الهروج للعمليات النفطية .. عطاء رقم 26/2013

View Videos sort by date sort by channel
Page

Oil & Gas News

Oil & Gas News
Released:  10/01/20172017-01-10
Word count:  353

Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts the agreed reductions would rebalance an oversupplied market.

Play
Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.14 per barrel at 0426 GMT, up 20 cents from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $52.12 per barrel, up 16 cents.

Both of the contracts on Monday lost nearly 4 percent. Analysts said the small gains on Tuesday came from expectations that some of the cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and producers such as Russia would materialise despite doubts over full implementation.

"Coordinated output cuts will support the market rebalancing that will draw down global stock levels, leading us to revise up our Brent crude forecast for 2017 to $57 per barrel," BMI Research said.

Most analysts, though, said there was still downside risk for oil due to rising output elsewhere.

Crude plunged in the previous session on concerns that rising output in Iran and also Iraq - which has given full supply allocations of Basra crude to three refiners in Asia and Europe for February - were undermining efforts to curb a global fuel supply glut that has weighed on markets for over two years.

Supplies are also increasing in North America.

"The average Canadian rig count for December 2016 was 209, up 36 from the 173 counted in November 2016, and up 49 from the 160 counted in December 2015," said Matt Stanley, a fuel broker at Freight Services International in Dubai.

"A 30 percent increase in Canadian rigs in a year ... The bear in me is well and truly back," he said.

In the United States, energy companies last week added rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained at levels at which many U.S. drillers can operate profitably.

Adding one-off supplies, the U.S. Department of Energy on Monday announced a sale for crude from its Strategic Petroleum Reserve (SPR), with bids for 8 million barrels of light, sweet oil due by Jan. 17.

"U.S. SPR sales add to bearish pressures on U.S. crude," Citi said following the release of the bids.

(Reporting by Henning Gloystein; Editing by Michael Perry and Tom Hogue)  
Comments:

Business News

Business News
Released:  10/01/20172017-01-10
Word count:  315

Libya’s oil production is up to 708,000 bpd, a three year high, the National Oil Corporation’s (NOC) chairman Mustafa Sanalla revealed. Sanalla made the revelation yesterday during his visit to the Jalo oil production area in south east Libya where he met with local dignitaries and civil society organizations.

Play
Libya herald
During the visit, Sanalla discussed local development and environment issues in the region and said that the region suffered from huge neglect and needed the state to support it. To underscore this need, Sanalla visited the local A&E hospital built by the NOC and ENI which, although handed over to the Ministry of Health in 2013, was yet to be opened.

Sanalla also laid the foundation stone to a local Petroleum Institute which he hoped would aid development and training in the region.

Meanwhile, Sanalla continued his media attack on fuel smuggling and its effects on Libyans. In an earlier statement released by the NOC, Sanalla expressed his condolences for the death of a Libyan family by carbon monoxide poisoning as a result of using charcoal for heating due to power cuts and fuel shortages.

‘‘I was pained very much by what I heard about the story being reported about the death of a whole Libyan family by suffocation as a result of power cuts’’.

‘‘This family represents the thousands of miserable cases that poor Libyan citizens suffer’’ as a result of fuel smuggling or demonstrations preventing oil production.

In the same vain, Brega Marketing, the NOC’s fuel distribution company, announced that it was increasing deisel distribution by 2.5 million litres in view of the cold weather and power cuts so as to meet increased demand for heating. Cooking gas cylinder distribution will also be increased.

The company said that it will also be initiating ‘’strong’’ anti-smuggling measures to prevent fuels going into the black market.

Brega also announced that it was rolling out the installation of a number of Point of Sale (POS) machines at petrol stations so that customers can pay with their debit cards. This move is aimed at mitigating the current cash crises at Libyan banks. Cooking gas cylinder distributors will also have POS systems in the next phase, Brega revealed.
Comments:

Business News

Business News
Released:  10/01/20172017-01-10
Word count:  309

Italy is sending its ambassador back to Libya, its foreign ministry said on Monday, making it the first Western diplomatic mission to reopen in the divided country.

