العبار يبحث استكمال مشروع “البحيرات الشمالية” مع الشركة المنفذة

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Waha Oil is looking to replace large sections of its pipelines suffering from corrosion as well as the 12 oil tanks destroyed in 2014 at its terminal in Sidra. However, it lacks the finance to pay for them. As a result, according to Waha chairman Ahmed Ammar, it is looking to alternative means of payment.

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Libya herald
Speaking to a business conference in Tunis today organised by the Libyan British Business Council and the British Arab Commercial Bank (BACB), Ammar did not explain what the alternative payment systems might be, whether by oil barter, deferred higher payments or any other means. His sole comment on the matter was that the funding would have to be done in ways different to the traditional payment systems.

Waha had suffered enormous damage since 2011, Ammar said. Its storage capacity at Sirda was down to 1.5 million barrels from the pre-revolution figure of 6 million, he explained. This was a result of tanks being destroyed, first during the revolution itself, then in 2014 when Libya Dawn attacked the terminal. Two fields had also been badly damaged during the attack, he added.

Waha could probably build one or two tanks from its own funding, but not the 12 required.

As to the pipelines, a survey had been carried out in 2009 which indicated corrosion in many places, but the problem had become much worse in the three years since the start of the Libya’s divisions in mid 2014 .

“Many lines need replacement,” he told the conference.

There was no point, he added, trying to increase production if the pipelines were leaking and not fit for purpose. They had to be repaired first.

Nonetheless, noting that Waha production is currently 260,000 barrels a day, the aim was to increase this 600,000 b/d, Ammar said. “We require international companies to help us to enhance our production in future,” he stressed.

He acknowledged that foreign companies were hesitant to become involved in Libya because of security issues. As a result, only a few were in the country and most of the contracts aimed at increasing production had been put on hold or suspended. But, he stressed, security was less of an issue than before.

“Waha’s door is open,” he said. “Everyone is welcome.”

Foreign service companies that did not start talking to it now about development projects, he warned, risked be left behind when conditions improved.

“If you don’t get here now you will be last on the list [in the future],” he said.
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Released:  23/11/20172017-11-23
Word count:  382

SINGAPORE (Reuters) - Oil prices eased on Thursday, with U.S. crude dipping away from two-year highs reached the day before, but the shutdown of the Keystone pipeline and a drawdown in fuel inventories continued to bolster markets despite worries over rising output.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $57.89 a barrel at 0437 GMT, down 13 cents, or 0.2 percent, from their last settlement, but still close to 2015-highs of $58.15 a barrel reached on Wednesday.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.17 per barrel, 15 cents, or 0.2 percent, below their last close.

WTI has been buoyed by the shutdown of the 590,000 barrel-per-day (bpd) Keystone pipeline, one of the largest crude pipelines from Canada to the United States, as well as by another drawdown in commercial fuel inventories that came despite record U.S. oil production.

U.S. crude inventories C-STK-T-EIA fell 1.9 million barrels in the week to Nov. 17, to 457.14 million barrels. Stocks have dropped by 15 percent from their records in March, to below 2016 levels.

“Another large drawdown in inventories buoyed investor sentiment,” ANZ bank said.

The inventory drop came as the Keystone pipeline connecting Canada’s Alberta oilfields to the United States was shut last week after an oil spill in South Dakota. Operator TransCanada Corp (TRP.TO) is cutting deliveries through at least the end of the month. nL1N1NS10X

The tightening U.S. oil market means the WTI forward price curve has moved from contango, when prices for future delivery are more expensive than those for immediate dispatch, into backwardation, where spot prices are higher than those for later delivery.

Backwardation indicates a tightening market as it incentivises traders to sell oil immediately instead of putting it into storage.

Markets are also tightening globally due to an effort led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to withhold output.

The deal to curb production is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy, and it is expected to extend the cuts. Top exporter and de-facto OPEC leader Saudi Arabia is lobbying for extended output restrictions.

Threatening to undermine OPEC’s efforts, however, is U.S. production C-OUT-T-EIA, which has risen by 15 percent since mid-2016 to a record 9.66 million bpd.

This has turned the United States from the world’s biggest importer of crude oil into a significant exporter, with production now second only to Russia and Saudi Arabia.

