الاتفاق على تفعيل مذكرات التفاهم بين ليبيا وتركيا في مجال التدريب والتأهيل .

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Business News

Business News

Brega Petroleum Marketing Company announces for pre-qualification for Preparingthe pre-Engineering studies, scope of work(SOW), cost estimation and ITB to install the Single buoy mooring (SPM) project at Janzur Coastal Depot,according to the scope of work that is summarized in the following essential items:

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NOC

 

·      Studies and evaluate the project environmental effects (EIA).

·      Prepare the FEED design, engineering detailed drawing, detailed scope of work and complete ITB for Engineering, Procurement, installation and commissioning of the project.

·      Prepare the bill of quantities, cost estimation,time scheduling (Project bar chart).

·      Participate in the technical evaluation stage of the bidders, includes reply and answer queries and follow-up the execution stages of the project.

Therefore, companies possessing relevant experience and registered in Libya with technical and financial capabilities are invited to express their interest in participation to execute this project by submitting their file for the pre-qualification according to the following terms and conditions:

 

1.     Fill in the PQF available viaWWW.BREGA.LY/APP_FORM.XLSXand send it back via E-mail HIGHERTENDERS@BREGA.LYenclosea hard copy with the company’s file.

2.     Provide organisation's articles of incorporationa cover letter expressing of interest to participate in the tenderand the documents for the registration in Libya (Official evidence attesting registration at the commerce registration office, valid business license and valid tax clearance certificate).

3.     Provide the financial status for the last) 3) years (2013 2-014 -2015) in Arabic language and authenticated by legal auditor.

4.     Provide previous experience of similar works.

5.     Provide the list of technical crew and company’s equipment.

6.     Full address of the company headquarter and its branches, telephone, Fax numbers, email and website address.

7.     Provide health, safety and environment certificates (HSE).

8.     Provide all above-mentioned documents ina hardcopy and(2)Softcopies.

·Important Notes:

 

üHTC will deal only within officially assigned representative.

üDocuments shall be submitted to the secretary of the High Tenders Committee in a sealed envelope addressed to Brega Petroleum Marketing Co. High Tenders Committee office, located at Tripoli International Airport Road, Brega’sFinance department building, Tripoli, near Tripoli Oil Terminal .

üThe invitation to participation in the tender and handing over specification and general terms and conditions documents only to companies that found qualified by pre-qualification evaluation final result.

The deadline tosubmit files is at 12:00 pm onSunday30.07.2017

 

Unfortunately, any submitted files without the required documents will be rejected.

For any quarries please contact High Tenders Committee Tel :0213620110 Fax :0213619870

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Oil & Gas News

Oil & Gas News
Released:  12/07/20172017-07-12
Word count:  279

Oil prices rose more than 1.5 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged.

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Reuters
Brent crude futures LCOc1 were up 76 cents, or 1.6 percent, at $48.28 per barrel by 0429 GMT (5.29 a.m. BST), while U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.82 per barrel, up 78 cents, or 1.7 percent.

Both settled about 1.4 percent higher on Tuesday.

"The oil price... climbed sharply overnight as the Energy Information Agency cut its forecast for U.S. production in 2018 and API data showed another large inventory drawdown," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. U.S. crude oil inventories fell by 8.1 million barrels in the week to July 7 to 495.6 million, according to the American Petroleum Institute (API), in an indictor that a long-standing fuel supply overhang is starting to draw down.

"Brent and WTI spot staged an impressive... rally... as the American Petroleum Institute reported a massive 8.1 million barrel drawdown in inventories," said Jeffrey Halley, senior market analyst futures brokerage OANDA in Singapore.

"All eyes will now turn to the official U.S. crude inventories number this evening," he added.

Also, the U.S. Energy Information Administration said late on Tuesday that it expected 2018 crude oil output to rise to 9.9 million barrels per day (bpd) from 9.3 million bpd this year, a 570,000 bpd increase. This was down from last month's forecast 680,000 bpd year-over-year increase.

Despite the slight downward revision, U.S. production C-OUT-T-EIA is still set to break the 9.61 million bpd record from June 2015.

At the same time, output from the Organization of the Petroleum Exporting Countries (OPEC) remains high despite a pledge led by the producer group to cut supplies between January of this year and March 2018 in order to tighten the market and prop up prices.

Reporting by Henning Gloystein; Editing by Richard Pullin  
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Oil & Gas News

Oil & Gas News
Released:  11/07/20172017-07-11
Word count:  363

Oil prices edged up on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand.