Play
Reuters
Italy closed its embassy in Libya in 2015 as rival factions descended into a conflict which has let people smugglers operate with impunity and Islamic State establish a firm foothold.

The foreign ministry said in a statement the ambassador would present his credentials to the local government on Tuesday. A ministry spokeswoman said he would then start work in Tripoli almost immediately, having received the approval of U.N.-backed Prime Minister Fayez Seraj's government in December.

"The Italian ambassador is returning to Tripoli after two years. A great gesture of friendship to the Libyan people. Now more controls on migrant departures," Foreign Minister Angelino Alfano wrote on Twitter.

More than half a million migrants have arrived on Italy's southern shores in the past three years, many packed into boats by traffickers based in Libya.

Italy, which once counted Libya as a colony, has set up a military hospital near the western city of Misrata and leads the European Union's Mediterranean mission which began training the Libyan coastguard in October.

The foreign ministry also said it would work to improve trade links and promote investments in infrastructure and energy.

At a meeting in Tripoli on Monday, Italian Interior Minister Marco Minniti and Seraj agreed to reinforce cooperation on security, the fight against terrorism and human trafficking.

The pair pledged to tackle all forms of smuggling and protect Libya's southern borders, an Interior Ministry statement said, adding, "The Italian embassy that operates from Tripoli will be the principal coordination centre for all these projects."

Other Western diplomatic staff were evacuated from Libya in 2014 as lawlessness worsened three years after rebels toppled Muammar Gaddafi. While several countries have said they plan to reopen embassies, none have yet done so.

British and French ambassadors who presented credentials late last year are now based in Tunisia.

(Reporting by Isla Binnie; editing by Mark Heinrich)
Comments:

Oil & Gas News

Oil & Gas News
Released:  09/01/20172017-01-09
Word count:  337

Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th week.

Play
Reuters
Brent crude futures, the international benchmark for oil prices, were trading at $56.97 per barrel at 0019 GMT, down 13 cents from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $53.79 per barrel, down 20 cents.

Traders said that the lower prices were a result of rising exports from Iran that come just as other members of the Organization of the Petroleum Exporting Countries (OPEC) cut supplies in an effort to end a global glut.

Iran has sold more than 13 million barrels of oil held on tankers at sea, capitalising on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data.

The amount of Iranian oil held at sea has dropped to 16.4 million barrels, from 29.6 million barrels at the beginning of October, according to Thomson Reuters Oil Flows data.

Before that sharp drop, the level had barely changed in 2016; it was 29.7 million barrels at the start of last year, the data showed.

Iran's surging tanker exports weren't the only indicator of plentiful supplies.

In the United States, U.S. energy companies last week added oil rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained at levels at which many U.S. drillers can operate profitably.

"The next leg up in prices probably won't occur until the traders see evidence that production levels are falling. In the meantime, rising U.S. drilling activity and output is likely to keep prices in check," ANZ bank said on Monday.

Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc BHI.N said on Friday.

As a result of the increased drilling for new production, U.S. oil output has risen by over 4 percent since its 2016 low to almost 8.8 million barrels per day, although production remains 8.74 percent below its 2015 peak. (Reporting by Henning Gloystein; Editing by Michael Perry)
Comments:

Are you an individual businessman or a organisation that wishes to expand in business ??, we offer financial instrument such as BGs, SBLCs, MTNs, LCs, CDs and others on lease and sales at a rate of (3 + 0.5 + X)% of the face value and reasonable conditions from a genuine provider. You are at liberty to engage our leased facilities into trade programs as well as in signatory project(s) such as Aviation, Agriculture, Petroleum, Telecommunication and any other project(s) etc.With our financial/bank instrument you can establish line of credit with your bank and/or secure loan for your projects in which our bank instrument will serve collateral in your bank to fund your project. We deliver with time and precision as set forth in the agreement. Our terms and Conditions are reasonable and we work directly with issuing bank lease providers, this instrument can be monetized on your behalf for upto 100% funding.Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved. All relevant business information will be provided upon request. If Interested kindly direct your enquiry to Email:~ instrumentsmandate01@gmail.com serious enquiry only Skype ID: nathani.abhishek1

nathani01
1 week ago

Business News

Business News
Released:  09/01/20172017-01-09
Word count:  175

Tarhouna has opened Libya’s first major mall with more than 300 shops almost all of which, say the management, have already been rented out.