Reporting by Henning Gloystein; Editing by Joseph Radford
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Released:  22/11/20172017-11-22
Word count:  316

SINGAPORE (Reuters) - Oil prices rose on Wednesday as ongoing cuts of piped Canadian crude to the United States added to falling U.S. crude inventories, while expectations of a prolonged OPEC-led production cut also offered support.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $57.68 a barrel at 0454 GMT, up 85 cents, or 1.5 percent from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.97 per barrel, up 40 cents, or 0.6 percent.

Traders said the firm price lift was due to drop in crude supplies from Canada to the United States.

TransCanada Corp (TRP.TO) said it will cut deliveries by at least 85 percent on its 590,000-barrel-per-day (bpd) Keystone crude pipeline through to the end of November. The pipeline, which links Alberta’s oil sands to U.S. refineries, was shut last week after a 5,000-barrel spill in South Dakota.

Traders said there was also some price support from a weekly report on Tuesday by the American Petroleum Institute which said U.S. crude inventories fell by 6.4 million barrels in the week to Nov. 17.

The latest official U.S. production and inventory data is due on Wednesday.

Outside North America, markets have been supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang.

The deal to curb production is due to expire in March, but OPEC will meet on Nov. 30 in Vienna to discuss the outlook for the policy.

“The meeting’s outcome will ultimately determine oil prices’ near-term fate,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA.

J.P. Morgan said in its 2018 commodities outlook, released late on Tuesday, that “oil markets in 2018 will be balanced on the back of extended ... production cuts”, but added that without extended cuts, markets would be in surplus.

”We expect Brent to trade at the top of the $40 to $60 per barrel range, with Brent averaging $58 per barrel in 2018,“ the U.S. bank said. ”WTI is expected to average $54.6 per barrel.

Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
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Released:  22/11/20172017-11-22
Word count:  394

The Tripoli Chamber of Commerce held a meeting yesterday at its headquarters on renewable energies (RE).

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Libya herald
The meeting of Libyan private sector companies engaged in the RE sector discussed ways in which the Libyan authorities can help facilitate the development of the sector and create a localized industry.

Specifically, the meeting discussed the need to develop the nascent RE sector in Libya to generate electricity in order to ease the burden on the state electricity generation sector which has been struggling since the 2011 revolution to meet peak demand.

With this regard, the meeting called on the state to prioritize the sector by making the opening of Letters of Credit for the import of RE related equipment, knowhow and material more readily available.

It will be recalled that Libya is currently in the midst of an acute economic and financial crisis. Demand for LCs at the official exchange rate (LD 1.40 per US dollar) outstrips the availability of foreign exchange in the Central Bank of Libya.

With Libya suffering budget and balance of trade deficits, the state has been making up the short fall by spending from its reserves. To this end, foreign exchange is reserved for what the Libyan authorities deem as essential items such as food, medicine, fuel, the electricity sector etc. The Tripoli Chamber meeting was seeking to add RE to that list.

It will also be recalled that the meeting comes in the week when Tripoli witnessed the return of power cuts. The country as a whole had enjoyed about two months of uninterrupted power supply as the hot summer gave way to autumn.

However, with the fall in winter temperatures kicking-in this week, power cuts of about 2 hours have returned, and as the temperature continues to fall, longer power cuts are expected.

The RE lobby at its Tripoli Chamber meeting wishes to launch a RE sector in Libya, in line with the world-wide trend, to break the dependency on the fossil-fuel dependent state power generation sector.

It is worth also noting that the UNDP has been engaged in a nationwide project across Libya to install solar panels in hospitals to mitigate the crippling power cuts.

At a Libya investment conference in Istanbul in May, even GECOL, the monopoly Libyan state power generating body called for further investment in the RE. The GECOL speaker recognized that the state has very limited resources to invest and called for the RE sector to be opened up to the private sector.
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Harouge Oil Operation, is joint operating company on behalf of National Oil Operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender No (11/2017) For specialized companies For Design & Supply (4) Drain Sump Pump for the New Fiscal Metering System – Amal Field

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NOC

SCOPE OF SUPPLY:

 

•The requisition and its attachment define functional and technical requirements for the supply of 2 No (1duty/1standby) closed drain pump and 2 No (1duty/1standby) open drain pump located within Amal field.

