الهروج للعمليات النفطية .. عطاء رقم 26/2013

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Oil & Gas News

Oil & Gas News
Released:  21/10/20142014-10-21
Word count:  575

The oil futures complex settled lower Monday as a rebound in Libyan production and concerns over the global economy added to the perception of an already oversupplied market.

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Platts
Front-month NYMEX crude closed 4 cents lower at $82.71/b, while ICE December Brent ended 76 cents lower at $85.40/b.

In refined products, NYMEX November ULSD settled down 1.2 cents at $2.4856/gal. NYMEX November RBOB closed 3.25 lower at $2.2002/gal.

Crude futures managed to avoid falling to multi-year lows seen last week, but were still unable to close in positive territory. "Oil prices had a hard time maintaining any kind of rally," Phil Flynn, analyst at Price Futures Group, said.

A downturn in the US equity markets, combined with news out of Iran that the government is not calling for an emergency OPEC meeting, helped push oil prices lower, he said.

Another issue emerging Monday was the US Department of Energy's upcoming review on the Strategic Petroleum Reserve, Flynn said.

One conclusion reached could be the following: "Why have an SPR when we have North Dakota?" he said.

An agency letter released publicly Monday said the DOE will be looking at a range of issues related to the SPR, including its size, in light of changes in the US and world oil markets (See story, 1818 GMT).

The SPR currently holds 691 million barrels of crude in underground salt caverns in Louisiana and Texas and is authorized to hold up to 1 billion barrels.

Rising US crude production has been a major driver behind the slide in oil prices since the summer.

Another factor has been Libya, which has seen a recovery in production and exports, despite political turmoil and fighting.

Libyan output hit 925,000 b/d at the end of September before falling due to disruption by striking workers at eastern oil fields.

On Monday, Libyan crude production reached 890,000 b/d, up from 765,000 b/d earlier this month (See story, 1353 GMT).

Also in the Middle East, fresh data showed Saudi Arabia's exports fell to their lowest monthly volume since March 2011 (See story, 1210 GMT).

Saudi Arabia exported 6.683 million b/d in August, a 326,000 b/d drop from July, according to data from the Riyadh-based Joint Oil Data Initiative.

Weaker exports would seem to represent a counterpoint to the prevailing narrative that the world's largest oil exporter is more interested in cutting prices than output.

Though, one factor behind the lower exports was domestic demand. The amount of crude processed by Saudi refineries hit a record-high 2.167 million b/d in August as new refineries in Jubail and Yanbu have come online or ramped up.

"Looked at it from another perspective, the drop in prices over the past four months is simply the market's way of requesting a production cut," Citi Futures analyst Tim Evans said in a client note.

How much further oil prices will slide has become the focal point ahead of OPEC's next conference scheduled for November 27.

Analyst Philip Verleger said prices will continue falling until enough non-Middle Eastern production shuts in or until other producers understand that Middle Eastern countries will not accept a reduction in market share.

"The down trend is not over. It has just started," he said in a client note Monday.

This cycle is underway after Middle Eastern producers Kuwait, Iraq, Iran, the United Arab Emirates and Saudi Arabia slashed their discounts to oil benchmarks in every major market to ensure refiners will operate profitably, he said.

With an incentive to operate full-tilt, more products will enter the market, pulling product prices lower which will then drag down crude prices as well, Verleger said.

--Geoffrey Craig, geoffrey.craig@platts.com --Edited by Katharine Fraser, katharine.fraser@platts.com  
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News Releases

News Releases
Released:  21/10/20142014-10-21
Word count:  228

VIENNA (Reuters) - Austrian oil and gas group OMV raised production by 5 percent in the third quarter from the second as progress in Libya and Norway offset lower volumes in Austria and Romania.

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Reuters
OMV said on Monday production was 311,000 barrels of oil equivalent per day (boe/d), up from 297,000 in the second quarter and 275,000 a year earlier.

Its refining margin jumped to $4.90 per barrel from $1.92 in the second quarter.

OMV said in its trading statement that completion of a modernisation programme at a refinery in Romania "adds approximately $5/bbl to the standard profitability of the Petrobrazi refinery".

"This is equivalent to an overall increase of the OMV indicator refining margin across all the refining assets of the group of approximately $1/bbl," it said.

Improved middle distillate spreads also helped the margin.

Oil output in Libya, which accounted for 10 percent of OMV's total production before the 2011 uprising which toppled Muammar Gadaffi, has been hit by disruptions since mid-March due to unrest and protests at oilfields and ports.

OMV still has production disruptions in Libya and output in Yemen is also suffering from attacks on pipelines, it said last week.

The company announced last week that Chief Executive Gerhard Roiss would leave at the end of June, nearly two years ahead of schedule, as part of a shake-up that will involve its gas business being merged into a downstream division.

OMV said it would have net charges of around 20 million euros in the third quarter. It expected its tax rate to rise to between 35 and 40 percent, driven mostly by increased liftings in Libya.  
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News Releases

News Releases Oil & Gas News
Released:  20/10/20142014-10-20
Word count:  260

Crude-oil futures were in positive territory in Asian trade Monday after being decimated last week, but traders and investors remain unsure of whether prices can hold.

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Market watch
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX4, +0.02% traded at $83.18 a barrel, up $0.43 in the Globex electronic session. December Brent crude LCOZ4, -0.39% on London’s ICE Futures exchange rose $0.08 to $86.24 a barrel.

The U.S. oil benchmark lost 3.58% last week and has been down for three consecutive weeks, while Brent crude in London has fallen for four weeks in a row and lost 4.88% last week. “Buyers will step in only when they think prices have hit bottom. They don’t want to catch a knife when it is falling,” a Singapore-based oil trader said.

Saudi Arabia and Kuwait have halted production at a jointly run oil field, which was producing around 300,000 barrels of oil a day, due to environmental concerns, people familiar with the matter said Sunday.

Oil markets are looking for any indication from the Organization of the Petroleum Exporting Countries for cuts in oil supply levels. Also, on tap this week is economic growth and industrial production data from China on Tuesday, which will affect market sentiment.