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Reuters
Brent crude futures were at $47.07 per barrel at 0359 GMT, up 19 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.56 per barrel, up 16 cents, or 0.4 percent.

Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks.

Weekly U.S. gasoline demand data "compares favorably to the five-year average and miles driven also continue to grow year-on-year," said Bank of America Merrill Lynch.

However, beyond the seasonal strength, "U.S. gasoline demand may have peaked in absolute terms last year", it said, adding that there was no structural tightness in sight once the peak demand summer season finishes.

Crude prices are about 17 percent below their 2017 opening levels despite a deal led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production from January.

OPEC along with some other major exporters like Russia agreed to hold back around 1.8 million barrels per day (bpd) of production between January this year and March 2018.

However, an over 10 percent jump since mid-2016 in U.S. production to 9.34 million bpd, as well as rising output from Nigeria and Libya, OPEC-members who were exempt from cutting, have undermined efforts to tighten the market.

OPEC exported 25.92 million bpd in June, 450,000 bpd more than in May and 1.9 million bpd more than a year earlier.

"The simple truth is that OPEC and Russia have to contend with the fact that there is output growth elsewhere diluting their efforts at reducing supply," French bank BNP Paribas said.

"We thus have made deep cuts to our crude oil price forecasts. We now see the price of WTI averaging $49 per barrel 2017 (-$8/barrel revision) and that of Brent $51 per barrel (-$9/barrel revision). We also revise downwards 2018 with WTI averaging $45 per barrel (-$16 per barrel) and Brent $48 per barrel (-$15/barrel revision)," BNP said.

Britain's Barclays bank said on Tuesday that it had cut its average 2017 and 2018 Brent price forecasts to $52 per barrel for both years from $55 and $57 per barrel respectively.

Barclays said that the lower prices were a result of improved technology, which "stands to keep output elevated".

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)
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Contract News

Contract News Business News
Released:  11/07/20172017-07-11
Word count:  59

Russia's Rosneft has started to lift oil from Libya, the head of the National Oil Corporation (NOC) Mustafa Sanalla told reporters on Monday.

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Reuters
"Yes, they started," Sanalla told reporters when asked whether Rosneft had started to lift oil from the OPEC-member country which is exempt from the global oil output cut deal.

"It is a one year contract and they are lifting one-two cargoes on a monthly basis," Sanalla added. (Reporting by Olesya Astakhova; writing by Katya Golubkova; editing by Polina Devitt)  
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Business News

Business News
Released:  10/07/20172017-07-10
Word count:  59

A dozen people were queuing to apply for Italian Schengen visas when the Italian embassy’s Tobruk agents opened their doors for the first time this morning.

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Libya herald
The town’s mayor Faraj Yassin looked on while applicants filed in. Completed forms along with a non-refundable fee were handed to Almaviva staff who are manning the new office.

Applications are then being passed to the Italian embassy in Tripoli for processing.

Today the embassy Tweeted that this was a good day for the people in eastern Libya.  
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Oil & Gas News

Oil & Gas News
Released:  10/07/20172017-07-10
Word count:  220

Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling activity in the United States and ample supplies from producer club OPEC.

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Reuters
Brent crude futures, the international benchmark for oil prices, were at $47.08 per barrel at 0136 GMT, up 37 cents, or 0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.60 per barrel, up 37 cents, or 0.8 percent.

Traders said the higher prices were reflected opportunistic buying following Friday's steep fall, but added that overall market conditions remain weak.

Brent prices are 17 percent below their 2017 opening despite a deal led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production from January.

ANZ bank said on Monday that the market "continued to focus on the increasing (U.S.) drilling activity and higher production." U.S. energy firms added seven oil drilling rigs last week, marking a 24th week of increases out of the last 25 and bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said on Friday.

U.S. oil production has risen over 10 percent since mid-2016 to 9.34 million barrels per day (bpd).

The rising U.S. output comes as supplies from OPEC also remain ample despite a pledge by the group to cut production between January this year and March 2018.

OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd more than in May and 1.9 million bpd more than a year earlier.

(Reporting by Henning Gloystein; Editing by Richard Pullin)  
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Oil & Gas News

Oil & Gas News
Released:  07/07/20172017-07-07
Word count:  320

Oil prices fell by more than 1 percent early on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise.

