from the previous session, amid ongoing turmoil in the oil industry with nearly a quarter of U.S. refining capacity offline.

Play
Reuters
U.S. West Texas Intermediate (WTI) Clc1 was down 27 cents, or 0.6 percent, at $46.96 barrel at 0434 GMT. The contract rebounded 2.8 percent on Thursday but is still heading for a weekly decline of 1.9 percent.

The new Brent LCOc1 contract for November delivery was down 8 cents, or 0.2 percent, at $52.78 barrel. The contract for October delivery, which ended trading on Thursday, closed up $1.52, or 2.99 percent, at $52.38 a barrel.

U.S. gasoline futures have rallied more than 28 percent to a two-year high above $2 a gallon, buoyed by fears of a fuel shortage days ahead of the U.S. Labor Day weekend’s traditional surge in driving.

Gasoline for September delivery settled up 25.52 cents, or 13.5 percent, at $2.1399 on the last day of trading in the contract. Gasoline for October delivery RBc1 was down 0.2 percent at $1.7750.

“It looks like everyone thinks that the hurricane will affect refining more than production,” said Tony Nunan, oil risk manager at Mitsubishi Corp. “Production will come back faster than refining so it is just going to exacerbate the situation where there’s too much oil.”

Hurricane Harvey has killed more than 40 people and brought record flooding to the U.S. oil heartland of Texas, paralysing at least 4.4 million barrels per day (bpd) of refining capacity, according to company reports and Reuters estimates.

The U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement said that roughly 13.5 percent of oil production in the Gulf of Mexico was also shut in on Thursday.

The U.S. government tapped its strategic oil reserves for the first time in five years on Thursday, releasing 1 million barrels of crude to a working refinery in Louisiana.

Traders were also scrambling to redirect fuel to the United States.

U.S. crude stocks fell sharply last week even as refineries hiked output in the run up to Harvey’s approach, the Energy Information Administration said on Wednesday. [EIA/S]

That should encourage OPEC and non-OPEC members that are trying to restrict supplies to boost prices that are about half the level of three years ago.

Output from the Organisation of Petroleum Exporting Countries (OPEC) in August fell 170,000 bpd from a 2017 high, a Reuters survey found, as renewed unrest cut supplies in Libya and other members stepped up compliance with their production-cutting deal with non-OPEC countries including Russia.

But market rebalancing may take longer than expected if production comes back in the United States and refiners cannot feed that output into flooded refineries.

“This hurricane has thrown a spanner in the works and rebalancing is delayed further than expected,” Nunan said.

Reporting by Aaron Sheldrick; Editing by Richard Pullin  
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

News Releases

News Releases

تتقدم اسرة الموقع باطيب التهاني وأصدق التمنيات بمناسبة عيد الاضحى المبارك اعاده الله باليمن و الخير و البركات

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LBTV Team
*
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  31/08/20172017-08-31
Word count:  483

SINGAPORE (Reuters) - Gasoline prices hit $2 a gallon for the first time since 2015 on Thursday as flooding from storm Harvey knocked out almost a quarter of U.S. refineries, while crude prices stabilised following a slump the previous day.

Play
Reuters
Harvey has battered the U.S. Gulf coast since last Friday, ripping through Texas and Louisiana at the heart of the U.S. petroleum industry. At least 4.4 million barrels per day (bpd) of refining capacity was offline, or almost a quarter of total U.S. capacity, based on company reports and Reuters estimates.

Amid fears of a supply squeeze, U.S. gasoline prices RBc1 on Thursday jumped to $2 per gallon for the first time since July 2015.

“The flooding from Hurricane Harvey shut the largest refinery in the U.S., pushing gasoline prices to a two-year high. In contrast, oil prices retreated,” ANZ bank said.

Goldman Sachs said it could take several months before all production could be brought back online.

“While no two natural disasters are similar, the precedent of Rita-Katrina would suggests that 10 percent of the ... currently offline capacity could remain unavailable for several months,” the bank said.