Money managers such as hedge funds cut bullish bets on Nymex crude in the week ended Oct. 14, Commodity Futures Trading Commission data showed. “Overall holdings across the U.S. petroleum markets declined to the lowest level since September 2010,” analyst Tim Evans at Citi Futures said.

Nymex reformulated gasoline blendstock for November NGX14, -2.20% --the benchmark gasoline contract--rose 50 points to $2.2377 a gallon, while November diesel traded at $2.4977, 1 point higher.

ICE gasoil for November changed hands at $740.75 a metric ton, up $5.75 from Friday’s settlement.  
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Oil & Gas News

Oil & Gas News
Released:  20/10/20142014-10-20
Word count:  501

LONDON, Oct 17 (Reuters) - OPEC should cut its oil output to support prices, a Libyan oil official said, as oil prices that have slid to a four-year low this week add to a squeeze on producers' budgets.

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Reuters
So far, Libya is among a minority in the Organization of the Petroleum Exporting Countries, and the only one of the four African OPEC members, to call for an OPEC cut, adding to signs that such a move is unlikely.

"OPEC is facing a challenge to remove the surplus from the market so the price will return to normal levels," Samir Kamal, Libya's OPEC governor and head of planning at the Libyan oil ministry, told Reuters.

He said Libya should be an exception because its recent production losses have squeezed its budget and he expected no impact on Libya's production from any OPEC decision. "The OPEC members know the security situation in Libya," he said.

Libya is struggling with two governments and two parliaments since an armed group from the western city of Misrata seized Tripoli, setting up its own cabinet and assembly while forcing the internationally recognized government to move to the east.

OPEC meets on Nov. 27 to set policy for the first half of 2015 and despite a slide in prices to below $83 barrel this week from $115 in June, many members including powerful Gulf producers are opposed to cutting output.

Top OPEC producer Saudi Arabia has been quietly telling market participants it is comfortable with lower prices in a move that may be aimed at retaining market share and slowing the expansion of rival producers. Kuwait said on Sunday OPEC was unlikely to cut production. NIGERIA AND ANGOLA QUIET

Of the other three African members, Algeria's oil minister has said he is not concerned by lower prices. Nigeria and Angola have not officially stated their view.

An OPEC delegate from a West African OPEC member said his country was keeping a close eye on prices but was not convinced of the need for supply cutbacks.

"I am not sure it would do any good," the delegate said, declining to be identified. "We are watching to see how the market will behave."

Angola and Nigeria are both seeing their oil output fall due to field declines. When OPEC last cut production, in 2008, they implemented little of their share, analysts said at the time.

Some analysts, including Sam Ciszuk of the Swedish energy agency, have not ruled out the prospect that OPEC could still agree to cut its output when it meets, saying that the Saudi strategy could be aimed at enouraging others to participate.

"It is likely that Saudi might take their production close to where it was when the last ceiling was proclaimed and then start to demand of others to do a bit of a cut," Ciszuk said, referring to OPEC's output target of 30 million barrels per day.

Others say OPEC would be better advised to accept lower prices.

"They should respond in a perfectly normal, competitive manner and do what is necessary to protect and even increase their market share," said David Hufton of oil brokers PVM. "OPEC's day as a cartel with pricing power are over."

(Additional reporting by Feras Bosalum in Benghazi; Editing by William Hardy)  
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News Releases

News Releases
Released:  20/10/20142014-10-20
Word count:  321

MEP Alfred Sant says that SMEs in Malta that have long-standing business relations with Libya face the threat of closure as a result of the ongoing Libyan crisis.

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Malta today
European Parliament member Alfred Sant said that more state-aid should be provided to small and medium enterprises (SMEs) to war-torn areas such as Libya and Ukraine.

“Trade and investment is being disrupted by acts of war and civil strife in territories close to the EU such as Libya and Ukraine,” Sant told the European Commission. “SMEs in a number of member states that have developed long-standing commercial relations with these territories, such as between Malta and Libya, are being so badly hit that they face the threat of closure under the current economic conditions.”

Sant asked whether the European Commission could consider waiving or amending state aid rules when the governments of such European member states seek to apply national support measures to protect these SMEs and their ‘traditional’ commerical relations with the war-torn areas.

Outgoing European Commissioner for Competition Joaquin Almunia told Sant that risk finance guidelines have been amended to encourage more investors to finance SMEs. He also said that since July 2014 the state aid framework has become more “flexible” and “generous” to provide support to SMEs in zones of war or civil strife. The most flexible schemes allow European member states to grant up to €200,000 for a rolling period of three years. More targetted schemes offer a wide range of block-exempted measures for SMEs to receive support without prior notification to the Commission.

“We do not have specific rules dealing with loss of commerical possibilities due to war or civil unrest,” Almunia said. “However, we believe that, if exploited to the maximum, this new framework should provide support to SMEs in such situations.”

Sant responded that there is a need for a more flexible framework that will allow SMEs to be given state aid.

“It seems that the European Commission is not understanding this fact thoroughly,” Sant said. “More efforts are needed to convince them.”

Sant is a member of the European committee on economic and monetary affairs.
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Oil & Gas News

Oil & Gas News
Released:  17/10/20142014-10-17
Word count:  858

West Texas Intermediate rebounded after falling below $80 for the first time since June 2012 on speculation prices decreased more than justified. Brent crude climbed from the lowest level in almost four years.

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Bloomberg
Futures advanced 1.1 percent in New York and 0.8 percent in London. Crude has tumbled on concern that a global supply glut is forming. Gasoline increased after U.S. government data showed that stockpiles of the fuel slipped last week as demand climbed.

“This is basically a relief rally,’ Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. ‘‘The market is extremely oversold technically and exhausted. There were nice draws in product inventories that are also giving the market a boost.’’ WTI for November delivery advanced 92 cents to settle at $82.70 a barrel on the New York Mercantile Exchange. It earlier touched $79.78, the lowest intraday price since June 29, 2012. The volume of all futures traded was 72 percent above the 100-day average at 2:54 p.m. Brent for November settlement, which expired today, increased 69 cents to end the session at $84.47 a barrel on the London-based ICE Futures Europe exchange. Futures earlier reached $82.60, the lowest level since November 2010. The more-active December contract climbed 2 percent to close at $85.82. Volume was 36 percent higher than the 100-day average.