               

•The supplier shall provide services and be responsible for the detailed design and engineering documentation , quality assurance and control, supply of all materials, fabrication, assembly, inspection, testing, NDT, external painting/protective coating, packing of the pump packages including all equipment and ancillaries. This shall be in accordance with this requisition, appendices, data sheets and all referenced documentation. And the supplier shall guarantee the mechanical design, fabrication, materials, and performance of the equipment supplied. The equipment shall be suitable for operation in the conditions specified within this requisition.

 

the participation will be as following:

 

1.Tender Committee will only accept bids from Local specialized companies which have the licenses necessary to carry out the activity and have sufficient experience in this field, in addition bids will be accepted from manufacturers and foreign companies registered in Libya as manufacturers' agents.

 

2.Items of origin will be accepted from Western Europe and North America only.

 

3.All companies who wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to:

tender.sec-committee@harouge.com

 

4.Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.

 

5.Provide a copy of the following legal documents attached with the participation letter as applicable:

•             Valid license compatible with the required work.

•             Commercial Registration

•             Certificate of Registration in Chamber of Commerce.

•             Payment of tax certificate

•             Article of association.

•             Previous experience in similar work.

 

6.ITT Package will be received (free of charge) to the bibbers via the written e mail mentioned in the consultant information from Tuesday 05/12/2017 To Thursday 07/12/2017 , any request after this day will not be accepted.

 

7.In case of no  queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.

 

8.Bid bond with a value of (9000LD) (Nine thousand Libyan Dinars) submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations, or by letter of bank guarantee available for (6) months from the date of submitting the offer, the letter shall be issued by a Libyan bank in favor of Harouge Oil Operations.

 

Notes: Any company or contractor interested in participating in this tender is responsible for all costs involved.

If you have any questions please contact the Tender Committee via: fax no :+218- 21- 3330090

 Email to: sac@harouge.com

tender.sec-committee@harouge.com 

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Released:  21/11/20172017-11-21
Word count:  387

SINGAPORE (Reuters) - Oil prices were little changed on Tuesday as the impact from expectations of an extended OPEC-led production cut was cancelled out by rising output in the United States.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.20 per barrel at 0301 GMT, 8 cents above their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $56.50 a barrel, also up 8 cent from their last settlement. Traders said they were avoiding taking on large new positions due to uncertainty in markets.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and buoy prices. The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy.

OPEC is expected to agree to extend cuts as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to continue to restrict their production.

“If the OPEC/non-OPEC cuts continue, the stocks surplus will reduce to just some 50 million barrels above the 5-year average in 3Q 2018 (down from 140 million barrels above that average now) and prices will hit $65-70 per barrel,” energy consultancy FGE said on Tuesday.

Outside the group of producers voluntarily withholding output, the biggest headaches for OPEC has been rising U.S. drilling activity, led by shale oil producers.

Energy consultancy Westwood Global Energy Group said U.S. output would climb even faster than implied by the rising rig count, which has jumped from 316 rigs in mid-2016 to 738 last week, as producers get more productive per well.

“Westwood Global Energy forecasts an 18 percent increase in active rigs in 2018, but more rapid demand growth in certain service areas as operators focus on efficiency and delivering more for less,” the consultancy said.

For 2018, FGE warned potential supply disruptions during an already tighter market could trigger oil price spikes, but it added that the market could slump again towards 2019 as U.S. output continues to soar and OPEC and its allies at some point will stop withholding output.

“We see another big rush with (U.S.) production growth of some 1-1.5 million bpd in 2018 and 2019,” FGE said. It added that OPEC also “has some 1.5 million bpd of spare capacity (while) Russia and Kazakhstan could also add another 500,000 bpd”.

Additional reporting by Keith Wallis; Editing by Richard Pullin and Joseph Radford
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Released:  20/11/20172017-11-20
Word count:  165

South Korea has given a further $1.5 million for reconstruction and development projects in Libya.

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Libya herald
One million of this will go to the Stabilization Facility for Libya (SFL), to which the Koreans had already given another million, while the other half million will go to support local services in Ajdabiya as part of the United Nations Development Programme’s Strengthening Local Capacities for Resilience and Recovery project.