Crude prices stabilised after falling sharply the previous day as the closure of so many U.S. refineries has resulted in a slump in demand for the most important feedstock for the petroleum industry.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $45.96 per barrel at 0414 GMT, flat from the last day’s settlement, when prices fell by 0.8 percent intraday. International Brent crude LCOc1 was at $50.88 a barrel, also virtually flat from its last close, though the contract fell by over 2 percent during the previous session.

Analysts said that the heavy WTI discount with Brent CL-LCO1=R was a result of shut in U.S. crude supplies due to pipeline and refinery closures.

Meteorologists said that Harvey could be the worst storm in U.S. history in terms of financial cost.

“The economy’s impact, by the time its total destruction is completed, will approach $160 billion,” said Joel N. Myers, president and chairman of meteorological firm AccuWeather.

Other estimates have put the economic losses from Harvey at under $100 billion.

And although Harvey keeps getting weaker, meteorologists say more floods are expected.

The National Hurricane Center (NHC) said in its latest update that flooding and heavy rain continued in eastern Texas and western Louisiana.

AccuWeather also said that “the worst flooding from Harvey is yet to come as rivers and bayous continue to rise in Texas with additional levees at risk for breaches and failures.”

Beyond Harvey, U.S. commercial crude oil stocks fell by 5.39 million barrels last week, to 457.77 million barrels, according to data released Wednesday by the U.S. Energy Information Administration. C-STK-T-EIA That’s 14.5 percent down from record levels reached last March, and it is below 2016 levels.

This came on the back of record U.S. gasoline demand of 9.846 million bpd last week, and as U.S. refining utilization rates rose to 96.6 percent, the highest percentage since August of 2015.

However, the data was collected before Hurricane Harvey hit the Gulf Coast.

Reporting by Henning Gloystein; Editing by Richard Pullin
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News
Released:  31/08/20172017-08-31
Word count:  452

The privately-owned Assaray Trade and Investment Bank (ATIB), more commonly referred to simply as the Assaray Bank, announced recently that it is to open a new branch in Benghazi.

Play
Libya herald

Libya Herald (LH) took the opportunity to ask Muhanad Mangoush, Assaray Bank’s Head of Marketing, a series of quickfire questions about the bank.

 (LH) When was Assaray Bank established?

Assaray Bank, formerly known as Tripoli National Bank (TNB), was established in 1997. In 2007 the bank’s name was changed to Assaray Trade & Investment Bank (ATIB).

  (LH) What is the capital of Assaray Bank?

Currently 33 million Libyan Dinars. Assaray Bank is aiming to raise its capital to 100 million Libyan Dinars by the end of 2018.

(LH) What does Assaray Bank specialize in – private individuals or commercial customers?

Assaray Bank serves both private and commercial clients.

 (LH) How many customers does Assaray Bank have?

13,000 individuals and 1,300 corporate clients.

 (LH) Where does Assaray Bank stand in ranking amongst the private sector banks in Libya?

We are in the top 3 in terms of transformation and business development.

In the top 5 in terms of services and products

In the top 10 in terms of capital, assets and deposits.

 (LH) How many branches does Assaray Bank have and where are they located?

Assaray Bank has 4 branches; 3 in Tripoli and 1 in Benghazi.

Nevertheless, Assaray Bank is investing in ePayments and digital banking. Assaray Bank is targeting to be number 1 in the region in terms of digital banking reach.

 (LH) Does Assaray Bank have a development plan? And if yes, what is it?

To be Libya’s first Bank in terms of services, quality and products. To reach 1 billion Libyan Dinars in deposits

To be the employer of choice.

To be at the forefront of technological innovation in the banking sector (FinTech)

Assaray Bank development plan covers the following;

Recruit the best talent in the market to offer quality services to our customers;

Attract senior and experienced bankers in both Retail and Corporate;

Invest in technologies and digital services especially in Retail Banking;

Develop and offer new products;

Offer training programs to our employees;

 

 

Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

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Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News
Released:  30/08/20172017-08-30
Word count:  43

The South Korean ambassador to Libya, Kim Young-Chae, said that the Korean companies working at Khalij power plant in Sirte will resume their work soon, saying the project is strategic for Libya.

Play
Libya observer
This came in his visit to the plant with a delegation from Hyundai and Tuscan companies.