The European benchmark crude closed at a $1.77 premium to WTI, down from $2 yesterday.

RSI Index

The 14-day relative strength index for Brent was 17.1124 today and has been below 30 since Sept. 30, according to data compiled by Bloomberg. An RSI below 30 typically signals a market is oversold. The RSI for WTI stood at 26.5533.

‘‘The market is exhausted after a tremendous decline,’’ Tom Finlon, Jupiter, Florida-based director of Energy Analytics Group LLC, said by phone. ‘‘We’re not moving on fundamentals at the moment. This is a probably a brief technical recovery.’’

Gasoline supplies dropped 4 million barrels to 205.7 million last week, an Energy Information Administration report showed today. Stockpiles were projected to have fallen by 1.7 million barrels, according to the median of 11 analyst responses in the Bloomberg survey.

Consumption of the motor fuel rose 1 percent to 8.78 million barrels a day averaged over the last four weeks, EIA data show.

‘‘The gasoline draw is putting the brakes on the market for the moment,’’ Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by phone. ‘‘That was a bigger than expected decline in supply and demand over the last four weeks is up strongly.’’

Gasoline Futures

November gasoline futures surged 6.22 cents, or 2.9 percent, to close at $2.2109 a gallon on the Nymex. It was the biggest increase since Sept. 3. Futures touched $2.1347 before the report’s release at 11 a.m. in Washington, the lowest intraday level since Nov. 24, 2010.

Regular gasoline at U.S. pumps fell to the lowest level since February 2011. The average retail price fell 1.4 cents to $3.163 a gallon yesterday, according to Heathrow, Florida-based AAA, the nation’s biggest motoring group.

Stockpiles of distillate fuel, a category that includes diesel and heating oil, dropped 1.52 million barrels to 124.6 million last week, according to the report from the Energy Department’s statistical arm. Ultra low sulfur diesel for November delivery rose 1.17 cents, or 0.5 percent, to settle at $2.4703 a gallon. It touched $2.5035 during the session, the lowest intraday price since Jan. 10, 2011.

Crude Stockpiles

Crude stockpiles rose 8.92 million barrels to 370.6 million in the week ended Oct. 10, according to the EIA. It was the biggest gain in six months. Crude output rose 0.9 percent to 8.95 million barrels a day, the most since June 1985. The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S.

U.S. refineries operated at 88.1 percent of their capacity last week, down 1.2 percentage points from the previous week and the lowest level since June.

‘‘The huge decline in refinery operating rates is an explanation for both the big declines we saw in product stocks and the build in crude,” Finlon said.

Oil has slipped into a bear market as shale supplies boost U.S. output to the highest level in almost 30 years amid signs of weakening global demand. The largest Organization of Petroleum Exporting Countries producers are responding by cutting prices, sparking speculation that they will compete for market share rather than reduce supply.

Shrinking Demand

Crude’s collapse is just about over, according to some of the world’s largest banks. Crude will trade above $80 a barrel, Bank of America Corp. and BNP Paribas SA predict, while Commerzbank AG sees that level as a possible low for Brent. They’re in part counting on OPEC to reduce output, possibly as soon as next month, to compensate for shrinking demand.

OPEC, which supplies about 40 percent of the world’s crude, is increasing production even as demand growth falters. The group pumped 30.935 million barrels a day in September, the most since August 2013, according to a Bloomberg survey. The gain was led by Libya, where output climbed by 280,000 barrels a day to 780,000, the fifth straight increase.

Oil ministers from Kuwait and Algeria have dismissed possible output cuts as the market’s slump prompted Venezuela last week to call for an emergency OPEC meeting. The group is scheduled to gather on Nov. 27 in Vienna.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham, Charlotte Porter  
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Oil & Gas News

Oil & Gas News
Released:  17/10/20142014-10-17
Word count:  423

Namibian motorists may soon be enjoying the best part of a really bad situation as fracking in America and relentless production all around the world tip global oil supply and demand off kilter.

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Informante
This week oil prices hit an international low of well below N$90 a barrel of Brent Crude, territory that the international oil price was last in late in 2012. What makes the price dip more significant are indications that this is but a taste of things to come. In his latest petrol price statement the Minister of Mines and Energy Isak Katali said that, “high supply on international markets continues to weigh down on prices. Global supplies mounted with the US, Libya and Iraq ramping up production over September. Oil prices fell after Libya restarted production at its largest oil field, bringing more barrels to a market already brimming with crude,” he said.

The current flooding of the world oil markets had the International Energy Agency (IEA) on Tuesday predict that next year international demand for oil will grow far slower than previously forecast. The IEA cut its 2015 estimate for oil demand growth by 300 000 barrels per day (bpd).

For this year it has also cut the forecast demand by 200 000 to 0,7 million bpd. It said demand would be supported by prices near four-year lows resulting from slow global growth, a strong US dollar, and the boom in US shale oil production.

US Shale oil production has been growing over the last ten years after 2003 when the American energy industry began combining the drilling horizontal bores through shale and the use of hydraulic fracturing, or shooting tons of water, chemicals and sand into the rocks, to force more oil to the surface. One result is the mushrooming of vertical drilling shafts which multiplied from less than 400 to more than 1 200. The American federal government recently predicted that US oil production would rise through 2019 as a direct result of the practice known commonly as fracking.

Fracking has come under considerable pressure from global environmental groups who complain about the excessive use of water as well as up to 600 chemicals used to mix fracking fluid which is pressure-injected deep underground to crack shale rock formations and create fissures down which oil flows into drill wells. Namibia has rejected the practice to date. Local motorists can take heart in Katali’s 1 October decision to grant the petroleum supply sector 10 cents more on their industry profit margin, “to ensure the oil industry keeps the country wet.” Nami-

bia’s regulated petrol sale industry enjoyed significant over-recoveries in September, recording 2,3 cents per litre for petrol, 13,5 cents for Diesel 500ppm and 18,5 cents per litre for Diesel 50ppm.

