الهروج للعمليات النفطية .. عطاء رقم 26/2013

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Business News

Business News
Released:  28/06/20162016-06-28
Word count:  57

The recent establishment of the Presidency Council and Government of National Accord in Tripoli, headed by Prime Minister Fayez al-Sarraj, marks a turning point for Libya, and an opportunity for national reconciliation and rebuilding.

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Libyatradeandinvestment.org
The UK Libya Trade and Investment Forum will focus on the immense potential, and urgent need, for reconstruction and investment in Libya.

It will bring together UK and international investors and businesses, as well as senior government representatives from both countries.

More info & registration http://www.libyatradeandinvestment.org/
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Oil & Gas News

Oil & Gas News
Released:  28/06/20162016-06-28
Word count:  289

Oil prices rose in early trading in Asia on Tuesday as a looming strike in Norway threatened to cut output in western Europe's biggest producer, although Britain's vote to leave the European Union was still weighing on markets.

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Reuters
About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from the North Sea's top producer, if a new wage deal is not agreed before a Friday deadline.

A final round of mandatory talks will be hosted by a state mediator on June 30 and July 1 in an effort to avoid disruption that could start the following day.

The affected fields account for nearly 18 percent of Norway's oil output and a little more than 17 percent of its natural gas, Reuters calculations show.

Combined oil output was about 285,000 barrels per day in the first four months of the year, with natural gas output at 48.5 million cubic meters (mcm) per day.

London Brent crude futures were trading at $47.58 per barrel at 0032 GMT (8:32 p.m. ET), up 42 cents from their previous settlement.

U.S. West Texas Intermediate (WTI) futures were up 35 cents at $49.68 a barrel.

But the price rises came after oil fell to 7-week lows in the previous session on the back of a soaring dollar, which makes fuel imports more expensive for countries using other currencies and potentially hits demand, and as market turmoil over Britain's vote to leave the EU continued to cause market turmoil.

"Crude oil led the sector lower as investors continued to dump risky assets. Oil was also weighed down by news that a successful ceasefire in Nigeria has allowed repairs to oil pipelines that has restricted the country's ability to export oil," ANZ Bank said.

Oil production in Nigeria has risen to about 1.9 million bpd from 1.6 million bpd due to repairs and more than a week having passed since a major pipeline attack in the Niger Delta, a state oil company spokesman said on Monday.

(Editing by Joseph Radford)
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Business News

Business News
Released:  28/06/20162016-06-28
Word count:  337

Highly placed sources at the LPTIC, the holding company that owns all Libyan state telecoms companies, including mobile operators Madar and Libyana, internet service provider LTT and Libya Post have confirmed to Libya Herald that an agreement has been reached to unify the split companies.

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Libya herald
After the post-2014 election coup by pro GNC militias in Tripoli forced the legitimate authorities to flee to the east of the country, the leadership of the state telecoms sector split along political lines. Management that supported the Tobruk House of Representatives (HoR) and its Beida-based Abdullah Thinni government fled to either east of the country or abroad.

The pro-HoR LPTIC set up its HQ in Malta whilst the pro GNC management took over de facto operations in western Libya. After the arrival of the Faiez Serraj-led Government of National Accord arrived in Tripoli on 30 March, there were initiatives to reunite the top management of the state telecoms sector.

This was aided by the fact that under the UN-brokered Libyan Political Agreement (LPA) signed in Skhirat, Morocco in December 2015, all the top sovereign positions revert to the Faiez Serraj-led Presidency Council (PC)

The HoR and internationally recognized LPTIC chairman, Faisal Gergab, had met the Presidency Council after its arrival in Tripoli and presented an initiative to the PC/GNA to unify the split telecoms sector under the new de facto authority in Tripoli. The source informed Libya Herald that all chairmen of LPTIC’s subsidiaries have signed a letter accepting Gergab as chairman of LPTIC.

It is believed that the PC/GNA will make a statement soon appointing Gergab as LPTIC’s chairman and it is expected that he will move back to his office at LPTIC’s HQ at Zawia street in Tripoli unopposed.

However, it must be pointed out that the HoR, still the only legislative authority in Libya recognized by the LPA and the international community, does not recognize these steps as it has yet to approve the GNA. Abdullah Thinni has gone so far as to dismiss Gergab as Deputy chairman of the LIA. However, this decision is seen as illegal as it was not done via the board of directors.