All companies operating Al-Khalij power plant in Sirte left in 2014 due to lack of security despite the fact that work was accomplished by about 69% at the time.
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  30/08/20172017-08-30
Word count:  379

SINGAPORE (Reuters) - Oil prices slid on Wednesday but gasoline spiked to their highest since July 2015 as flooding and storm damage in the wake of Hurricane Harvey has shut one-fifth of U.S. oil refineries, crimping demand for crude but raising fears of a fuel shortage.

Play
Reuters
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.30 per barrel at 0359 GMT, down 14 cents from their last close. Brent crude futures LCOc1 were down 20cents, at $51.80 a barrel.

In the refined product market, price movements are more dramatic. U.S. gasoline prices RBc1 were 3.2 percent higher at $1.8391 per gallon on Wednesday. Prices earlier climbed to the most since July 31, 2015, at $1.842. Ultra-low sulphur diesel futures also gained 1.2 percent to $1.6854 a barrel and were earlier at their highest since Jan. 9 at $1.697.

“With fully 20 percent of the U.S. refining capacity offline, attention has been focused on potential shortages in refined products, with gasoline futures rocketing another four percent higher overnight,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA.

“Severe flooding due to tropical storm Harvey is affecting refinery capacity and therefore crude demand,” ANZ bank said in a note.

The largest crude oil refinery in the United States, Motiva Enterprises’ 603,000 barrel-per-day (bpd) Port Arthur, Texas, plant, was shutting down on Tuesday night because of flooding from Harvey, according to people familiar with the operations.

Preparing for more rain and floods, Total (TOTF.PA) cut production to 53 percent of capacity at its 225,500 bpd refinery, also in Port Arthur, market sources said.

Hurricane Harvey hit the U.S. Gulf coast last Friday. While it has been downgraded to a tropical storm, ongoing torrential rains have flooded numerous refineries in Texas and Louisiana, the heart of the American petroleum industry.

At least 3.6 million bpd of refining capacity are offline in Texas and Louisiana, or nearly 20 percent of total U.S. capacity, based on company reports and Reuters estimates.

Restarting plants even under the best conditions can take a week or more, refiners said.

Beyond the impact of Harvey, the American Petroleum Institute (API) said late on Tuesday that U.S. crude inventories fell by 5.780 million barrels last week, an indicator that the U.S. oil market is gradually tightening.

The figures, however, do not reflect the impact from Harvey. Government data for last week is due to be published by the Energy Information Administration (EIA) later on Wednesday.

Traders said that even the EIA data would take weeks to fully reflect the impact of the storm and floods.

Reporting by Henning Gloystein; Editing by Kenneth Maxwell and Christian Schmollinger

Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  29/08/20172017-08-29
Word count:  166

TRIPOLI (Reuters) - Libyan naval forces on Sunday seized a Liberian-flagged oil tanker and detained its mainly Filipino crew on suspicion of smuggling oil off the Abu Kammash area west of the capital Tripoli, a naval spokesman said.

Play
Reuters
Libyan coast guards often seize tankers suspected of smuggling oil and gasoline off the coast that has become a haven for migrants and smugglers taking advantage of chaos that followed the 2011 fall of former leader Muammar Gaddafi.

In the latest case, the Levane tanker with its crew of 20 members from the Philippines was seized on Monday afternoon by a patrol, naval spokesman Ayoub Qassem said.

“The capacity of the tanker Levane is six million litres and it is a Greek-owned company tanker,” Qassim said, adding that members of the crew were being questioned.

A U.N.-backed government of national accord has been trying to restore stability to the North African country since March 2016, but has struggled to impose control.

Seven years after the civil war in 2011 that toppled Gaddafi, Libya has slipped into chaos and constant fighting between rivals vying for power. Its oil industry is often targeted by protests, shutdowns and armed violence.

Reporting by Ahmed Elumami; Editing by Patrick Markey and Edmund Blair
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News
Released:  29/08/20172017-08-29
Word count:  186

The EU should be prepared to pay Libya €6 billion, twice as much as it paid Turkey to stop the flow of migrants, the president of the European parliament said today.