“We were already contributing to SFL and we were able to see results,” said Korean ambassador Kim Young-Chae. “Now we are thrilled to continue our support to SFL and add more to the new project so that people in Ajdabiya also have access to health facilities, schools, electricity and water.”

A ceremony to hand over the money to the UNDP was held today at the South Korean embassy, currently operating out of Tunis.

The SFL has as a result of the latest donation almost reached its target of $40 million. The amount given now stands at $38.6 million. A month ago, France gave another $1 million and further donations are expected in the next few weeks.
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Released:  20/11/20172017-11-20
Word count:  294

SINGAPORE (Reuters) - Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

Traders said they were avoiding taking on large new positions due to uncertainty in markets.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices. The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy. OPEC is expected to agree an extension of the cut as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to continue to restrain output.

“(The) OPEC meeting remains the key sector catalyst into year-end ... The market expectation is for an extension through 2018, created by OPEC comments early this fall ... (but) there is increased risk that OPEC delays the extension decision,” U.S. bank Morgan Stanley said on Monday in a note to clients.

Morgan Stanley said that the question over extended cuts “has shifted to non-OPEC participants’ willingness to extend, primarily Russia”.

Despite this, Greg McKenna of futures brokerage AxiTrader said it was “worth noting data showed more longs added by the speculative community”, indicating expectations of rising prices.

In the United States, the number of rigs drilling for new oil production remained unchanged in the week to Nov. 17, at 738, data from oil services firm Baker Hughes showed on Friday.

Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
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Released:  17/11/20172017-11-17
Word count:  405

SINGAPORE (Reuters) - Oil prices were steady on Friday but on track for the first weekly fall in six weeks, under pressure from surging U.S. supplies and creeping doubts over Russian support for continuing a cut in crude output.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $61.23 per barrel at 0746 GMT, down 3 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $55.36 a barrel, up 22 cents. Traders said strong U.S. crude exports were lifting WTI.

Still, crude was set to fall around 2-4 percent for the week on worries about growth in U.S. production and inventories, after both benchmarks touched 2015 highs last week.

“Russian support for a formalized extension of production cuts at the Nov. 30 OPEC meeting appears questionable, even if only to defer the decision to 1Q18,” U.S. investment bank Jefferies said.

Crude markets have received general support in the past months by the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers including Russia has been withholding production since January to tighten the market and prop up prices. This has led to an almost 40-percent rise in Brent prices since June.

“The production cut agreement between some OPEC and non-OPEC oil producers led to a drop in inventories and to a recovery of oil prices,” said Dutch bank ABN Amro.

“In the course of 2018 we expect a continuation of the oil price rally towards $75 per barrel,” ABN said.

The deal to restrain output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss policy.

Analysts said more production restraint is needed to reduce the supply overhang. “The problem is still that oil stockpiles are above the five-year average,” said William O‘Loughlin, investment analyst at Australia’s Rivkin Securities.

Khalid al-Falih, the energy minister of Saudi Arabia, which is OPEC’s de-facto leader, said on Thursday that “we need to recognize that by the end of March we’re not going to be at the level we want to be which is the five-year average, that means an extension of some sort.”

OPEC’s main obstacle in tightening the market is the United States, where crude oil production C-OUT-T-EIA hit a record of 9.65 million barrels per day (bpd) this month, meaning output has risen by almost 15 percent since their most recent low in mid-2016.

“Let’s assume that U.S. oil production continues its upward trajectory. They could very well be at 10 million bpd by the end of 2017,” said Matt Stanley, a fuel broker at Freight Investor Services (FIS) in Dubai.

Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
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Released:  17/11/20172017-11-17
Word count:  314

A heavy downpour of rainfall yesterday in the Greater Tripolitania region has added nearly 6 million cubic meters to the Wadi Mjenin water dam, the General Authority for Water Resources (GAWR) has reported.

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Libya herald
The deluge added to the 1,143 million cubic meters of rainwater already held by the dam giving a total water content of 6,900 million cubic meters GAWR said. The dam can hold a maximum of 10 million cubic meters annually and had been designed to hold as much as 58 million cubic meters of rain water.

Four main seasonal streams feed the Mjenin Wadi which in turn are fed by a number of other tributaries. Mjenin passes through Tripoli by Suk Il Thlat and into the Mediterranean at the beginning of the Gergarish road.