It is worth mentioning that the National Oil Corporation and Libyan Airlines have also recently agreed to reunite their boards of directors.  
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Business News

Business News
Released:  27/06/20162016-06-27
Word count:  273

Spot gold prices climbed more than 1 percent on Monday as aftershocks from Britain's vote to leave the European Union pushed investors towards the safe-haven asset.

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Reuters
The result of the British vote forced the resignation of Prime Minister David Cameron and dealt the biggest blow since World War Two to the European project of forging greater unity.

British Finance Minister George Osborne, who had warned during the campaign that a "Brexit" would cause financial market volatility, scheduled a statement for 7 a.m. (0600 GMT) on Monday to provide reassurance about "financial and economic stability".

Spot gold had risen 1.30 percent to $1,332.55 an ounce by 0055 GMT, after touching a high of $1,335.30 earlier in the day. Bullion prices surged by 4.8 percent in the previous session to top out at $1,358.20 - the highest since March 2014.

U.S. gold rose 1 percent on Monday to $1,336.90 an ounce.

"Over the medium term, the gold forecast is very positive and now we have another reason to remain long gold. In the next week or two, we think gold could push towards $1,400," said ANZ analyst Daniel Hynes.

"Once things settle down, there will be more clarity around the UK's exit from the EU, and other issues which are still quite supportive like the weak U.S. dollar and the U.S. Federal Reserve remaining dovish."

The referendum verdict likely means the U.S. Federal Reserve's ambitions for two rate rises this year have been placed on hold.

"I think the market is certainly assuming that given the volatility, there is little chance of a Fed rate hike in July which will only strengthen gold," Hynes added.

In wider markets, Asian stocks opened weaker and the British pound fell almost 2 percent in early Asian trade on Monday.

(Reporting by Melanie Burton and Vijaykumar Vedala in Bengaluru; Editing by Joseph Radford)
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Oil & Gas News

Oil & Gas News
Released:  27/06/20162016-06-27
Word count:  393

Oil prices dropped on Monday, extending sharp declines after Britain's vote to leave the European Union sparked a sharp selloff in global markets on Friday.

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Reuters
Global financial markets plunged on Friday as results from a referendum defied bookmakers' odds to show a 52 percent to 48 percent victory for the campaign to leave a bloc Britain joined more than 40 years ago.

Brent crude futures were down 15 cents at $48.26 a barrel by 0238 GMT on Monday, after settling down $2.50, or 4.9 percent, at $48.41 on Friday.

U.S. crude was down 25 cents at $47.39 a barrel, after closing down $2.47, or 4.9 percent, on Friday.

Oil prices were under pressure as the British pound fell anew on Monday, with investors still at a loss as to what happens next now that the country has voted to leave the European Union.

While roiling equity and currency markets, analysts said that Britain's vote to leave the EU would not have a big effect on fundamental oil demand.

"If we assume a 2 percent drop in UK GDP in response to the exit vote, which is on the high end of our economists' estimates, then UK oil demand would likely be reduced by 1 percent or 16,000 barrels per day, which is a 0.016 percent hit to global demand," said Goldman Sachs.

Of more concern to the market is a building refined products glut, especially in Asia.

"For near term oil, we remain most concerned about product oversupply, China demand, the macro outlook, and the likely return of production," Morgan Stanley said in a note to clients.

Chinese refiners have responded to the Asian oil products glut by exporting record amounts of gasoline and diesel fuel into regional markets, eroding refinery profit margins and swelling storage.

As a result, analysts say there is a possibility that refiners dial back production and curb orders for their main feedstock crude oil, potentially weighing on prices.

Despite this, the bank added that "the medium term trend towards oil market rebalancing appears in place, barring a recession," implying that oil prices would likely remain stable or rise as a supply overhang that pulled down prices by as much as 70 percent between 2014 and early 2016 is gradually brought down, bringing production back in line with consumption.

In shipping, Panama opened the long-delayed $5.2 billion expansion of its shipping canal connecting the Atlantic and the Pacific oceans on Sunday, but the facilities are still too small to handle oil super-tankers like Very Large Crude Carriers (VLCC).