Further international price drops would strengthen chances of price reductions before the up-coming holiday travel season.
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News Releases

News Releases
Released:  16/10/20142014-10-16
Word count:  150

Oil output at Repsol SA (REP), Spain’s largest energy company, jumped 6.3 percent in the third quarter after Libyan production recovered as rebel hostilities in the African country subsided.

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Bloomberg
Output reached 365,600 barrels a day while refining margins grew 50 percent, Madrid-based Repsol said in a presentation to the Spanish securities regulator today.

The exploration and production division accounted for 44 percent of Repsol’s 1.6 billion euros ($2 billion) in earnings before interests, taxes, depreciation and amortization in the same period last year, while so-called downstream operations, which include refining, accounted for 22 percent, data compiled by Bloomberg show.

Repsol’s operations in Libya, which accounted for about 12 percent of the company’s production in 2013, stopped entirely in the first half of this year. Management of the operations was left entirely to the state-controlled oil company as Repsol’s Spanish staff were evacuated.

Repsol is scheduled to report third-quarter earnings Nov. 6.

To contact the reporter on this story: Rodrigo Orihuela in Madrid at rorihuela@bloomberg.net

To contact the editors responsible for this story: Kenneth Wong at kwong11@bloomberg.net Alex Devine, Reed Landberg  
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Oil & Gas News

Oil & Gas News
Released:  15/10/20142014-10-15
Word count:  1020

Brent oil tumbled to the lowest level in almost four years and West Texas Intermediate slipped the most since 2012 after the International Energy Agency said oil demand will expand this year at the slowest pace since 2009.

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Bloomberg
Futures dropped 4.3 percent to $85.04 a barrel in London and 4.6 percent to $81.84 in New York. Oil consumption will rise by about 650,000 barrels a day this year, 250,000 fewer than the prior estimate, the Paris-based agency said in a monthly report. U.S. crude supplies probably grew by 2.5 million barrels last week, according to a Bloomberg survey of analysts before a report from the Energy Information Administration on Oct. 16.

Oil futures have collapsed into bear markets as shale supplies boost U.S. output to the most in almost 30 years and global demand weakens. The biggest producers in the Organization of Petroleum Exporting Countries are responding by cutting prices, sparking speculation that they will compete for market share rather than trim output. Saudi Arabia won’t alter its supplies much between now and the end of the year, a person familiar with its oil policy said Oct. 3.

“Demand growth is far underperforming supply growth, and the market is adjusting to a new price level,” Greg Sharenow, executive vice president at Newport Beach, California-based Pacific Investment Management Co., who helps manage $26 billion of commodity investments, said by phone. “The International Energy Agency report added to the negative sentiment. I can see continued weakness.”

Surging Volume

Brent for November settlement fell $3.85 on the London-based ICE Futures Europe exchange. It was the lowest close since Nov. 23, 2010. The volume of all futures traded was 64 percent above the 100-day average at 3:03 p.m. Prices have decreased 23 percent this year.

WTI for November delivery dropped $3.90 on the New York Mercantile Exchange to the lowest settlement since June 28, 2012. It was the biggest decline since Nov. 7, 2012. Volume was almost double the 100-day average. The U.S. benchmark grade closed at a $3.20 discount to Brent, compared with $3.15 at yesterday’s close.

The IEA reduced its estimate for demand growth this year for the fourth month in a row, meaning oil consumption will expand by about half the rate of 1.3 million barrels a day anticipated in June. The IEA cut its 2015 demand growth forecast by 100,000 barrels a day to 1.1 million. About 200,000 barrels a day less crude will be needed from OPEC this year and next than estimated previously, the agency said.

‘Momentous Day’

“This has been a momentous day,” Stephen Schork, president of Schork Group Inc. in Villanova, Pennsylvania, said by phone. “The combination of the IEA report today and signs of dissension in OPEC have the market in full panic mode.”

OPEC, which supplies about 40 percent of the world’s crude, is raising output as its members compete for market share while seeking to meet increased domestic demand. The group pumped 30.935 million barrels a day in September, the most since August 2013, according to a Bloomberg survey. The gain was led by Libya, where output climbed by 280,000 barrels a day to 780,000, the fifth straight increase.

“The recovery in Libyan oil production has pushed up total OPEC output at a time when demand growth is slowing,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. “OPEC has a serious problem.”

Biggest Discount

Iraq said on Oct. 12 that it will sell its Basrah Light crude to Asia at the biggest discount since January 2009, following cuts by Saudi Arabia and Iran. Middle East producers almost always follow the lead of Saudi Arabia, OPEC’s largest member when setting export prices. The Saudis need to deepen price cuts for Asia by between 70 cents and $1 a barrel to restore a competitive position against other Middle Eastern and West African suppliers, according to JPMorgan Chase & Co. Saudi Arabia has to start worrying about the decline in oil prices, billionaire Prince Alwaleed Bin Talal Al Saud said in a letter to Saudi Oil Minister Ali al-Naimi on his website. The kingdom’s fiscal budget depends on oil for 90 percent of its revenues in 2014 and that’s a “disaster,” the prince said.

Oil ministers from Kuwait and Algeria have dismissed possible output cuts as the price slump prompted Venezuela to call for an emergency OPEC meeting. The group is scheduled to gather on Nov. 27 in Vienna. Data in Europe today showed consumer prices in Sweden and Spain fell, U.K. inflation slowed to a five-year low and German investor confidence decreased for a 10th month.

Inventory Report

The EIA, the Energy Department’s statistical arm, will release its weekly petroleum inventory report on Oct. 16 at 11 a.m. in Washington, a day later than usual because of yesterday’s Columbus Day holiday. Crude supplies rose 5.02 million barrels to 361.7 million in the week ended Oct. 3, the biggest increase since April, EIA data showed.

“The market isn’t expected to get any relief from Thursday’s inventory numbers,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by phone. “We’re looking for it to show a substantial build in crude supplies, coming on top of a 5 million-barrel build the previous week. There’s plenty of crude on hand.”