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Reuters
Brent crude futures, the international benchmark for oil prices, were trading down 59 cents, or 1.2 percent, at $47.52 per barrel by 0226 GMT (3.26 a.m. ET).

U.S. West Texas Intermediate (WTI) crude futures were at $44.94 per barrel, down 58 cents, or 1.3 percent.

News of the production rise outweighed positive sentiment from falling crude and gasoline inventories in the United States.

"Oil prices were initially stronger of the back of the better than expected drawdown in inventories... However, the exuberance was short-lived, as the market turned its attention to another increase in U.S. production," ANZ bank said on Friday.

U.S. crude inventories fell by 6.3 million barrels in the week to June 30, to 502.9 million barrels, according to the U.S. Energy Information Administration (EIA). Gasoline stocks fell by 3.7 million barrels, to 237.3 million barrels.

The data suggested strong demand in the United States, but this was offset by a 1 percent rise in weekly U.S. oil production to 9.34 million barrels per day (bpd). Since mid-2016, that's an increase of more than 10 percent.

The rising U.S. output comes as supplies from the Organisation of the Petroleum Exporting Countries (OPEC) rose for a second month in a row in June, according to Thomson Reuters Oil Research, despite its pledge to hold back production between January this year and March 2018.

OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd more than in May and 1.9 million bpd more than a year earlier.

If OPEC was unable to balance the market, change would likely be forced on it by oil prices, said Morgan Stanley.

The U.S. bank said that a WTI price of $46 to $50 per barrel would likely prevent U.S. production from rising in the mid to long-term, but that "prices will need to be in the low $40s" for U.S. output to fall significantly.

Morgan Stanley said it expected "WTI sub-$50 per barrel to mid-2018."

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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2 weeks ago

Business News

Business News
Released:  07/07/20172017-07-07
Word count:  141

Benghazi’s Benina airport will restart commercial flights on 15 July, an official at the airport had told the Libya Herald.

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Libya herald
The first would be a Libyan Airlines flight to Amman, the official said. He added that Afriqiyah Airways was also expected to start Benina operations at the same time. A technical team from the civil aviation authority would carry out an inspection next week to give the final go-ahead in time for next Saturday’s restart-up, he explained.

The news follows yesterday’s final liberation of the city, announced by Field Marshal Khalifa Hafter.

Benina has been gradually winding up to full operational status over the past two months, first with VIP and emergency flights then those flying oil workers and, most recently Umrah pilgrims.

Delays in fully reactivating Benina had been put down to the lack of baggage-scanning equipment, but security concerns are believed to have been the real reason. The baggage equipment has in any event now been installed.  
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Oil & Gas News

Oil & Gas News
Released:  06/07/20172017-07-06
Word count:  370

Oil prices recovered some ground on Thursday on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session.

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Reuters
Brent crude futures were trading up 34 cents, or 0.7 percent, at $48.13 per barrel by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.7 percent, at $45.45 per barrel.

The gains reflected firm fuel demand in the United States, where data from the American Petroleum Institute (API) on Wednesday showed that U.S. crude inventories fell by 5.8 million barrels in the week to June 30 to 503.7 million.

"Prices have managed to recover ever so slightly after API released its inventory data which showed U.S. crude inventories falling," said Sukrit Vijayakar, director of energy consultancy Trifecta.

However, overall market conditions remain weak.

Prices tumbled about 4 percent on Wednesday on rising exports by the Organization of the Petroleum Exporting Countries (OPEC), despite its pledge to hold back production between January this year and March 2018 to prop up prices.

"Against expectations, OECD total oil inventories are still above 3 billion barrels and the recovery in Libyan and Nigerian supplies, coupled with a fast return of U.S. shale, should prevent steep stock draws ahead," Bank of America Merrill Lynch (BAML) said, adding that output was set to rise further.

BAML said it was cutting its WTI forecasts to an average $47 per barrel this year and $50 in 2018, down from $52 and $53 previously.

The bank cut its average Brent forecasts to $50 this year and $52 per barrel in 2018, down from $54 and $56 before.

OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier, according to Thomson Reuters Oil Research.

Bernstein Research reduced its average Brent crude price forecasts for 2017 and 2018 to $50 per barrel each, down from $60 and $70 previously.

Bernstein said that the reduction was a result of an expected increase in U.S. shale oil output, especially from the Permian field.

Bernstein also said that non-shale supply additions outside OPEC would likely exceed or match production declines of mature fields.