(Additional reporting by Reporting by Osamu Tsukimori in TOKYO; Editing by Sandra Maler and Christian Schmollinger)
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Business News

Business News
Released:  27/06/20162016-06-27
Word count:  34

Tripoli, 26.06.2016(Lana) national oil Corporation (NOC) met Al-Mabrouk for Oil Operations. The meeting focused on the review and discussion of a host of Al-Mabrouk for Oil Operations Company activities.

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LANA - Libyan News Agency
Chairman of the board and member of the board of NOC attended the meeting with Al-Fitouri Al-haj chairman of the board of Al-Mabrouk for Oil Operations and several of its specialists and technicians .

=Lana=
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Business News

Business News
Released:  27/06/20162016-06-27
Word count:  163

The Tripoli CBL announced that it has received a consignment of LD 300 million of British-printed new bank notes. The money arrived by air today at Mitiga airport.

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Libya herald
The CBL said that the money would be distributed to all banks throughout Libya. It had received a consignment of LD 250 million on 18th June from the UK printers.

It will be recalled that Libya is suffering a cash crisis with banks enforcing withdrawal limits when they have any money to distribute. There are often long crowds outside banks with people waiting from the early hours. Some banks have been attacked by angry customers.

The political instability in the country has led to a loss of confidence by customers who have chosen to hoard their cash at home rather than deposit it in their bank accounts.

Libya’s oil production has collapsed to 27 percent of its peak 2012 level and international crude oil prices have dropped from over US$ 100 to under US$ 40 per barrel, all leading to a huge decline in state revenues. The political split of the country has also led to a split of the CBL into a Tripoli and Beida branch.

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Oil & Gas News

Oil & Gas News
Released:  24/06/20162016-06-24
Word count:  261

Oil prices slumped more than 4 percent in Asian trading after results so far from a British referendum on European Union membership showed the "Leave" camp holding a lead.

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Reuters
U.S. crude was down $2.40 at $47.71 a barrel at around 0314 GMT. Brent crude was down $2.39 at $48.52 a barrel.

On Thursday, both contracts rose sharply, rallying on optimism that Britons would vote to stay in Europe.

But as the early results flowed in from the vote, the dollar fell below 100 yen for the first time since November 2013, while the pound slumped, as carnage swept through markets.

"It's like a rollercoaster ride in the markets right now, but it's too early to tell which side is going to win," said Bob Takai, president at Sumitomo Corp Global Research.

Financial markets have been racked for months by worries about what Brexit, or a British exit from the European Union, would mean for Europe's stability.

Early opinion polls showed the 'Remain' camp in the lead, perhaps giving markets a false sense of complacency. An Ipsos MORI poll put the lead at 8 points while a YouGov poll out just after polls closed found 52 percent of respondents said they voted to remain in the EU while 48 percent voted to leave.

But with results declared from 206 of 382 voting districts plus parts of Northern Ireland, 'Leave' was ahead by 51.3 percent to 48.7 in the referendum.

A vote to break with Europe could usher in deep uncertainty over trade and investment and fuel the rise of anti-EU movements across the continent.

Sterling fell by the most in living memory, down 10 percent. It was last at around $1.37. The euro fell to around $1.11 while the dollar fell to as low as 99.08 yen.

(Reporting by Aaron Sheldrick; Editing by Ed Davies and Joseph Radford)
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Business News

Business News

The General Electricity Company of Libya (GECOL) yesterday announced that the second unit at Zawia Dual Power Station had recommenced operations adding 200 MW to the generation capacity of the country’s network.

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Libya herald
GECOL said that the unit had gone off line for some urgent maintenance that had lasted a week. The company said that the contribution of the Zawia second unit would help reduce the power cuts in the country.

It also said that maintenance on the Gulf Power station in Sirte is ongoing and hoped that it will become operational soon, greatly reducing the hours of power cuts.

It will be recalled that Libya has been experiencing acute power cuts lasting for up to 11 hours in the capital Tripoli and for 2-5 days in some parts of the south. The fact that it is in the middle of the fasting month of Ramadan in the middle of summer has made the power cuts even more unwelcomed.

The power cuts had led to two major water cuts over two weeks to the greater Tripoli area as the Man-made River pumps at the water wells in the south of the country stopped operating. Benghazi also suffered a water shortage as power failed at Soloug water reservoir on Monday.