Play
Libya herald
Local traders see the mall’s opening at a time when Libya is still in crisis, as a vote of confidence in the immediate future.

Leading Libyan businessman Husni Bey, who has not taken space in the new shopping area, told the Libya Herald “This is proof that the private sector can flourish whatever the conditions. The sector needs no [government ] direction, it only needs zoning and planning”.

He added “Where the government needs to be involved is investing in education and capacity-building`’.

Tarhouna’s mayor Ayad Bey Ahmed opened the new mall and helped cut the celebratory cake. The municipality’s spokesman Mohamed Sayd said that 95 percent of the shops had already been leased.

One local entrepreneur Mahmoud Al-Maghri, said that he believed that the mall would make a very positive contribution to Tarhouna’s economy, adding that he himself had rented three shops.

Later this month he said, the town would host a Libyan business forum. He also expected that an entertainment complex, Sharshara would shortly be opening on the edge of Tarhouna.
Comments:

Are you an individual businessman or a organisation that wishes to expand in business ??, we offer financial instrument such as BGs, SBLCs, MTNs, LCs, CDs and others on lease and sales at a rate of (3 + 0.5 + X)% of the face value and reasonable conditions from a genuine provider. You are at liberty to engage our leased facilities into trade programs as well as in signatory project(s) such as Aviation, Agriculture, Petroleum, Telecommunication and any other project(s) etc.With our financial/bank instrument you can establish line of credit with your bank and/or secure loan for your projects in which our bank instrument will serve collateral in your bank to fund your project. We deliver with time and precision as set forth in the agreement. Our terms and Conditions are reasonable and we work directly with issuing bank lease providers, this instrument can be monetized on your behalf for upto 100% funding.Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved. All relevant business information will be provided upon request. If Interested kindly direct your enquiry to Email:~ instrumentsmandate01@gmail.com serious enquiry only Skype ID: nathani.abhishek1

nathani01
1 week ago

Oil & Gas News

Oil & Gas News
Released:  06/01/20172017-01-06
Word count:  263

Oil prices were steady on Friday as the start of supply cuts by Saudi Arabia and Abu Dhabi supported the market, but doubts that all producers will implement output reductions agreed in a landmark deal last year kept markets from rising further.

Play
Reuters
Brent crude futures, the benchmark for international oil prices, were trading at $56.85 per barrel at 0238 GMT, down 4 cents from their close the previous day.

In the United States, West Texas Intermediate (WTI) crude futures were at $53.74 a barrel, two cents below their last settlement.

Thursday's prices rose following reports of supply cuts from Saudi Arabia and Abu Dhabi coming into effect as part of efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to curb a global supply glut.

Overall supply from OPEC in December fell slightly to 34.18 million barrels per day (bpd) from a revised 34.38 million bpd in November, according to a Reuters survey this week based on shipping data and information from industry sources.

While traders said oil markets were well supported by the agreed cuts, they said doubts remained that all producers would fully implement planned reductions.

"There will be some countries who will cheat...We expect zero compliance from Baghdad," consultancy Energy Aspects said in its 2017 oil market outlook, published this week, highlighting doubts about Iraq's contribution. "We definitely do not expect the Kurds to join in, given that they are autonomous from the federal government."

Analysts said there was also some near-term downward pressure from technical indicators.

"Brent oil may approach a support at $55.43 per barrel, following its failure to break a resistance at $57.50," said Reuters technical commodity analyst Wang Tao.