Water from the heavy rainfall has already made its way to Tripoli blocking the road in the Salah Al-Deen area where there is no bridge over the Wadi.

The Wadi Mjenin Dam is described technically as an embankment dam and is located on the Wadi Mejenin itself. It is located 64 km (40 miles) south of Tripoli in the Jabal al Gharbi / Nefua Mountain district of Libya.

The dam was completed in 1972 during the Qaddafi era and the primary purpose of the dam is water supply for irrigation and flood control. It is also believed to replenish the underground water aquifers that supply the region’s borehole wells used widely by farms and household for their main water supply.

The lack of waterfall in recent decades and increased use (some would say misuse) of water has led to the water table dropping by a hundred to two hundred meters in some Greater Tripolitania areas. This vacuum had led to the water table being filled by salty sea water and turning many borehole wells saline.

The average rainfall in Libya is 251 mm (9.9 inches) per year or 20.9 mm / month, with a variation between the Jabal Al-Akhdar (Green Mountains) of northern Cyrenaica and the Fezzan region and the Sahara Desert in the south. This compares to an average of 885 mm or 33.7 inches of rainfall per year in the UK.
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Released:  16/11/20172017-11-16
Word count:  302

SINGAPORE (Reuters) - Oil markets were stable on Thursday as rising U.S. crude production and inventories were countered by expectations that OPEC will extend an ongoing production cut during a meeting at the end of this month.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $61.98 per barrel at 0438 GMT, 11 cents above their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $55.37 a barrel, 4 cents up from their last settlement. “Oil shrugged off an unexpected rise in the U.S. crude inventory data...Both contracts eked out small gains,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

Despite these slight gains, Brent and WTI have lost around 4 percent in value since hitting 2015 highs last week, pulled down in part by rising crude availability in the United States.

U.S. crude inventories C-STK-T-EIA rose for a second week in a row, building by 1.9 million barrels in the week to Nov. 10 to 459 million barrels, the government’s Energy Information Administration (EIA) said on Wednesday.

That compared to analyst expectations in a Reuters poll for a decrease of 2.2 million barrels.

U.S. crude oil production C-OUT-T-EIA hit a record of 9.65 million barrels per day (bpd), meaning output has risen by almost 15 percent since their most recent low in mid-2016. (tmsnrt.rs/2yLlKWC)

Despite this, analysts said prices were relatively well supported due to efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold oil production in order to tighten the market and prop up prices.

The deal is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss policy, and it is expected to agree an extension of the cuts.

"OPEC, led by Saudi ... will look to support the market, especially until the sale of Aramco is complete. If sanctions against Iran are executed, it will drive the price significantly higher," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney. (tmsnrt.rs/2iX0PJF)

Reporting by Henning Gloystein; Editing by Joseph Radford
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British diplomats, headed by Ambassador Peter Millett, were back at the historic British consulate in Tripoli Old City to host a reception for Libyan students who have been awarded Chevening scholarships to undertake postgraduate study in Britain.

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Libya herald
The building, just behind the Gurgi Mosque by the Marcus Aurelius Arch and formally now known as the Nweji Cultural House, served as the British consulate from 1744 until 1940 when Italy came out in support of Nazi Germany, declared war on the UK and expelled British diplomats.

Monday’s reception, the first hosted by the British since the embassy returned to the capital, honoured students who have been awarded the scholarship between 2014 and 2016 as well as the 11 Libyans have been awarded the prestigious Chevening Scholarships to study in the UK this year.

“Chevening scholarships are a vital way for Libyans to study in the United Kingdom and return to Libya with new skills and experiences that will help to promote economic reform to the benefit of all Libyans, Millett said at the reception, at which the new 11 Libyan scholars were presented certificates to mark their award.

Applicants who applied for the next academic year will be shortlisted in for interviews by the British embassy between January and early February. The results will be announced next June.

Applications for the award in order to study in the UK in 2019/202 will open in August 2018.
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Released:  15/11/20172017-11-15
Word count:  403

SINGAPORE (Reuters) - Oil prices fell more than 1 percent on Wednesday, continuing Tuesday’s slide after the International Energy Agency cast doubts over the past few months’ narrative of tightening fuel markets.