Libya has been experiencing on-off power cuts since the 2011 revolution as electricity infrastructure has been damaged during the revolution, and since. Electricity is also being used as a political tool in Libya’s political conflict as some militias and criminals have deliberately disabled power for leverage.

Many overhead power pylons have been destroyed either to steal their copper cables or as an act of political vandalism. The political instability and insecurity in the country has meant that foreign technicians are unable to visit Libya in order to carryout urgently needed maintenance.

Whilst Libyan technicians are able to carry out a lot of this work, some work can only be conducted by the manufacturers/installers as part of the contract guarantee or because of its technical complexity.

Power cuts and the equitable distribution of power to the various regions of Libya has led to demonstrations, road blockages and the burning of tyres and rubbish in protest.
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Oil & Gas News

Oil & Gas News
Released:  23/06/20162016-06-23
Word count:  285

Oil prices rose in Asian trading on Thursday, shrugging off a smaller-than-expected decline in U.S. stockpiles, as the market nervously awaited the result of Britain's "Brexit" vote.

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Reuters
Trading has been choppy in the run up to Thursday's vote on whether Britain leaves or stays in the European Union (EU), although markets appear to have largely priced in a "Remain" vote.

Brent's August front-month contract LCOc1 was up 40 cents at $50.28 a barrel at 0217 GMT. It closed down 74 cents, or 1.5 percent, at $49.88 a barrel on Wednesday.

Prices for U.S. oil CLc1 were also higher, rising 43 cents to $49.56 a barrel.

Once the Brexit vote is out of the way the oil market is likely to switch its focus to fundamentals, turning its attention to more potential supply disruptions that have sent prices higher this year.

The worsening crisis in Venezuela, the country with the highest oil reserves, may be the next source of supply concern, said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.

"There is a cloud hanging over the market from the Brexit vote, which is keeping prices down a bit," he said. "If the vote comes off, we could go up," Nunan said, referring to a vote to remain in the EU.

U.S. crude inventories fell less than expected last week, while product inventories were up slightly, the U.S. Energy Information Administration said on Wednesday.

Crude inventories USOILC=ECI dropped 917,000 barrels in the week ended June 17, compared with expectations for a decrease of 1.7 million barrels. It was the fifth consecutive week of drawdowns for crude inventories.

The pound rose to a six-month high against the dollar early on Thursday. [FRX/]

The yen JPY=, often a safe-haven currency for risk averse investors, was down about 0.25 percent, while the Nikkei .225 rose by slightly more than that.

(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Ed Davies)
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Business News

Business News
Released:  23/06/20162016-06-23
Word count:  199

In an unexpected response to Benghazi’s mountains of garbage, the municipal council has called on companies involved in recycling to make proposals and offers.

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Libya herald
In a country where consumption has long been conspicuous, where there has been little public or official concern about the state of the environment, and where urban rubbish regularly piles up in mounds, this is a major new development, not just for Benghazi but for the whole country.

It is not just recycling of fresh waste that the council wants dealing with, but the existing garbage dumps dumps as well. The task is mammoth. Ever since the revolution, garbage disposal has been a major issue in the city. There have been regular strikes by street cleaners and garbage disposal teams because of repeated and long delays in salary payments sometimes workers have not been paid for five or six months, These are thought to have acted as a spur to the council’s sudden environmental awareness.

For the past two years, too, as the city has effectively gone through a civil war, several areas have been reduced to rubble and are now themselves little more than large garbage dumps.

The council is clearly aware that dealing with this once the city is stabilised and comely free of terrorists and militants, is going to be one of its prime tasks.
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Business News

Business News
Released:  22/06/20162016-06-22
Word count:  176

Between now and September, MEDA hopes to have 300 women complete modules in the beta version of the online course, which includes lessons on accounting, marketing, and other business topics. If MEDA is able to secure additional funding, Bramm plans to expand and scale the program in Libya and beyond.

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Fast company
Ontario-based technology partner D2L is best known for its online platform Brightspace, an adaptive learning solution and curriculum repository. (Brightspace's data-driven techniques earned it a spot on Fast Company's list of the most innovative companies in data science this year.)