"U.S. oil may drop towards a support at $52.16 per barrel," he added.

(Reporting by Henning Gloystein in SINGAPORE; Additional reporting by Osamu Tsukimori in TOKYO; Editing by Joseph Radford and Kenneth Maxwell)  
Comments:

Business News

Business News
Released:  06/01/20172017-01-06
Word count:  402

Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts.

Play
Bloomberg
The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to be identified for lack of authorization to speak to news media. With Zawiya shipping, all nine of Libya’s main oil ports would be exporting. Eni SpA began drilling an offshore exploratory well northwest of the capital Tripoli and expects to complete it in 65 days, NOC said Thursday on its website.

The country is revving up its oil industry just as most of its OPEC peers are cutting production to counter a glut. It currently pumps 700,000 barrels a day of oil, the NOC official said Wednesday. That’s up from 580,000 barrels a day in November and the most since October 2014, data compiled by Bloomberg show. Oil halted gains as investors weighed rising Libyan supply against signs that OPEC output began slipping. Benchmark Brent crude was trading at $56.28 a barrel in London at 9:17 a.m. local time.

Libya plans to almost double output in 2017. Last month the North African nation re-opened two of its biggest oil fields and loaded its first crude cargo in two years at its largest export terminal, Es Sider. Libya’s comeback will put pressure on the Organization of Petroleum Exporting Countries and the other major suppliers that agreed to start reducing output this month in a drive to shore up crude prices. Libya is exempt from those cuts as it tries to recover from instability and restore its crude production and exports.

Sharara Field

Libya in December re-opened the Sharara oil field, which supplies Zawiya, allowing for exports to resume from the terminal in western Libya. Almost 1.9 million barrels are set to load from Zawiya this month, according to a loading program obtained by Bloomberg. That compares with a pumping rate from Sharara of almost 9 million barrels a month as recently as late 2014, before the country’s internal conflict halted flows.

Libya pumped about 1.6 million barrels a day before an uprising in 2011 toppled the nation’s leadership. International oil companies pulled out as rival governments and militias struggled for control of Libya’s energy assets, and oil output plunged to as little as 45,000 barrels a day in August that year.

With production rising, NOC Chairman Mustafa Sanalla said on Dec. 21 that output would reach 900,000 barrels a day early this year and 1.2 million barrels a day by the end of 2017.  
Comments:

Oil & Gas News

Oil & Gas News
Released:  05/01/20172017-01-05
Word count:  306

Oil prices dipped on Thursday on doubts producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stocks offered markets some support.

Play
Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.28 per barrel at 0150 GMT, down 18 cents from their last close.

Traders said the decline came on the back of worries that plans by the Organization of the Petroleum Exporting Countries (OPEC) and other leading producers to cut crude supply would be fully implemented.

"There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through (with the cuts). Very few respondents expect full compliance," Singapore Exchange (SGX) said on Thursday, citing results from a survey of its participants.

"Three quarters of those surveyed went for (crude) prices averaging within the current $50-60/barrel range (for 2017)," SGX added.

Reuters commodity analyst Wang Tao said that technical price trend indicators showed Brent may soon test support at $55.43 a barrel, although he added that the longer-term upward trend in crude prices that started in the second half of last year was still in place.

In the United States, crude prices were firmer than on international markets, supported by strong vehicle sales and a report of falling commercial crude stockpiles.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading down 10 cents at $53.16 per barrel.

Firmer prices for WTI than for Brent were supported by an American Petroleum Institute (API) report showing U.S. crude inventories fell 7.4 million barrels in the week ended Dec. 30 to 482.7 million, compared with analyst expectations for a decrease of 2.2 million barrels.

"We expect Asia to trade on the positive-side today, supported by the API number," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore.