Denmark's Saxo Bank said that oil prices could rise towards $55 per barrel in the coming months, but said it expected lower prices towards the end of the year and into 2018, especially if OPEC and Russia fail to extend the production cut deal beyond the first quarter of 2018.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)
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2 weeks ago

Business News

Business News
Released:  06/07/20172017-07-06
Word count:  490

A contract was signed today between the Tripoli-based transportation ministry and an Italian consortium to rebuild Tripoli International Airport.

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Libya herald
There are no details about the consortium, other than that it is called Aeneas Consorzio, although last December transport minister Milad Matoog announced that an Italian company (rather than a consortium) would be given the contract. No names were mentioned at the time either.

A video made by Aeneas and released by the Italian Embassy says that two terminals will be built and claims that the first, the international terminal, will be ready in just ten months. With a footprint of some 21,000 square metres, it is to have a capacity of 4.5 million passengers a year or 1,700 per hour.

According to the transportation ministry, the second terminal, for domestic flights, will be built in the following eight months, making 18 months in total for the project. The domestic terminal is planned to have a capacity of 2.5 million passengers a year or 900 an hour. It would cover 9,000 square metres.

In the video, which appears to have been made by individuals unaware of present-day Libya (it shows Tripoli’s much-missed mermaid statue still in place and unharmed, plus a boat in Tripoli harbour carrying the green flag), it is also claimed the new airport will have “world-class” check-in facilities, with “state of the art” construction and 1,800 parking spaces according to the video. It is to be designed in compliance with the latest international regulations, it said.

Italy’s air navigation service provider ENAV is thought to be involved in coordinating the consortium efforts, but according to one Italian company interested in the airport reconstruction but which is not in the consortium, the Italian authorities are refusing to say who is part of it. The Italian Embassy did not respond to further questions from the Libya Herald.

Today’s signing was attended by Presidency Council member Mohamed Ammari, Italian ambassador Giuseppe Perrone, a number of members of the House of Representatives and other officials. State Council president Abdulrahman Sewehli was also present for part of the ceremony.

The airport has been closed and largely in ruins since mid-2014 when Misratan-led forces attacked the Zintani units that had occupied it since the Revolution. In February, though, in something of a publicity stunt, would-be prime minister Khalifa Ghwell “reopened” the airport. In fact, the old VIP terminal, which had not been damaged in the 2014 attack, was simply given a slight makeover and declared the new terminal.

The contract for the airport’s reconstruction was originally awarded before the revolution to an international consortium which included Brazil’s Odebrecht, Aeroport de Paris and Turkey’s TAV. It had already carried out a significant amount of the civil engineering works before the revolution. After the revolution it was assured by the new authorities that the contract would be reconfirmed pending a re-evaluation of it.

The consortium partners are thought likely to go to court to contest being replaced.

A subsidiary of ENAV signed a multi-million-dinar contract in March to build a new control tower at Tripoli’s Mitiga airport.  
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Business News

Business News
Released:  05/07/20172017-07-05
Word count:  141

Libya's oil production has risen to 1.012mn barrels per day (BPD), as reported by Reuters, topping one million barrels for the first time in four years

Play
Oil review Africa
State-owned National Oil Corporation had targeted reaching one million bpd by the end of July. Output has been helped by an interim deal with Germany's Wintershall to resume production amid a contract dispute, said Reuters.

On Thursday, according to the Reuter's source production had been fluctuating between 950,000 bpd and close to one million bpd due to technical and power generation problems. He expected production to stabilise at the higher end of that range "very soon".

Libya's oil sector has been dogged by unrest since the overthrow of leader Muammar Gaddafi in 2011. A power struggle involving various tribal, military and political factions has since affected oil infrastructure through port blockades and pipeline shutdowns, said Reuters.

Libya, along with Nigeria, is exempt from a deal between the Organisation of the Petroleum Exporting Countries and non-OPEC producers to curb output by around 1.8mn bpd.
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Oil & Gas News

Oil & Gas News
Released:  05/07/20172017-07-05
Word count:  212

Oil markets were firm on Wednesday on worries over geopolitical tensions in the Korean peninsula and the Middle East, although prices were capped as supply remains ample despite an OPEC-led drive to rein in production.

Play
Reuters
Brent crude futures, the international benchmark for oil prices, were at $49.63 per barrel at 0155 GMT, virtually unchanged from their last close.