"Being able to move sessions online and provide a high-quality experience I hope will help thousands of women," says D2L CEO John Baker. His instructional designers and developers have been working with MEDA to adapt lessons for mobile and to think creatively about ways for participants to build meaningful relationships. "The community was really a big part of what was happening in Libya before," he adds.

The project presented D2L with a number of design challenges. Some were specific to the cultural environment, such as the need to display content in Arabic, which reads from right to left. Others, such as providing users with ways to engage with content during network outages, spoke to current infrastructure limitations.

Read more at http://www.fastcompany.com/3060899/how-libyas-savvy-women-entrepreneurs-are-building-businesses-amid-conflict
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Oil & Gas News

Oil & Gas News
Released:  22/06/20162016-06-22
Word count:  303

Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.

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Reuters
U.S. crude futures' August contract, the new front month from Wednesday, had climbed 9 cents to $49.94 a barrel by 0223 GMT. Earlier it rose to as high as $50.54, marking the first time it had risen above $50 since June 10.

Brent crude futures were up 4 cents at $50.66 a barrel, after settling down 3 cents at $50.62 on Tuesday.

U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group's figures were triple the draw of 1.7 million barrels forecast by analysts in a Reuters poll.

The U.S. government's Energy Information Administration will issue official stockpile data on Wednesday.

Markets remain jumpy over the possibility the United Kingdom will vote to leave the European Union on Thursday in a referendum, with polls showing little difference between the "remain" and "leave" camps.

The dollar clung to modest gains early on Wednesday after Federal Reserve Chair Janet Yellen held the line of "gradual increases" in U.S. rates, while sterling's short-covering rally lost momentum a day ahead of the referendum. [FRX]

Japan's Nikkei was down nearly 0.7 percent in early trading, while gold prices edged lower.

"Strengthening in the dollar and weakness in other currencies would ... be directionally short-term bearish for crude oil" in the event of a British exit, Societe Generale said in a research note.

A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries.

Still, fundamentals could come into play once the dust settles from the vote.

"Global demand growth is quite robust, driven by the U.S., China, India and other emerging markets," Societe Generale said. "On the supply side, declining U.S. crude production is expected to underpin a trend of lower non-OPEC production."

(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Richard Pullin)
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News Releases

News Releases
Released:  22/06/20162016-06-22
Word count:  28

Tripoli, 21.06.2016(Lana) Hatef Libya Company has announced that passports system at Ras jadier border control restored last night after carrying out maintenance work by the company's engineers and technicians.

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LANA - Libyan News Agency
The passports system at the border control was interrupted due to the severing of the cable linking cables station in Ras jadier and the exit stamp desks .

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  21/06/20162016-06-21
Word count:  318

Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues.

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Reuters
U.S. crude's expiring July front-month contract CLN6 was down 17 cents at $49.20 a barrel at 0242 GMT. The more actively traded August contract CLQ6, the new front-month from Wednesday, was down 16 cents at $49.80. That contract settled up nearly 3 percent at $49.96 on Monday.

Brent crude futures' August front-month contract LCOc1 was down 25 cents at $50.40 a barrel.

On Monday, it climbed $1.48, or 3 percent, to $50.65 a barrel. The contract has risen about 7 percent since Thursday's settlement, after dropping 10 percent in six previous sessions.

Two opinion polls released on Monday suggested support for Britain staying in the European Union had recovered some ground following the murder of a pro-EU lawmaker last week, although a third survey found backers for a "Brexit" ahead by a whisker.

While concerns over a British exit fade into the background, however briefly, supply issues are back in focus.

Saudi Arabia's crude oil exports dropped in April despite high production levels, suggesting its battle for market share against U.S. shale drillers may be running its course.

With oil prices up more than 30 percent this year, shale drillers are looking at turning the taps on again and have proved resilient beyond Saudi and OPEC expectations.

"Yet while tentative signs of rising drilling activity have materialized in a rising rig count in recent weeks, many producers are nervous about ramping up drilling operations without seeing a period of price stability," Matt Smith, director of commodity research at ClipperData, said in a note.

Potentially adding to supply, Iran has increased its crude exports capacity at its main terminal on Kharg Island to allow eight tankers to load simultaneously, the oil ministry's news agency Shana reported on Monday.

Meanwhile, Nigeria's naira NGN=D1 slumped 30 percent against the dollar on Monday after the country's currency peg was removed to alleviate the chronic foreign currency shortages choking growth in Africa's biggest economy and major oil exporter.