The report will probably show that gasoline stockpiles dropped by 1.55 million barrels in the week ended Oct. 10, according to the median estimate in the Bloomberg survey of 10 analysts. Inventories of distillate fuel, a category that includes diesel and heating oil, are projected to have slipped by 1.65 million barrels.

Gasoline, Diesel

November gasoline futures slid 7.51 cents, or 3.3 percent, to close at $2.1802 a gallon on the Nymex. It was the lowest settlement since Nov. 23, 2010. Pump prices fell 1.3 cents to $3.186 a gallon nationwide yesterday, the least since Nov. 12, according to AAA, the largest U.S. motoring group.

Ultra low sulfur diesel for November delivery declined 8.46 cents, or 3.3 percent, to close at $2.4722 a gallon. It was the lowest settlement since Dec. 14, 2010.

“Lower fuel prices are beneficial for consumers,” Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant, said by phone. “The drop in prices, though, is a symptom of concern about the global economy. The consumer benefit will not ameliorate the economic slowdown.”

To contact the reporters on this story: Mark Shenk in New York at mshenk1@bloomberg.net; Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham
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Oil & Gas News

Oil & Gas News
Released:  14/10/20142014-10-14
Word count:  623

OPEC increased oil production by the most in almost three years, helping to drive prices toward a bear market. Iran and Saudi Arabia offered their oil at the deepest discounts since 2008, adding to speculation that members of the group are competing for market share.

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Bloomberg
The Organization of Petroleum Exporting Countries, which supplies 40 percent of the world’s oil, increased output by 402,000 barrels a day in September to 30.47 million, the group’s Vienna-based secretariat said in a monthly report. Iran matched Saudi Arabia yesterday by cutting the price of its main export grade to Asia by $1 a barrel, according to two people with knowledge of the pricing decision.

Brent futures, the international benchmark, traded at a four-year low today. Saudi Arabia told OPEC it raised output 11 percent last month, adding to speculation it will seek to preserve its share of export markets. Crude production is mounting in the U.S., Russia and Libya, while the pace of demand growth is lower as the economy slows in China, the world’s second-largest oil consumer.

“It’s a fight for market share out there at the moment,” Ole Sloth Hansen, an analyst at Saxo Bank A/S, said by e-mail today. “OPEC will have to come up with something otherwise the market will view it as a free invitation to carry on selling.”

Libyan Return

OPEC production last month climbed by the most since November 2011 and was the highest in more than a year, the group’s data show. Libya bolstered supplies by 250,600 barrels a day to 787,000 and Iraq added 134,500 to 3.164 million, according to secondary sources cited by the report. That more than compensated for an estimated drop of 50,400 barrels a day in Saudi output to 9.605 million.

Saudi Arabia’s own communications to the group showed an increase of 107,100 barrels a day to 9.704 million in September, according to separate data in the report.

Price cuts announced last week by Saudi Arabia, matched by Iran yesterday, fueled speculation it may let oil fall rather than cut production and cede market share. OPEC members in West Africa are also showing signs of greater competition, said Julian Lee, an oil strategist at Bloomberg First Word in London. Nigerian sales of crude for November have been slower than usual after Angola moved more quickly to reduce prices, he said.

Saudi Pressure

Brent for November settlement slid to $88.11 a barrel on the London-based ICE Futures Europe exchange today, the lowest in almost four years. West Texas Intermediate, the U.S. benchmark, dropped as low as $83.33 a barrel on the New York Mercantile Exchange, the least since July 3, 2012.

OPEC’s September production increase contributed to the fall of more than 20 percent in both grades from their June peaks, said Saxo Bank’s Hansen. A drop of that size meets a common definition of a bear market.

“Saudi Arabia is leaning back a bit to force better co-operation” from other members on production cuts, Thina Saltvedt, an analyst at Oslo-based Nordea Markets, said by phone. “The demand side is getting weaker and weaker. It doesn’t look good if OPEC isn’t willing to tighten things up.”

OPEC’s output in September was about 300,000 barrels a day higher than the daily average of 30.2 million the group expects is needed in the fourth quarter. Its 12 members will probably cut either their output or formal production target of 30 million barrels a day when they next meet on Nov. 27 in Vienna, said 11 of 20 analysts surveyed by Bloomberg News yesterday. Estimates ranged from a reduction of 500,000 to 1 million barrels a day.

The organization kept unchanged annual forecasts for global oil demand, and the amount of crude OPEC will need to provide, for this year and next.

“The recovery in gasoil consumption for industry and transportation use, along with emerging winter demand” will support the market in coming months, it said.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net James Herron
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Oil & Gas News

Oil & Gas News
Released:  14/10/20142014-10-14
Word count:  617

Energy stocks have taken a beating so far in October as commodity prices continue to deteriorate.

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Oil Price
A wave of bad news has hit the commodities sector. A weakening global economy, a surplus in oil supplies and a strengthening U.S. dollar have combined to send oil prices lower in recent weeks.

On Oct. 9, the slide continued when Brent crude dropped below $90 per barrel for the first time in more than two years.

Poor economic data from Germany raised fears that a renewed European recession could be on the horizon. The S&P 500 lost 2 percent on Oct. 9, and the markets have experienced some of the worst volatility so far this year. The International Monetary Fund (IMF) also revised downwards its projection for global economic growth in 2014 and 2015, warning that “global growth is still mediocre.”

China’s oil demand remains weaker than it has been in years. To a certain extent, China’s oil imports have been artificially elevated as it has diverted oil into its strategic stockpile. Oil imports could soften as stockpiles fill up. China even posted a decline in oil imports for the month of July.

Elsewhere in Asia, demand is also tepid. Driven by a desire to boost budgets by cutting spending, countries like Indonesia, Vietnam, Thailand, India and Malaysia are all trimming fuel subsidies, according to The Wall Street Journal. That has sent fuel prices up 10 percent in Malaysia and 23 percent in Indonesia, for example. India’s decision to reduce subsidies has pushed demand growth for diesel to near zero for the year, after annual growth rates of 6 to 11 percent in the past.