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Reuters
Brent crude futures LCOc1 were at $61.33 per barrel at 0515 GMT, down 88 cents, or 1.4 percent from their last close.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $55 per barrel, down 70 cents, or 1.3 percent. The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November.

“Crude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future ... The drop was arguably exacerbated by a global selloff in other commodities,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

The International Energy Agency (IEA) on Tuesday cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

“The oil market faces a difficult challenge in 1Q18 with supply expected to exceed demand by 600,000 bpd followed by another, smaller, surplus of 200,000 bpd in 2Q18,” the agency said.

The demand slowdown could mean world oil consumption may not, as many expect, breach 100 million bpd next year, while supplies are likely to exceed that level.(reut.rs/2zCLx75)

The IEA report countered the Organization of the Petroleum Exporting Countries, which just a day earlier said 2018 would see a strong rise in oil demand.

Vijayakar said a reported increase in U.S. crude inventories was also weighing on prices.

The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories rose by 6.5 million barrels in the week to Nov. 10 to 461.8 million.

U.S. government inventory data is due later on Wednesday.

On the supply side, rising U.S. output also pressured prices.

U.S. oil production C-OUT-T-EIA has already increased by more than 14 percent since mid-2016 to 9.62 million bpd and is expected to grow further.

The IEA said non-OPEC production will add 1.4 million bpd of additional production in 2018.

The IEA’s outlook pressures OPEC to keep restraining output in order to defend crude prices, which its members rely on for revenue.

OPEC and some non-OPEC producers including Russia have been withholding production this year to end years of oversupply.

The deal expires in March 2018 but OPEC will meet on Nov. 30 to discuss policy, and it is expected to agree an extension of the cuts.

“Anything less than a full nine-month extension delivered at the Nov. 30 meeting could precipitate a sell-off,” U.S. bank Citi said.

Reporting by Henning Gloystein; Editing by Joseph Radford
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Released:  15/11/20172017-11-15
Word count:  137

The new Libyan mobile phone payment system soon to be launched by Sadad and Almadar mobile phone company has released more information for subscribers.

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Libya herald
Subscription to the service will be for Almadar mobile customers and Libyan nationals. It will be free for the first three months followed by a one-off LD 10 annual subscription charge. There will be no charge to individual customers on purchases. Sadad has referred enquiries on its services to its customer service line: 1216.

Subscribers are encouraged to book an appointment by SMS on #666 to fill-in the online form and then take their Libyan passport and National ID number to the Sadad Service Centre in 24 December Street (former 1st September Street).

The new mobile payment system will only operate domestically in the short term and Sadad said that all its transactions are Sharia compliant as they have been approved by the CBL’s Sharia Committee. At the time of writing the Sadad website was still not working.
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Released:  14/11/20172017-11-14
Word count:  135

The Media Department of Zintan airport has reported that progress in the expansion of the city’s airport has been proceeding well despite the prevailing high prices and the difficulty in obtaining state funds for the project.

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Libya Herald
The Media Department said that completion rates for the various sections of the project have ranged from 5 to 100 percent with over half of the 16 different subprojects at a 70 percent or above completion rate.

Zintan airport has regular flights to Tobruk airport in eastern Libya but no flights to Tripoli’s Mitiga’s airport on account of its political affiliation to the House of Representatives.

The airport proved of great strategic importance during the anti-Qaddafi 2011 revolution enabling the Western / Nefusa mountain area to receive supplies to maintain a base and a front against the Qaddafi regime.

Post the Qaddafi era, there has been an inclination to encourage the reopening of many regional airports, some of which had been exclusively military airports, in order to give regional municipalities more independence and control over their transport and logistics.
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Oil & Gas News

Oil & Gas News
Released:  14/11/20172017-11-14
Word count:  430

SINGAPORE (Reuters) - Oil prices fell on Tuesday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market.

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Reuters
Brent crude futures LCOc1 were at $62.94 per barrel at 0415 GMT, down 22 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.62 per barrel, down 14 cents, or 0.25 percent.

The falls came after both crude benchmarks early last week hit highs last seen in 2015, but traders said the market had lost some momentum since then.

Traders said they were cautious on betting on further price rises.