WTI was also buoyed by U.S. car and truck sales, which were up 3.1 percent in December from the same month last year, and hit a record 17.55 million overall in 2016.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

Comments:

Business News

Business News
Released:  04/01/20172017-01-04
Word count:  287

Libya’s National Oil Corporation has announced the country’s crude oil output has hit 685,000 barrels per day as of the start of January. The increase was made possible by the resumption of pipeline operation from two major fields in the western part of the country, Sharara and Elephant.

Play
Oil price
News of the reopening of the pipeline carrying oil from Sharara and Elephant (also called El Feel) came in December, when the Petroleum Facilities Guard (PFG) said it had ended a two-year blockade of the facility but there were doubts as to how quickly full-scale production from the fields will resume, especially given the continuing political turmoil in Libya.

Now, NOC has said that production at Sharara will return to its daily capacity of 330,000 barrels gradually but did not specify any similar details about Elephant, which can produce 90,000 bpd.

Still, NOC added that it hoped output can be raised to 900,000 barrels per day in the next few months.

Libya has managed to more than double its crude oil output from 300,000 bpd in September, thanks to the reopening of the oil ports in the Oil Crescent, which were held as bargaining chips by the PFG. Control of the ports was wrestled from the PFG by the Libyan National Army (LNA), an eastern-government ally, and handed to the NOC.

By the end of 2017, NOC has plans to bring daily production to 1.1 million barrels.

Meanwhile, however, the tension between various factions, chief among them the Petroleum Facilities Guard and the Libyan National Army remains. In a separate news report, NOC’s chairman Mustafa Sanallah was quoted as saying that the PFG was involved in fuel smuggling from Libya to Tunisia.

According to local media, this activity has bloomed recently, in spite of the work of agencies such as the Anti-Smuggling Commission and NOC. A new armed group calling itself the Anti-Fuel-Smuggling Brigade has also appeared on the scene, stating it will fight fuel smuggling by attacking the tanker trucks carrying oil products to Tunisia.

By Irina Slav for Oilprice.com
Comments:

Oil & Gas News

Oil & Gas News
Released:  04/01/20172017-01-04
Word count:  354

Oil edged higher on Wednesday, with top exporter Saudi Arabia expected to raise prices for its crude as part of planned supply cuts, although a strong dollar and moderate economic growth prospects restricted gains.

Play
Reuters
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $52.65 per barrel at 0237 GMT, up 32 cents, or 0.6 percent, from the last settlement.

International Brent crude futures LCOc1 were up 32 cents, or 0.6 percent, at $55.79 a barrel.

Traders said the gains were due to an expected tightening of physical oil supplies, as major producers like the Organization of the Petroleum Exporting Countries (OPEC) plan to cut crude output from this month in an effort to end a global fuel glut that has dogged markets for over two years.

Potentially reflecting a tightening market, top oil exporter Saudi Arabia is expected to raise the official selling price (OSP) for all its crude grades to Asia in February.

OSPs for crude delivered to customers around the world are a key indicator in determining the prices for crude futures like Brent or WTI.

"Crude oil has risen... on expectations of reduced supply excess," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

Despite the potentially tightening physical oil market, crude futures are being weighed down by a strong U.S.-dollar, which makes it more expensive for countries to import dollar-traded fuel.

The dollar hit a 14-year peak .DXY this week on the back of strong U.S. economic data.

"The dollar remains supported due to the fact that the Fed has not only turned hawkish but it has already started its policy tightening cycle, while the rest of the major central banks are pretty much dovish across the board," Razaqzada said.

Both foreign exchange and crude movements will be impacted by the status of the global economy.

Despite encouraging figures in late 2016 and the first days of this year, analysts said that growth prospects were moderate.

"The West ended 2016 on a strong note. The Eurozone picked up steam, the UK is defying gravity and the U.S. is on a roll. Note, however, that this strength isn't fully feeding through into Asia.. China and Japan are expanding, sure, but only at a tepid pace," said Frederic Neumann, co-head of Asia Economics Research at HSBC in Hong Kong.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
Comments:

Oil & Gas News

Oil & Gas News
Released:  03/01/20172017-01-03
Word count:  267

Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut.