U.S. West Texas Intermediate (WTI) crude futures were also steady, at $47.06 per barrel.

Both markets have recovered around 12 percent from recent lows on June 21.

Traders said that firm prices came on the back of a sense of rising global security risk following North Korea's repeated missile tests and the political crisis between Qatar and an alliance of Arab nations led by Saudi Arabia and the United Arab Emirates.

"Rising geopolitical risks should provide some support to gold and oil prices," ANZ bank said on Wednesday.

Despite this, crude prices seem locked below $50 per barrel.

Traders said that is because of ample supplies despite a pledge led by the Organization of the Petroleum Exporting Countries (OPEC) to hold back production between January this year and March 2018 to prop up prices.

Despite that move, OPEC's oil exports rose for the second month in a row in June, according to Thomson Reuters Oil Research.

OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier.

"The market remains sensitive to reports of higher supply," ANZ said.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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Oil & Gas News

Oil & Gas News
Released:  04/07/20172017-07-04
Word count:  344

Oil prices retreated in early Asian trade on Tuesday, halting a run of eight straight days of gains on signs that a relentless rise in U.S. crude production is running out of steam.

Play
Reuters
Brent crude futures fell 27 cents, or 0.5 percent, to $49.41 per barrel by 0354 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading down 24 cents, or 0.5 percent, at $46.83 a barrel.

The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21.

Many traders closed positions ahead of the U.S. Independence Day holiday on July 4, while Brent also faced technical resistance as it approached $50 per barrel, traders said.

Despite this, market sentiment has shifted somewhat.

Late May and most of June were overwhelmingly bearish as U.S. output rose and doubts grew over the ability of the Organization of the Petroleum Exporting Countries (OPEC) to hold back enough production to tighten the market.

But sentiment began to shift towards the end of June, when U.S. data showed a dip in American oil output and a slight fall in drilling for new production.

"We see a recovery for oil prices in H2 2017 from current levels, with OPEC production cuts, a slowdown in global supply growth and seasonally firming demand driving up prices," BMI Research said, although it added that "large-volume supply additions will keep price growth flat y-o-y in 2018."

BMI said it expected Brent to average $54 per barrel in the second half of this year, and to average $55 a barrel in 2018. It expects WTI to average $51 in the second have of 2017 and to average $52 next year.

ANZ bank said on Tuesday that the dips in U.S. production and drilling were "a small but significant shift in the dynamics in the oil market" and that this would take some pressure off OPEC's struggling efforts to rein in oversupply.

OPEC is leading a bid to tighten oil markets by pledging to hold back around 1.2 million barrels per day (bpd) in output between January this year and March 2018.

Its efforts have been undermined by rising output from Libya and Nigeria, who are exempt from the cuts, which helped push the group's June output to a 2017 high of 32.57 million bpd, about 820,000 bpd above its supply target.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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2 weeks ago

Contract News

Contract News Business News
Released:  04/07/20172017-07-04
Word count:  116

Zliten is in talks with an Italian consortium to build a power station and water desalination unit for the town.

Play
Libya herald
In a couple of statements published yesterday, the municipality said that the projects were on the point of being approved. Both, it added, were with Italian company MST Technology. The power station contract is said to be worth €289 million and the desalination unit €71 million.

However, a source at MST expressed surprise at the announcement saying that negotiations were still ongoing and that nothing had been finally agreed. “It’s not yet official,” the source said, noting that MST was in fact just one of the companies in the all-Italian consortium.

The project was being backed by international investors, the source added.

It is not known if the two units will be combined in a linked project.  
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Business News

Business News
Released:  03/07/20172017-07-03
Word count:  212

Libyan oil production is fluctuating between 950,000 barrels per day (bpd) and "close to" 1 million bpd, rising from around 935,000 bpd earlier this week, a Libyan oil source with direct knowledge of the matter told Reuters on Thursday.

Play
Reuters
Production has been fluctuating mainly due to technical and power generation problems, the source said, declining to be named because he was not authorized to speak to the media.

At near one million bpd, Libya has succeeded in beating a production target the National Oil Corp (NOC) announced recently by a month, the source added.

The source said that production should stabilize at the higher end of the range "very soon".

Also on Thursday, oil began to be pumped from storage tanks at Al-Majid field, which has been closed for eight months because of power problems, said Omran al-Zwai, a spokesman for Arabian Gulf Oil Company (AGOCO), an NOC subsidiary that operates the field.