“Prices...are starting to look like a pause or pullback is needed,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

(For a graphic on 'Losing momentum? Brent crude oil prices,' click reut.rs/2zAkkSo)

This sentiment comes in part on the back of rising U.S. oil output C-OUT-T-EIA, which has grown by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd).

The U.S. government said on Monday U.S. shale production for December would rise for a 12th consecutive month, increasing by 80,000 bpd.

Fitch Ratings said in its 2018 oil outlook that it assumed 2018 “average oil prices will be broadly unchanged year-on-year and that the recent price recovery with Brent exceeding $60 per barrel may not be sustained”. So far in 2017, Brent has averaged at $54.5 per barrel.

Despite the cautious sentiment, traders said oil prices would unlikely fall very far, largely due to ongoing supply restrictions led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which have contributed to a reduction in excess supplies.

OPEC also raised its oil demand forecast, saying the world would need 33.42 million barrels per day (bpd) of OPEC crude next year, up 360,000 bpd from its previous forecast and marking the fourth consecutive monthly increase in the outlook since July.

In China, refiners raised crude oil processing runs to near record monthly levels in October, with operations increasing by 7.4 percent to 50.51 million tonnes, or 11.89 million bpd, China’s statistics bureau said on Tuesday.

OPEC is due to meet on Nov. 30 to discuss further output policy. The group is expected to agree an extension of the cuts beyond their current expiry date in March 2018.

Looking further out, the International Energy Agency said on Tuesday there will be 50 million electric vehicles (EVs) on the road by 2025 and 300 million by 2040, from around 2 million now. This is expected to cut 2.5 million bpd, or about 2 percent, off global oil demand by that time.

Still, the IEA’s “New Policies Scenario”, based on existing legislation and policy intentions, expects oil prices to rise towards $83 a barrel by the mid-2020s.

Reporting by Henning Gloystein; Editing by Joseph Radford and Kenneth Maxwell
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Business News

Business News
Released:  13/11/20172017-11-13
Word count:  176

Presidency Council (PC) head Faiez Seraj spent the first full day of his visit to Oman, in talks with the Omani government about promoting cooperation in a number of fields, and then with Omani businessmen whom he encouraged to invest in Libya.

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He was welcomed on behalf of Sultan Qaboos by Sayyid Fahd Bin Mahmoud Al-Said, the deputy prime minister (in effect the premier, the sultan being the official prime minister and who has been in the post for the past 47 years), who said that the sultanate fully backed all efforts to maintain Libyan unity. He praised those by the PC and its government of national accord which, he claimed, enjoyed the confidence of the Libyan people.

For his part Serraj, who is accompanied on the official visit by his wife, expressed thanks to Oman for supporting Libya, in particular for hosting the Constitution Drafting Assembly last year.

A number of regional and international issues were discussed, but the talks focussed strongly on possible economic and investment cooperation between the two countries – reflected in the presence at them of Oman’s ministers of commerce and industry and of agriculture and fisheries. The Omanis were keen to offer Libya their expertise in infrastructure and services.

This was then taken up in talks with leaders of the Omani business community.
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Oil & Gas News

Oil & Gas News
Released:  13/11/20172017-11-13
Word count:  374

SINGAPORE (Reuters) - Oil trading was cautious on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output.

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Brent crude futures LCOc1 were at $63.58 per barrel at 0213 GMT, up 6 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.81 per barrel, up 7 cents from its last settlement.

Traders said crude prices were generally well supported as ongoing output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia have contributed to a significant reduction in excess supplies that have been dogging markets since 2014.

Tensions in the Middle East raised the prospects of supply disruptions, traders said.

Bahrain said over the weekend that an explosion which caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role in the incident.

Despite the Middle East tensions and OPEC-led supply cuts, traders were cautious in betting on further price rises, not least because of an increase in U.S. drilling for new production.

U.S. drillers added nine oil rigs in the week to Nov. 10, the biggest jump since June, bringing the total count up to 738, General Electric Co’s (GE.N) Baker Hughes energy services firm said late on Friday.

The rig count RIG-OL-USA-BHI, an early indicator of future output, is also much higher than a year ago when only 452 rigs were active, indicating that the U.S. oil industry is comfortable operating at current crude price levels.