Play
Reuters
International Brent crude oil prices LCOc1 were trading up 31 cents, or 0.55 percent, at $57.13 a barrel at 0203 GMT on Tuesday - close to last year's high of $57.89 per barrel, hit on Dec. 12. Oil markets were closed on Monday after the New Year's holiday.

U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 32 cents, or 0.6 percent, at $54.04, not far from last year's high of $54.51 reached on Dec. 12.

Jan. 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day.

Market watchers said January will serve as an indicator for whether the agreement will stick.

"Markets will be looking for anecdotal evidence for production cuts," said Ric Spooner, chief market analyst at Sydney's CMC Markets. "The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in early stages."

Libya, one of two OPEC member countries exempt from cuts, increased its production to 685,000 barrels per day (bpd) as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC).

Elsewhere in OPEC, member country Oman told customers last week that it will cut its crude term allocation volumes by 5 percent in March.

Non-OPEC member Russia's oil production in December remained unchanged at 11.21 million bpd, but it was preparing to cut output by 300,000 bpd in the first half of 2017 in its contribution to the production cut accord.

(Reporting by Jane Chung; Editing by Richard Pullin and Kenneth Maxwell)
Comments:

Business News

Business News
Released:  02/01/20172017-01-02
Word count:  58

Tripoli, 01.01.2017 (Lana) Anwar Annaser fuel tanker docked Sunday at Tripoli Port with a shipment of 30 million liters of fuel.

Play
LANA - Libya news agency
Bariqa Oil and gas marketing Company reassured the public about the availability of quantities of fuel at company depots in Tripoli.

The company confirmed that fuel supplies from Zawia refinery are continuing as usual through the land pipeline.

The company appealed to the public not to make long queues at petrol stations and to disregard false rumors.

=Lana=  
Comments:

Oil & Gas News

Oil & Gas News Business News
Released:  02/01/20172017-01-02
Word count:  154

TRIPOLI Jan 1 (Reuters) - Libya was producing 685,000 barrels of oil per day (bpd) on Sunday, up from around 600,000 a day last month, an official from the National Oil Corporation (NOC) said.

Play
Reuters
Output has risen after a two-year blockade was lifted two weeks ago on major pipelines leading from the western fields of Sharara and El Feel.

Production has been resuming gradually at Sharara, which has a capacity of 330,000 bpd. But there has been no announcement of a restart at El Feel, which can produce 90,000 bpd but where a group of guards has been blocking operations. The NOC official declined to give details on the status of operations at the fields.

National output remains far below the more than 1.6 million bpd that Libya was producing before its 2011 uprising. The NOC says it hopes to raise production to nearly 900,000 bpd by March, but this remains at risk from political conflict.

Libya is one of two members of the Organization of the Petroleum Exporting Countries (OPEC) that is exempted from a recent deal to cut output.

(Reporting by Ahmed Elumami; Writing by Aidan Lewis; Editing by Ruth Pitchford)
Comments:

News Releases

News Releases
Released:  02/01/20172017-01-02

LibyaBusiness.tv team hopes you have a happy new year.

Play
LBTV Team
*
Comments:

Oil & Gas News

Oil & Gas News
Released:  30/12/20162016-12-30
Word count:  490

Crude oil, rubber and metals were set to end 2016 on Friday with strong gains, bouncing back from several years of losses on the back of output cuts and expectations of firmer demand.

Play
Reuters
Benchmark zinc, steel rebar and rubber have all rallied around 60 percent this year, while Brent crude has climbed more than 50 percent.

Crude oil output cuts announced by OPEC, stronger-than-expected demand in top commodities market China and expectations of higher infrastructure spending in the United States after the victory of Republican candidate Donald Trump all boosted prices.

Looking forward, oil prices should gradually rise towards $60 a barrel by end-2017, a Reuters survey found, but gains will be capped by a strong dollar, more U.S. oil exports and the possibility that some OPEC members won't meet their agreed cuts.