(Reporting by Aaron Sheldrick; Editing by Joseph Radford)
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News Releases

News Releases
Released:  21/06/20162016-06-21
Word count:  115

Libya’s UN backed unity government is keen on restoring peace and stability in the country. The latest effort is in the form of a humanitarian agreement that was signed on Saturday, in Rome.

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Africa news
The new accord brings together representatives from different ethnic and political groups from the southern part of the country and was overseen by the Catholic Community of Sant’Egidio.

The vast desert region near the border of Algeria, Niger and Chad, in southern part of Libya escapes the authority of Tripoli, even after most of the political and military leaders have pledged allegiance to the Government of the National Unity, led by Fayez al-Sarraj.

According to a statement, the agreement will include the services of the Italian ministry of cooperation which is already providing assistance in the main cities along Libya’s coast and also those of the International Red Cross and other Non-Governmental Organizations.
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Oil & Gas News

Oil & Gas News
Released:  20/06/20162016-06-20
Word count:  244

Oil extended gains in Asian trading on Monday as a weaker dollar and easing worries over Britain's possible exit from the European Union helped support crude.

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Reuters
London Brent crude for August delivery was up 34 cents at $49.51 a barrel by 0235 GMT, after settling up $1.98, or 4.2 percent, at $49.17 on Friday.

NYMEX crude for July delivery, which expires on Tuesday, was up 44 cents at $48.42 a barrel, after closing up $1.77, or 3.8 percent, on Friday.

Campaigning for Britain's vote on EU membership resumed on Sunday after a three-day hiatus prompted by the killing of a pro-EU lawmaker.

Three opinion polls ahead of Thursday's vote showed the 'Remain' camp recovering some momentum, although the overall picture remained one of an evenly split electorate.

"It is hard to think the market's calmer tone... is going to be an ongoing theme this week, particularly as Brexit campaigning and the release of opinion polls has resumed again," ANZ said in a morning note.

The pound was up against the dollar at $1.4450 from $1.4350 on Friday. The Japanese yen held not far from its highest level against the dollar in almost two years. [USD/]

Oil prices continued to recover despite data showing U.S. energy firms adding oil rigs for a third week in a row, suggesting higher production to come.

Oil services firm Baker Hughes reported nine rig additions in the week to June 17. [RIG/U]

France's CGT union ended a strike on Friday that had paralyzed traffic for 26 days at the Fos Lavera oil terminals on the Mediterranean, the country's biggest oil hub, a management official at port operator Fluxel said.

(Reporting by Aaron Sheldrick; Editing by Ed Davies)
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Business News

Business News
Released:  20/06/20162016-06-20
Word count:  138

The Tripoli-based Central Bank of Libya (CBL) reported today that it had received another shipment totalling LD 250 million of newly-printed money from the UK.

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Libya herald
The shipment had arrived yesterday by air to Tripoli’s Mitiga airport and was of LD 5 denominations.

The CBL said that the consignment would be distributed to all banks across the country without exception. It will be recalled that Libya is going through an acute economic and financial crisis with oil exports down to 27 percent of peak 2012 production.

The political instability and insecurity has led to a loss of confidence which has led to a cash shortage at banks as the public have chosen to hoard their money at home rather than deposit it into their bank accounts.

The cash crises has led to large crowds and demonstrations outside banks. Both the CBLs, in a marketing drive by commercial banks, have encouraged the expanded use of POS and debit cards in an effort to mitigate the cash-shortage problem.
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Business News

Business News
Released:  17/06/20162016-06-17
Word count:  423

Abu Dhabi, U.A.E., 15 June 2016 – The average costs for electricity generated by solar and wind technologies could decrease by between 26 and 59 per cent by 2025, according to a report released today by the International Renewable Energy Agency

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IRENA
(IRENA). The report, The Power to Change: Solar and Wind Cost Reduction Potential to 2025, finds that with the right regulatory and policy frameworks in place, solar and wind technologies can continue to realise cost reductions to 2025 and beyond.

It estimates that by 2025, average electricity costs could decrease 59 per cent for solar photovoltaics (PV), 35 per cent for offshore wind, and 26 per cent for onshore wind compared to 2015. Electricity prices for concentrated solar power could also decrease as much as 43 per cent, depending on the technology used. By 2025, the global average cost of electricity from solar PV and onshore wind will be roughly 5 to 6 US cents per kilowatt hour.