U.S. oil producers have raised output C-OUT-T-EIA by more than 14 percent since mid-2016 to a record 9.62 million barrels per day.

This led to a slide in crude futures prices late on Friday away from over two-year highs reached early last week, traders said.

Some analysts warned that both WTI and Brent crude futures looked overbought following strong price rises in late October and early November, raising the risks of a downward correction.

“From a technical perspective, both contracts’ Relative Strength Indexes (RSI) are still in severely overbought territory, signalling that a potentially aggressive short-term downward correction is still a genuine possibility,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

Brent crude futures hit their highest price levels since 2015 in November, pushing the Relative Strength Index (RSI) above 70 points, which implies an overbought market.

Reporting by Henning Gloystein; Editing by Joseph Radford
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Construction News

Construction News Business News
Released:  10/11/20172017-11-10
Word count:  228

House of Representatives president Ageela Saleh has issued a decree setting up an authority to rebuild Benghazi. Called the Benghazi Works Committee.

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It is to be headed by interim prime minister Abdullah Al-Thinni, it includes the east’s governor of the Central Bank of Libya, Ali Al-Hibri, acting mayor of Benghazi Abdulrahman Elabbar and Major-General Abdul Razzaq Al-Nazhuri, the military governor from Derna to Ben Jawad.

The aim of the committee is to assess and approve the various projects, services and facilities needed to for the city’s reconstruction and development. iThese will then be handed to the various ministries and other authorities to implement. The committee is authorised will bring in any other specialists to help in planning.

A statement from Thinni’s office says that funding will be authorised and provided by the Central Bank of Libya (the eastern, parallel branch). It is not how this will work, though, since providing the facilities to rebuild Benghazi will run into billions – and the eastern CBL does not have access to Libya’s oil income.

Quite apart from the destruction wrought during the three-year battle to liberate Benghazi from the militants, the city suffered decades of neglect under Qaddafi rule. It needs a complete new sewerage system among many other infrastructural requirements.

A conference on Benghazi’s reconstruction is planned for January by the acting mayor Abdulrahman Elabbar, who has tasked former city prosecutor Aisha Yusuf, with its organisation. She is one of the city’s members of the HoR.
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Oil & Gas News

Oil & Gas News
Released:  10/11/20172017-11-10
Word count:  379

SINGAPORE (Reuters) - Oil markets were little changed on Friday, supported by ongoing supply cuts and strong demand, although the prospect of rising U.S. shale output capped prices around recent gains.

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Brent crude futures LCOc1 were at $63.80 per barrel at 0252 GMT, down 13 cents from their last close, but still within $1 of a more than two-year high of $64.65 a barrel reached earlier this week.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $57.02 per barrel, down 15 cents but also not far from this week’s more than two-year peak of $57.92 a barrel.

Analysts said the high prices were a result of efforts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supplies to tighten the market, as well as strong demand and rising political tensions.

“Oil prices have rallied sharply over the past week ... The latest catalyst for this move higher was the sharp rise in geopolitical tensions last weekend, with growing confidence in an OPEC extension and strong oil demand fuelling the rally previously,” said U.S. bank Goldman Sachs.

But there were some words of caution. “This (oil upward) move may be short lived as ... it is possible that shale ... production can be brought back on stream relatively quickly,” said Goldman’s peer Morgan Stanley.

Goldman warned of greater price volatility ahead due to increasing tensions in the Middle East, especially between OPEC fellows but political arch-rivals Saudi Arabia and Iran, along with soaring U.S. oil production. “We see potential for high spot price volatility in the coming weeks,” Goldman said.

“A rise in the U.S. rig count and a non-committal OPEC meeting would push prices lower, in our view, yet additional escalation of recent geopolitical tensions could lead to another large rally,” it added.

ANZ bank said that “political stability was jolted awake this week” in the Middle East.

“While the likelihood of a disruption to (oil) supply remains low, we believe the events raise the probability of Saudi Arabia taking a more aggressive stance on production curbs ... As such, we see oil prices remaining well supported in the short term,” ANZ said.

OPEC is due to discuss output policy during a meeting on Nov. 30, and it is expected it will extend the cuts beyond the current expiry date in March 2018.

“Recent OPEC communication suggests that an extension will be announced but there are no details on volumes,” Goldman said.

Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
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