"Accelerating non-OPEC (production) declines and OPEC's decision to cut were key to the price rise in 2016," Energy Aspects analyst Nevyn Nah said, while robust demand growth also helped support prices.

"But the rebalancing process is still in its infancy and speculators want to position for that," he added. Benchmark TOCOM rubber futures were on track for their biggest gain since 2009, mainly driven higher by the rally in crude oil and fund buying.

In the base metals market, copper remains on course for a gain of about 17 percent - the first annual rise since 2012.

Prices for steel rebar, used in construction, have soared more than 60 percent this year on better-than-expected spending on building and infrastructure and soaring costs for coking coal due to government-enforced coal mine closures.

"I expect the steel price rally to continue in the first half of 2017 when stock pilling will be at a final phase and infrastructure construction programmes will start," said Zhou Guangyan, steel analyst at Zhongcai Futures.

However, demand was likely to wane in the second half, with inventory at a new peak and the market feeling the effects of real estate regulations and potentially tighter monetary policy in China, he added.

Zinc, which is used in steel production, climbed to a nine-year peak last month with support from a series of mine closures that have tightened ore supply, fuelling a speculative rally.

For precious metals, gold is up more than nine percent this year, snapping three years of losses as the market was lifted by a demand surge during periods of economic and political uncertainty.

However, gold's outlook for 2017 is bearish as the outlook for a rising U.S. dollar and higher interest rates, combined with strong equity markets, will dampen demand for non-interest-paying bullion.

Agricultural markets were some of the worst performers in 2016, with Chicago wheat poised to post an annual losses of more than 13 percent due to all-time high global production.

Cocoa has given up almost 33 percent in its worst year since 1999 as the prospect of a global surplus kept the market on the defensive.

Palm oil and soybeans were exceptions though. Palm oil has added almost a quarter to its value after dry weather curbed output while beans are up 17 percent.

(Reporting by Naveen Thukral and Mark Tay, additional reporting by Muyu Xu in BEIJING and Swati Verma BENGALURU; Editing by Richard Pullin)
Comments:

Business News

Business News
Released:  30/12/20162016-12-30
Word count:  168

A second Libyan civil aviation college has opened at Misrata. The formal launch took place yesterday attended by a number of local officials as well as representatives from the civil aviation authority.

Play
Libya herald
According to the head of the college, Mustafa Garisa, it already has 100 students from across the country and is accepting applicants with a top-grade high-school science diploma. A development of a former training institute, the new college has started with two departments: engineering and aviation administration. The plan is that eventually it will have ten.

For the moment, it is located temporarily in the city’s Zawiyat Al-Majhoub district, using the former buildings of the agricultural institute there. Practical classes, however, are at the old military air academy at the airport.

New premises for the college are expected in the future.

The military air academy effectively closed after the revolution but was used more recently as the operations base for air strikes against the so-called Islamic State in Sirte. With victory declared in Sirte, though, that facility is no longer needed.

Until now all training in Libya has been at the College of Civil Aviation Technology and Meteorology at Esbaia, 12 kilometres south of the inactive Tripoli International Airport.
Comments:

Oil & Gas News

Oil & Gas News
Released:  29/12/20162016-12-29
Word count:  294

U.S. oil prices fell on Thursday after an industry report showed a surprise build in the country's crude inventories, while Brent futures recovered some ground lost in early trade.

Play
Reuters
U.S. benchmark West Texas intermediate (WTI) futures were down 27 cents, or 0.5 percent, at $53.79 per barrel as of 0740 GMT after settling 16 cents higher at $54.06 in the previous session.

Brent futures were 3 cents, or 0.05 percent, lower at $56.19 a barrel, paring initial losses in early trade. The contract opened 21 cents below Wednesday's settlement of $56.22 per barrel.

Trade is expected to remain thin for the rest of the week as most investors are away for year-end holidays, although the expiry of the front-month February ICE Brent contract on Thursday could see some activity in the contract.