Meanwhile, oil supplies continue to rise. OPEC production for September hit its highest level in almost two years. Libya has lifted its oil production to 900,000 barrels per day, up from just 200,000 barrels per day in June. And Saudi Arabia has yet to significantly cut production.

Separately, the U.S. Energy Information Administration (EIA) reported higher than expected crude oil in inventories as refineries cut purchases and close for maintenance. Higher global supplies are pushing down prices. The U.S. dollar also continues to strengthen, with the currency recently hitting a two-year high with the euro. A stronger dollar tends to weaken oil prices.

With oil prices hitting multi-year lows, the markets wiped out energy stocks. On Oct. 9, ExxonMobil lost 2.95 percent; Chevron lost 2.92 percent; BP was down 2.69 percent, and ConocoPhillips was off 3.20 percent.

But it wasn’t just oil companies. The markets continue to wallop the coal sector. Arch Coal lost 7.23 percent of its value; Alpha Natural Resources lost 11.11 percent, and Peabody lost 9.22 percent. In addition to the broader economic malaise, the coal sector got an extra bit of bad news on Oct. 9 when China declared that it would reinstate tariffs on certain types of imported coal that were scrapped a decade ago. The tariffs threaten to slash coal imports and boost China’s domestic coal industry.

The one-day sell off was the stock market’s worst performance of 2014. It is unclear where the markets will go from here as there are no signs that the supply and demand picture will change significantly anytime soon.

But if oil prices drop any further, the bite will really set in. Although specifics differ across companies and regions, some oil companies could begin to trim spending on exploration if oil prices drop below $85 per barrel. That would eventually lead to lower oil production and bring prices back up to some equilibrium.

Alternatively, prices may soon drop lower than Saudi Arabia is willing to tolerate. In such a scenario, the world’s only real swing producer would accept lower output in order to see prices increase to its desired range – somewhere between $95 and $110 per barrel.

However, Riyadh has remained silent thus far on its next steps.

By Nick Cunningham of Oilprice.com
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Oil & Gas News

Oil & Gas News
Released:  13/10/20142014-10-13
Word count:  434

Libya’s crude output will soon reach one million barrels a day after ports and fields reopened, a lawmaker said, adding the government is fully in control of its oil industry.

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Hellenic shipping news
The news comes as oil markets have been rattled by increasing production in the Organization of the Petroleum Exporting Countries.

Speaking to The Wall Street Journal, Salah al-Suhbi, a member of the foreign affairs committee at the country’s House of Representatives, said crude oil production is expected to reach a million barrels a day by the end of the month and 1.2 million barrels a day early next year. That would bring back crude output close to its normal level of about 1.5 million barrels a day and constitute a sharp rise since May, when it fell below 200,000 barrels a day.

Already the country’s crude production has already reached 810,000 barrels a day, said Mr. al-Suhbi, who has been briefed on the state of the oil industry. Crude oil production excludes condensates where Libyan output has oscillated between 50,000 and 100,000 barrels a day. The news comes after rebels and protesters allowed shut oil fields and terminals to reopen in the summer. “The oil industry is well protected and its protection has been strengthened,” the lawmaker said.

Libya is still facing political uncertainty after the internationally recognized House of Representatives to which Mr. al-Suhbi belong had to be inaugurated in the eastern city of Tobruk because of fighting in the capital Tripoli. A rival, unrecognized parliament supported by Islamists has since appointed a cabinet—including an oil minister—in Tripoli.

But Mr. al-Suhabi said the Tobruk-based government remained remain firmly in control of the oil industry. “The oil income is going to the central bank and the House of Representatives controls the [National Oil Co.],” he said.

But though the oil industry appears secure for now, the expansion of jihadist groups affiliated to al Qaeda or the Islamic State is posing a threat to the Libyan population and beyond. Mr. al-Suhbi called on the international community to help protect its frontiers—through assistance and training to its Navy and technologies to control its land borders. “Libya is in the middle of a huge arch of [radical Islamist networks] that extends from Iraq all the way to Mali. And it’s just one hour from Europe,” he said. “Unless this arch is broken, we are all in big trouble,” Europe included.

Local Islamic extremists are also receiving reinforcements from fighters coming from Syria and Yemen and assistance from al Qaeda in the Islamic Maghreb while others are loyal to the Islamic State, the lawmaker said. He added the Jihadis control illegal immigration routes that go through the South and to the coastal cities of Sirte, Sabratha and Zuwarah for human trafficking destined to Europe.

Source: Wall Street Journal
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Oil & Gas News

Oil & Gas News

Oil price unlikely to go down to $60 per barrel - Russian Finance Ministry official

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Russia Beyond the Headlines
The oil price on the international market is unlikely to drop to $60 per barrel, although it may go down for some time to $80-$85, but should stabilize around $90, says Russian Finance Ministry long-term strategic planning department head Maxim Oreshkin. "I don't really believe in $60. What looks more realistic is $90, and we already talked about this level. When oil cost $100, we said that $90 was the level where it could stabilize.

It goes without saying that we could drop to $85 or $80 for a short period of time, but we will orient ourselves at $90 in the midterm," Oreshkin told journalists. To make forecasts regarding oil prices, it is important to understand the causes of and the nature of price shocks, Oreshkin said. "We don't really believe in oil costing $60 per barrel for a long time, because the difference between the oil situation now and the 2008 situation, when we dropped to $40, is that that was a cyclic drop caused by a cyclic drop in demand due to the global crisis.

Oil dropped and then quickly rebounded. Now we see more structural reasons, including growing oil production in such countries as the U.S. and Iraq and the restoration of oil [production] in Libya. These reasons are to stay with us for a long time, and therefore we are likely to see some decline in oil prices, which has already happened. We won't see a sharp fall, but we won't see a sharp rebound either," he said.

If the oil price remains at the current level, which is lower than the basic price of $96 per barrel used in drafting the 2015 budget, the use of the Reserve Fund could be started in line with the budget rule, Oreshkin said. In making a decision on whether to use the Reserve Fund, it will be necessary to analyze the budget revenues, the exchange rate, and the general economic situation, he said. "Our desire will be to use as little as possible. When we propose some decisions, we will look not only at the 2015 situation but also at the midterm trends, taking into account the drafting of the budget in the period up to 2018," he said.