The field, with an output of about 5,000 bpd, is expected to reopen fully on Saturday, Zwai said. Oil from Al-Majid is pumped to Zueitina, one of three eastern terminals that was blockaded until September last year. Libya, a member of the Organization of the Petroleum Exporting Countries, has been exempted from OPEC-led supply cuts as it tries revive its battered oil industry.

It had produced more than 1.6 million bpd before a 2011 uprising, and average production has not exceeded 1 million bpd since July 2013.

(Reporting by Ahmad Ghaddar and Ayman al-Warfalli, editing by David Evans and editing by John Stonestreet)  
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2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  03/07/20172017-07-03
Word count:  284

Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply.

Play
Reuters
Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping 5.2 percent last week, its first weekly gain in six weeks.

U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.5 percent, to $46.28 per barrel, adding to last week's 7 percent gain.

Prices were lifted as drilling activity in the United States for new oil production fell for the first time since January, dropping by two rigs.

Australian futures brokerage AxiTrader said on Monday in a note that this was "the first crack in the resolve of U.S. shale oil to continue to ramp up production regardless of the big fall in price" earlier this year.

U.S. crude futures fell 9 percent during the second quarter that ended in June while Brent futures declined 9.3 percent. That extended first-quarter losses for the contracts.

Despite the dip in U.S. drilling activity, the total rig count was still more than double the 341 rigs in the same week a year ago, according to energy services firm Baker Hughes Inc.

Also, global oil markets remain oversupplied as output from within the Organization of the Petroleum Exporting Countries (OPEC) hit a 2017 high.

June OPEC production was up by 280,000 barrels per day (bpd) to 32.72 million bpd, according to a Reuters survey, despite the group's pledge to hold back output in an effort to tighten the market.

"To put that in context, that is nearly a quarter of the 1.2 million barrels (per day) OPEC agreed to cut," said Greg McKenna, chief market strategist at Australian futures brokerage AxiTrader, adding this increase was driven by higher output from Nigeria and Libya, who were exempted from the cuts.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger)  
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2 weeks ago

Business News

Business News
Released:  30/06/20172017-06-30
Word count:  208

Libya's oil production stands at about 935,000 barrels per day (bpd) this week after touching as high as 950,000 bpd late last week, Libyan oil sources said on Tuesday.

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Reuters
The National Oil Corporation (NOC), which is targeting 1 million bpd by the end of July, received a boost this month when it reached an interim agreement with Germany's Wintershall to resume production amid a contract dispute.

Libya, a member of the Organization of the Petroleum Exporting Countries, has been exempted from OPEC-led supply curbs as it tries revive its battered oil industry. It had produced more than 1.6 million bpd before a 2011 uprising.

Omran al-Zwai, a spokesman for Arabian Gulf Oil Company (AGOCO), an NOC subsidiary, said output had been as high as 950,000 bpd in recent days, rising from about 885,000 bpd at the start of last week.

Production has remained volatile in a nation that has suffered years of violence and political chaos.

One Libyan oil source said NOC was repairing several leaks in pipelines that connected to the Es Sider and Zueitina export terminals.

The leaks were due to prolonged shutdowns caused by political rows, blockades by protesters and armed conflict.

Officials from Sirte Oil Co, another NOC subsidiary, said tests were being carried out at Laheeb oil field, which had been shut for maintenance, with a view to reopening the field.

Laheeb previously produced 8,000-10,000 bpd.

(Reporting by Ahmad Ghaddar and Ayman al-Warfalli; Writing by Aidan Lewis)  
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2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  30/06/20172017-06-30
Word count:  394

Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output.

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Reuters
U.S. crude futures CLc1 have added 5.1 percent this week, while benchmark Brent LCOc1 has gained 4.7 percent, marking the biggest rise for both markets since the week ending May 19.

U.S. crude was trading up 0.7 percent, or 29 cents, at $45.22 a barrel at 0223 GMT on Friday, with Brent climbing 0.6 percent, or 28 cents, to $47.70 a barrel.

"Oil prices received momentum from Wednesday's U.S. data and the market rejected the lows that we saw. It has been a bullish week for the oil market," said Michael McCarthy, chief market strategist at Sydney's CMC Markets.

"There are two key drivers. One is U.S supply side response to low oil prices. We could see more gains if there is a further drop in oil output, and the other factor is a weaker U.S. dollar."

Data indicating a fall in U.S. production bolstered markets this week after crude prices hit a 10-month low last week in the face of a mounting supply glut.