"Most investors have vested interest to keep prices high because it looks nice on the balance sheet when books close at the end of the year," said a Singapore-based trader.

Data released by the American Petroleum Institute (API) late on Wednesday showed a 4.2 million barrel build in U.S. crude stocks in the week to Dec. 23, while analysts polled ahead of the weekly inventory reports had forecast, on average, that inventories would decline 2.1 million barrels.

Meanwhile, a committee of OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers responsible for monitoring compliance with a production cut agreement will meet in Vienna on Jan. 21-22, Kuwaiti oil minister Essam Al-Marzouq told state news agency KUNA, in a sign that the output cut deal is likely to be adhered to.

"Brent will be more positively impacted by the OPEC and non-OPEC cuts should the agreed reductions be largely adhered to over the next six months," said Philips Futures' investment analyst Jonathan Chan.

"WTI-Brent Spread will continue to widen should the OPEC and Non-OPEC market rebalancing initiative works out and North American Shale production continue to pick up," Chan added.

(Reporting by Mark Tay; Editing by Kenneth Maxwell and Subhranshu Sahu)

Comments:

Business News

Business News
Released:  29/12/20162016-12-29
Word count:  130

The Fuel and Gas Emergency Committee announced today that all of Tripoli’s petrol stations have been fitted with power generators and CCTV cameras.

Play
Libya herald
The Emergency Committee was formed by the National Oil Corporation’s (NOC) BREGA subsidiary to mitigate fuel and cooking gas shortages which were often criminally or politically instigated post the 2011 revolution. BREGA is the marketing arm of the NOC for fuels, cooking gas and vehicle oils.

The Committee said that the measure, which it has been working on for a few years now, was in order to counter the debilitating effects of power cuts on ‘’most areas of the capital for long periods’’.

It also said that CCTV cameras were installed at all petrol stations as part of measures to counter any ‘’criminal’’ activities on petrol stations.

In fact, it was the Salvation Government that had announced in August 2015 that it would be providing generators to Tripoli’s petrol stations
Comments:

Business News

Business News
Released:  28/12/20162016-12-28
Word count:  175

Misrata airport is to start operating again as of Thursday. It follows a partial deal between the Libyan Ground Services Company and the union representing striking employees.

Play
Libya herald
Misrata closed for the second time this year, along with all other airports in the country except Tripoli’s Mitiga, a week and a half ago when the Libyan Ground Services Company failed to resolve the issue of a year’s unpaid salaries to baggage handers. Labraq and Tobruk reopened three days later after the interim government in Beida found the money to pay them.

The reopening announcement follows a separate one two days ago by private Libyan carrier Libyan Wings that it would be launching a twice-weekly service flights from Misrata to Tunis, on Mondays and Thursdays, as of 5 January.

Meanwhile, the first cargo plane in three years landed at Ghadames airport today. The C-130 military aircraft was carrying cash for local banks in both Ghadames and nearby Darj as well as medical supplies for Ghadames hospital as well as bank staff and some patients returning from hospital treatment in the capital.

Reports that Benghazi’s Benina airport today started partial services with a flight to Tunis have been denied by senior airport staff.
Comments:

News Releases

News Releases
Released:  27/12/20162016-12-27
Word count:  84

Ghat, 26.12.2016 (Lana) The 22 nd round of Ghat International Festival to kicks off Monday themed; 'Ghat nature treasures and heritage resource'.

Play
LANA - Libya news agency
The organizing committee of the festival told Lana that the activities of the festival would be launched by camels race outside Ghat City, to be folowed by sand sking race, and performance by Ghat troups besides 4-wheel drive safari cars.

The activities of the festival according to the organizing committee staging children festival using local custom, artistic festivals in which groups from various parts of the country would take part.

A fair of local collections and traiditonal industries and food wil be organized.

=Lana=
Comments:
Find out what contracts are on offer in Libya
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
Share the link for
Page
  • 1
  • ...
Page
  • 1
  • ...
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...