The federal budget has different safety levels in case of a significant decline in oil prices, including 70 billion rubles from the anti-crisis reserve remaining from the current year, the transfer of budget residues from 2014, which could double this sum, and the right to use the Reserve Fund, which is designed precisely to support the implementation of budget expenditures in case of a decline in oil prices, Oreshkin said. "We have such a situation now, and therefore we can use the Reserve Fund. The budget envisions that the government could use up to 500 billion rubles [from the Reserve Fund]. If it's $60 per barrel, it's clear that this sum will be bigger.

But at the same time we understand that the use of the Reserve Fund can only be short-term, and it cannot be a constant source of financing," he said. Talking about the volume of money that could be used from the Reserve Fund, Oreshkin said this also depends on decisions to be made on the optimization of the spending structure.

"A governmental commission led by First Deputy Prime Minister Igor Shuvalov has been set up and is working with government programs and analyzing what expenditures could be cut.

There will be a list that you can look at and look at the current macro-situation and make a decision that expenditures in 2016-2017 should be cut by this and this amount, and expenditures will be chosen from this list, and the budget situation on the whole will be stable," Oreshkin said. The commission will continue working within the coming months, he said. "I think we will see the list next year," he said. Oreshkin also mentioned 2.5 percent of budget expenditures endorsed conditionally, which may not be implemented if there is a need to cut expenditures.
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News Releases

News Releases Business News

Dates factory in Hon will be offered for Commercial Investment to local and foreign companies specialized in the field of food industries.

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Libyan investment
Contracting on the investment offers will be through the Ministry of Industry after seeing the conditions.

The Committee of Dates Factory allocated the following phone numbers and an e-mail for enquiries: 0919440516 - 0913394719,

datesFactory@gmail.COM
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News Releases

News Releases
Released:  10/10/20142014-10-10
Word count:  344

President Abdel Fattah el-Sisi Wednesday 8/10/2014 met with Libyan Prime Minister Abdullah al-Thinni who is currently visiting Egypt at the head of a high powered delegation.

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State Information Service
Presidential Spokesman Ambassador Alaa Youssef said President Sisi renewed the support of Egypt government and people for the options of the Libyan people, underlining the need to work for supporting the institutions of the Libyan state, together with collecting arms and establishing a strong national army far from tribalism and factionalism.

For his part, Premier al-Thinni renewed his keenness to pay his first visit abroad to Egypt and reviewed the situation in Libya, efforts for securing oil resources and intervention by some external parties in the domestic Libyan affairs. He touched on bilateral relations stressing the importance of boosting them in economic and security fields.

The Libyan Premier asked for Egypt's assistance in the fields of health to offer medical treatment for the injured, equating certificates got by Libyan students learning in Egypt, facilitating entry and residence of Libyan students in Egypt.

For his part, President Sisi gave directives for offering all possible assistance and facilities to the Libyan brothers and instructed the ministries concerned to discuss all these issues and to find solutions to them.

As for Libya's rehabilitation, al-Thinni said efforts to achieve stability in Libya should be coupled with other efforts for rehabilitating Libya welcoming the Egyptian role in this respect.

For his part, President Sisi renewed Egypt's full support for contributing to rehabilitation efforts in Libya taking into account the accumulated Egyptian experience in the field of building and reconstruction.

In this context, the President said all the state institutions are interested in the status of the Egyptian labor in Libya stressing the need for providing protection for them.

The Presidential Spokesman said the meeting confirmed identity of views on the need for confronting all extremist terrorist groups which take religion as a pretext for justifying their criminal acts which aim at undermining the potentials of the people and states of the region, adding that this can be achieved through a strategy that is not restricted to security and military confrontation, but also through correcting religious discourse, supporting the role of Al Azhar which represents the beacon of moderate Islam.
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1 week ago

Oil & Gas News

Oil & Gas News
Released:  10/10/20142014-10-10
Word count:  386

Libyan crude differentials to Dated Brent have pushed up above the October official selling prices over the last week, trading sources said, as strong Mediterranean sweet crude demand and growing confidence in the country's reliability prompted an increase in demand.

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Platts
On Wednesday, Platts assessed FOB Es Sider Aframax cargoes at a $1/barrel discount to the Mediterranean Dated Strip, its highest level relative to the 13-28 day forward Dated Brent curve since the grade resumed loading in August after more than a year of near-constant disruption.

Wednesday's assessment was a full $0.10/b above the October OSP of $1.10/b set by state-owned National Oil Company.

Traders said the upswing in differentials has not been limited to distillate-rich Es Sider, but has carried across the country's slate of sweet crude exports. "El Sharara, Mellitah, Brega and Abu Attifel...these grades have all [seen] an increase in premiums," a trading source said.

The majority of Libya's land-based crude exports are sweet, ranging from naphtha-rich grades like Mellitah and Sharara, which are direct competitors to Algeria's Saharan, to more distillate-rich crudes like Es Sider, which is seen as a frequent substitute for Azerbaijan's Azeri Light, Russia's Siberian Light, or even, for some end-users, Russia's Urals.

Earlier this week, Turkey's Tupras reportedly tendered for either an Aframax cargo of Urals or of Es Sider, ultimately settling on the cargo of Es Sider.

"Some refiners could prefer Es Sider over Urals -- it's pushing out Azeri [demand] for some and Urals for others," another trader said. "It's not the same grade, but it is filling some gaps."

Market sources said market confidence in the reliability of Libyan grades has been improving, despite the ongoing political unrest in the country, as disruptions to the country's petroleum sector has proved minimal since production restarted in earnest this summer.

Production in the country is currently hovering around 900,000 b/d.

However, market sources said part of the increase in demand has been driven by the surge in sweet crude differentials across the Mediterranean, as strong refinery margins at the prompt have led to a surge in buying interest, pushing differentials for Azeri Light, Saharan and CPC Blend up to multi-month highs.