U.S. crude output fell 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. Meanwhile, the North Sea crude oil market is showing signs of long-lost strength, suggesting that some of the pessimism that has driven down oil futures and created a record bet against a price rise may be unjustified.

On Thursday, about 6 million barrels of North Sea Brent crude were being stored on ships, down from four-month highs of as many as 9 million last week, and trading sources said it seemed now refineries were starting to take in more cargoes.

In recent weeks, funds have been unloading long speculative positions, reducing bets on higher prices, while brokerages including Goldman Sachs and Societe Generale have cut their 2017 forecasts for crude prices.

SocGen on Thursday estimated U.S. crude futures would average $47.50 a barrel in the third quarter, down from previous expectations for $55.

Global oil supplies remain ample despite output cuts of 1.8 million bpd by the Organization of the Petroleum Exporting Countries and other producers since January.

"The market's calls for further cuts from OPEC continue to be rejected by the oil group," ANZ said in a note. OPEC has exempted Nigeria and Libya from the curbs, leaving them free to ramp up output following local unrest, with Libyan oil production nearing 1 million bpd.

(Reporting by Naveen Thukral; Editing by Joseph Radford and Richard Pullin)  
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2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  29/06/20172017-06-29
Word count:  442

Crude oil rose for a sixth straight session on Thursday to its highest since June 19 on a decline in U.S. output, but ongoing worries about global oversupply continued to drag.

Play
Reuters
U.S. West Texas Intermediate (WTI) crude CLc1 had risen 28 cents, or 0.6 percent, to $44.01 per barrel by 0215 GMT, while benchmark Brent futures LCOc1 gained 28 cents, or 0.6 percent, to $47.59 a barrel.

"The fast ramp-up in shale drilling and the unexpectedly large rebound in Libya/Nigeria production are on track to slow the 2017 stock draws," investment bank Goldman Sachs said.

"This creates risks that the normalisation in inventories will not be achieved by the time the OPEC cut ends next March. We expect this will leave prices trading near $45 (a barrel) until there is evidence of a decline in the U.S. horizontal oil rig count, sustained stock draws or additional OPEC production cuts."

The U.S. Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July 2016.

There was additional support stemming from a decline in U.S. gasoline inventories.

"Prices were also supported after data showed another strong drawdown in inventories in the U.S.," ANZ said in a note.

"Gasoline inventories fell 894,000 barrels. This suggests demand is starting to pick up, after a slow start to the U.S. summer driving season." Other analysts and traders noted the U.S. production decline last week was related to temporary factors like Tropical Storm Cindy in the Gulf of Mexico and maintenance work in Alaska that will likely be reversed in coming weeks.

Futures rose after the EIA report, even though data showed a build instead of the 2.6 million-barrel draw that analysts had forecast in a Reuters poll. Ian Taylor, head of the world's largest independent oil trader Vitol, said Brent will stay in a range of $40-$55 a barrel for the next few quarters as higher U.S. production slows a rebalancing of the market.

Analysts at JBC Energy in a report saw room for prices to recover, saying "there is now significant room for speculative support for prices to develop if a catalyst were to emerge."

Still, global supplies are ample despite output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries of 1.8 million bpd since January.

OPEC and the other producers, trying to reduce a crude glut, agreed in May to extend the supply cut through March 2018. But OPEC has exempted Nigeria and Libya from curbing output.

OPEC delegates have said they will not rush to cut crude output further or end the exemptions, although a meeting in Russia next month is likely to consider further steps to support the market.

(Reporting by Naveen Thukral; Editing by Richard Pullin and Joseph Radford)  
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2 weeks ago

Business News

Business News
Released:  29/06/20172017-06-29
Word count:  119

The Italian embassy is to start issuing Schengen visas in Tobruk in 12 day’s time.

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Libya herald
In a replay of its April announcement it used a post on its Twitter page to say it would be issuing the visas from 9 July and told people to “stay tuned” for further details.

The Libya Herald has been told that there would be no formal opening of a diplomatic mission in Tobruk. Italy already has an honorary consul in the town and there is also an office of the outsourcing company Almaviva who would collect visa requests.

The Italian consulate was closed temporarily in January 2013 following a car bomb attack on the then consul-general, Guido de Sanctis in which no one was hurt. Up until then, some 30 percent of all visa applications for Italy were handled in Benghazi.
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2 weeks ago
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