Play
Libya herald
Antonio Tajani’s suggestion came as Presidency Council (PC) head Faiez Serraj joined EU and African leaders in Paris today for a mini-summit on ways to control the migrant crisis.

Presidents Idriss Deby of Chad Mahamadou Issoufou of Niger were in the French capital for talks with France’s President Emmanuel Macron, Germany’s chancellor Angela Merkel, Italian prime minister Paolo Gentiloni,, Spain’s Mariano Rajoy and the EU foreign minister Federica Mogherini.

In the event, the EU leaders did not take up Tajani’s proposal. Instead they said after their meeting that they had agreed they would grant asylum to “particularly vulnerable migrants” who applied while they were still in Niger and Chad. They would support UN and other migration agencies to process applications in these and other African countries.

Chad and Niger are the main crossing points for migrants into Libya. Tajani had suggested that Europe should follow up the allocation of funds to Libya with a long-term EU investment strategy for other African countries including Chad and Niger. Last month the EU offered €10 million to Niger to help stop the flow of migrants.
Comments:

Oil & Gas News

Oil & Gas News
Released:  28/08/20172017-08-28
Word count:  449

SINGAPORE (Reuters) - Oil markets were roiled on Monday after Hurricane Harvey wreaked havoc along the U.S. Gulf coast over the weekend, knocking out numerous refineries and some crude production.

Play
Reuters
Gasoline prices hit two-year highs as massive floods caused by the storm forced refineries across the U.S. Gulf Coast to shut down.

In crude markets, Brent futures LCOc1 were pushed up by pipeline blockades in Libya, but U.S. crude futures eased as the U.S. refinery shutdowns could reduce demand for American crude.

Harvey came ashore over the weekend as the most powerful hurricane to hit Texas in more than 50 years, killing at least two people, causing large-scale flooding, and forcing the closure of Houston port as well as several refineries.

The U.S. National Hurricane Center (NHC) said on Monday that Harvey was moving away from the coast but was expected to linger close to the shore through Tuesday, and that floods would spread from Texas eastward to Louisiana.

Texas is home to 5.6 million barrels of refining capacity per day, and Louisiana has 3.3 million barrels. Over 2 million barrels per day (bpd) of refining capacity were estimated to be offline as a result of the storm.

Spot prices for U.S. gasoline futures RBc1 surged 7 percent to a peak of $1.7799 per gallon, the highest level since late July 2015, before easing slightly to $1.7622 by 0358 GMT.

To avoid a fuel shortage, U.S. traders were seeking oil product cargoes from North Asia, several refining and shipping sources told Reuters on Monday.

“There may be meaningful and long-term damage to Texas’ refining capacity,” said Jeffrey Halley, analyst at futures brokerage OANDA.

Crude production was also affected, but to a lesser degree.

About 22 percent, or 379,000 bpd, of Gulf production was idled due to the storm as of Sunday afternoon, according to the U.S. Bureau of Safety and Environmental Enforcement. There may also be around 300,000 bpd of onshore U.S. production shut in, trading sources said.

U.S. West Texas Intermediate (WTI) futures CLc1 were at $47.70 a barrel, down 17 cents, or 0.4 percent, from their last settlement.

“It may well be that the market feels the choke point in petroleum’s value chain is not (crude) production, but refined products,” Halley said.

If U.S. oil production is little affected, there could be excess crude as refiners stay shut and don’t process crude to produce fuel.

In international oil markets, Brent crude LCOc1 was stronger at $52.58 per barrel, up 17 cents, or 0.3 percent as Libyan pipeline blockades prevented three oilfields from supplying crude.

These opposing price movements pushed the WTI discount versus Brent to as much as $4.99 per barrel, the widest in two years.

Although the full extent of the storm's damage is not yet clear, some analysts said the impact would be felt globally and affect energy markets for weeks.

Reporting by Henning Gloystein; Editing by Kenneth Maxwell and Richard Pullin  
Comments:

Business News

Business News
Released:  28/08/20172017-08-28
Word count:  189

OPEC intends to invite #Libya and #Nigeria to the next meeting of the Joint OPEC-Non-OPEC Technical Committee (JTC) or the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), said the message posted on the cartel's website.