"People are now diversifying into Libyan," a crude trader said. "CPC and Azeri got too strong for people and they are now willing to take that Libyan risk because Libyan is so cheap versus Saharan...Saharan is now around plus $0.70/b, so why wouldn't you buy Mellitah if it's so much cheaper."

--Paula VanLaningham, paula.vanlaningham@platts.com

--Edited by Jonathan Fox, jonathan.fox@platts.com  
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Oil & Gas News

Oil & Gas News
Released:  09/10/20142014-10-09
Word count:  425

With global demand forecasts being revised lower while supply continues to rise, North Sea Brent crude oil prices have fallen to about $91/bbl—the lowest level in more than 2 years and 21% lower than its 2014 daily peak of $115/bbl on June 19.

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Oil & Gas Journal
Prior to its recent decline, average monthly Brent spot prices had traded within a narrow $5 per barrel range, at $107-112/bbl, for 13 consecutive months through July.

“During that period of low price volatility, substantial oil supply disruptions in the Organization of Petroleum Exporting Countries were offset by increases in US production and weaker-than-expected global demand. More recently, however, the resumption of significant Libyan oil production, combined with the weakening outlook for global oil demand, has put downward pressure on prices,” the US Energy Information Administration said.

The sustained increase in Libyan production over the summer—increasing from 200,000 b/d in June to 900,000 b/d at the end of September—has weighed on an already well-supplied light, sweet crude market in the Atlantic Basin, despite the fact that Libya’s recent production has not come close to its previous level of 1.65 million b/d in 2010 and 2011, before the Arab Spring.

“Over the past several years, increasing US light, sweet crude production has significantly reduced light, sweet crude imports to the US. Those reduced imports, which were sourced primarily from Africa, became available to replace Libyan production lost during a time of civil war and subsequent unrest. While Libyan production was disrupted, supply and demand in the Atlantic Basin was relatively balanced. However, as Libyan production has returned and has remained largely online despite internal unrest, the price of Brent crude oil has fallen,” EIA explained.

Weakening global demand, particularly in Europe and Asia, has also been an important factor putting downward pressure on the Brent price. Economic growth in 2014 outside of the US has been slow, and recent data releases appear to confirm lower-than-expected growth, particularly in Asia and Europe.

China reported that its industrial production has risen at the slowest pace since 2008. In Europe, the Organization for Economic Cooperation and Development has reduced expectations for economic growth through 2015 after data showed second-quarter gross domestic product fell in Germany and Italy and stagnated in France.

Near-term seasonal market conditions are also affecting crude demand, as substantial refinery maintenance in the US, Europe, and Asia takes place in September and October, reducing crude demand.

However, the current oil market landscape could be altered by many factors.

“Seasonal refinery maintenance should be completed before the end of the year and, as a result, demand for crude should increase. On the supply side, there remain significant geopolitical risks, including heightened tensions, and in some cases open warfare, in key producing regions. In addition, Saudi Arabia, which recently cut production by 400,000 b/d, could make further production cuts,” EIA said.  
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News Releases

News Releases
Released:  08/10/20142014-10-08
Word count:  199

(Reuters) - Goldman Sachs has been ordered to pay the Libyan Investment Authority (LIA) 200,000 pounds ($321,820) in legal costs as part of a lawsuit brought by the fund over $1 billion in trades that ended up worthless.

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Reuters
The LIA filed the suit against Goldman in London's High Court in January, alleging the Wall Street investment bank exploited a position of trust by encouraging the fund to invest in a series of equity derivatives trades that expired as worthless in 2011.

Goldman has called the case without merit and said that it intends to contest it vigorously. In April the bank filed a summary judgment application - a request to decide a claim without going to trial - but later withdrew it.

The two parties met in court for the first time this week for a hearing to discuss costs incurred in relation to the abandoned application, among other issues.

According to court documents, the LIA had originally sought $1 million in costs and had asked for 50 percent of that sum to be paid within 14 days.

The judge awarded an interim payment of 200,000 pounds to be paid within two weeks. A decision on any extra costs payments related to the summary judgment application will be made at a later date.

Goldman declined to comment on Tuesday's ruling.

The lawsuit will now proceed to trial in 2016, the LIA said in a statement.

(Reporting by Clare Hutchison; Editing by Pravin Char)
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Anonymous
1 week ago

News Releases

News Releases
Released:  08/10/20142014-10-08
Word count:  193

The chairman of the Dubai Chamber of Commerce, Abdul Rahman Saif Al-Ghurair, has said that companies in Dubai are interested in using Malta as a base to invest in Libya.

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Libya business news
Libya Herald reports that, speaking after the signing of a Strategic Partnership Agreement with the Malta Chamber of Commerce, Enterprise and Industry in Dubai, Mr Al-Ghurair said: “Dubai Chamber members are looking abroad for expansion and can use Malta as a base to sell their products and invest in Europe and North Africa, including Libya …

“[Likewise, Maltese companies working with Dubai-based organisations] can offer their products and services in the UAE and the wider Gulf area thus the two sides can build a stronger presence in these markets”.

Tonio Casapinta, the chairman of the Malta Chamber’s Middle East Business Council, told the news agency:

“Dubai-based companies who will be looking at Africa could easily look at Malta at a base from [which] to do business.”

Casapinta is also a member of the board of the Libyan-Maltese Chamber of Commerce and his Casapinta Design Group operates a joint venture, PAN Libya, with Tripoli-based exhibition organisers ATEX.

Emiratis companies such as Emke Group with its Lulu chain of supermarkets, telecoms giant Etisalat, as well as various Emirati banks and other financial institutions, have said they plan to enter the Libyan market.

(Source: Libya Herald)
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News Releases

News Releases
Released:  07/10/20142014-10-07
Word count:  53

Italy’s Foreign Minister, Federica Mogherini , has said that Libya is ”a top priority for Italy”, according to a report from ANSAMed.

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Libya business news
During a visit to Sicily, where she spoke about immigration at a seminar of the Mediterranean and Middle East Special Group of the Nato Parliamentary Assembly, she added:

”There is growing awareness that there will be security problems that are important to prevent, but we are a step ahead of prevention.”

(Source: ANSAMed)  
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