Play
MENAFN
The next JMMC Meeting is scheduled to be held in Vienna, on 22 September 2017.

'The JMMC will continue to monitor other factors in the oil market and their influence on the ongoing market rebalancing process. All options, including the possible extension of the Declaration of Cooperation beyond Q118, are left open to ensure that all efforts are made to rebalance the market for the benefit of all,' said the message.

The JMMC was established following OPEC's 171st Ministerial Conference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries' Ministerial Meeting held on 10 December 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) OPEC Member Countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day. The resulting Declaration, which came into effect on 1 January 2017, was for six months.

The second joint OPEC-Non-OPEC Producing Countries' Ministerial Meeting, held on 25 May 2017, decided to extend the voluntary production adjustments for another nine months commencing 1 July 2017.

#Libya and #Nigeria were both exempted from the OPEC oil output cut deal.
Comments:

Business News

Business News

Tripoli, 24 August 2017(Lana) The GNA Minister of Foreign and International Cooperation Mohamed Siala on Thursday met the EU Ambassador to Libya Bettina Muscheidt.

Play
LANA - Libya news agency
Muscheidt told the Libyan news agency after the meeting that she was in Libya to prepare for the return of the EU mission to work from Libya.

The mission will work with the Libyan authorities in rebuilding state institutions, reconstruction of the country, suspended projects and those directly linked to the daily life of citizens.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  25/08/20172017-08-25
Word count:  320

SINGAPORE (Reuters) - Oil prices were volatile early on Friday as the market tried to gauge the potential impact of Hurricane Harvey heading for the coast of Texas, the heart of the U.S. oil industry.

Play
Reuters
The tropical storm rapidly intensified overnight Thursday, spinning into the potentially biggest hurricane to hit the mainland United States in 12 years and taking aim at the heart of nation’s oil refining industry between Houston and Corpus Christi.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.72 a barrel at 0036 GMT, up 29 cents, or 0.6 percent, from their last settlement.

Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.36 per barrel, up 32 cents, or 0.6 percent, from their last close.

Traders said prices rose as oil production in the affected area shut down in preparation for the hurricane.

The prices rises came after crude fell by about 2 percent late in the previous session as refiners also shut down ahead of the storm, reducing their short-term crude demand.

Whether the storm ends up having a bigger impact on crude supplies or on refinery operations remains to be seen.

“Harvey... may disrupt both oil production and refining,” said William O’Loughlin, investment analyst at Rivkin Securities.

“Oil prices initially fell but rallied over the last few hours as traders realise that production disruption may be significant. The storm is certainly bullish for gasoline as refining outages would reduce gasoline supply,” he added.

Beyond the storm’s potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to hold back production in order to prop up prices.

OPEC, together with other producers including Russia, has pledged to cut output by around 1.8 million barrels per day (bpd) this year and during the first quarter of 2018.

However, not all producers have lived up to their pledges and supplies remain high, resulting in ongoing low prices.

A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday that an extension to the supply-cut pact beyond March was possible, though not yet decided.

Reporting by Henning Gloystein; Editing by Richard Pullin
Comments:

Business News

Business News
Released:  25/08/20172017-08-25
Word count:  126

Shop owners in Benghazi’s wholesale Suq Al-Arab and the smaller Suq Al-Hadaiqa were handed control of them today by the committee set up earlier this month to oversee their restoration.

Play
Libya herald
They shopkeepers are now responsible for cleaning up the markets and reopening them.

It was optimistically announced three weeks ago that a committee had been formed by the acting mayor of Benghazi to oversee the Suq Al-Arab’s reopening and that it could possibly happen within a week. In the event the committee has decided that the best people to ensure the markets restart are the shop owners. It has left them with the responsibility of funding the move.

No date has been announced for either reopening.

Suq Al-Arab between Sabri and Salmani is largely a base for wholesellers of almost anything, including food. Suq Al-Hadaiqa which is close to Sabri is smaller and was where many second-hand items from TVs to clothes could be found.
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