“We have already seen dramatic cost decreases in solar and wind in recent years and this report shows that prices will continue to drop, thanks to different technology and market drivers,” said IRENA Director-General Adnan Z. Amin. “Given that solar and wind are already the cheapest source of new generation capacity in many markets around the world, this further cost reduction will broaden that trend and strengthen the compelling business case to switch from fossil fuels to renewables.” Since 2009, prices for solar PV modules and wind turbines have fallen roughly 80 per cent and 30 to 40 per cent respectively.

With every doubling of cumulative installed capacity, solar PV module prices drop 20 per cent and the cost of electricity from wind farms drops 12 per cent, due to economies of scale and technology improvements. Importantly for policy makers, cost reductions to 2025 will depend increasingly on balance of system costs (e.g. inverters, racking and mounting systems, civil works, etc.), technology innovations, operations and maintenance costs and quality project management. The focus in many countries must therefore shift to adopting policies that can reduce costs in these areas.

“Historically, cost has been cited as one of the primary barriers to switching from fossil-based energy sources to renewable energy sources, but the narrative has now changed,” said Mr. Amin. “To continue driving the energy transition, we must now shift policy focus to support areas that will result in even greater cost declines and thus maximise the tremendous economic opportunity at hand.”

The Power to Change, is the first of several solar-focused publications IRENA will release this summer. Future reports include Letting in the Light: How Solar Photovoltaics Will Revolutionize the Electricity System – which provides a comprehensive overview of solar PV across the globe and its prospects for the future – and a report on end-of-life management for solar PV panels. Both reports will launch at InterSolar Europe, taking place in Munich, 21-24 June.
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Oil & Gas News

Oil & Gas News
Released:  17/06/20162016-06-17
Word count:  604

The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output disruptions, that will turn into a significant shortfall.

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Bloomberg
World oil production in 2017 will very nearly match consumption, ending several years of oversupply, the Paris-based IEA forecast on June 14. For that to happen, the Organization of Petroleum Exporting Countries would have to pump an extra 650,000 barrels a day over the year, according to Bloomberg calculations based on IEA data. That would require solutions to militant attacks in Nigeria, deep political divisions in Libya or an economic crisis in Venezuela. "The IEA is highly optimistic in its assumption of elevated OPEC supplies next year," said Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd. in London. "Even though many view outages in Libya and Nigeria as unplanned, we would argue they are partly symptomatic of low oil prices and unlikely to be resolved any time soon."

The supply and demand forecasts from the IEA, which advises 29 nations on energy policy, are important because they shape trading. The price of Brent crude has been on a roller coaster since 2014, with a global surplus driving it down 75 percent to a 12-year low of $27.10 a barrel in January, only to rebound to about $48 Thursday amid supply disruptions and unprecedented investment cuts.

Million Barrels

By the end of next year, OPEC will need to pump nearly 1 million barrels above last month’s production level to keep the market in balance, according to Bloomberg calculations based on IEA data. The agency doesn’t publish the OPEC production level it assumes to calculate its balances and its press office declined to provide the figures or comment on the basis for its assumptions.

Fulfilling the IEA’s forecast would require OPEC to overcome some major hurdles. In Nigeria, oil production has slumped to a 28-year low of 1.37 million barrels a day -- about 480,000 below its full capacity, IEA data show. A militant group calling itself the Niger Delta Avengers has been targeting pipelines and other infrastructure in the African nation for several months.

Libyan output remains just a fraction of the 1.6 million barrels a day pumped before the toppling of Moammar Qaddafi in 2011. The nation pumped 270,000 barrels a day in May, a decrease of 80,000 from the previous month as a dispute between rival governments in the west and east halted tanker loading at the port of Hariga for several weeks. Many of the country’s oil fields and export terminals are in the hands of armed groups with competing interests.

State of Crisis

In Venezuela, a severe economic crisis brought about by the slump in oil prices is making it difficult for the state oil company to pay its contractors for work necessary to sustain output, the IEA said. Output last month was 2.29 million barrels a day, the lowest since 2009, and the Latin American nation is on track for a drop of 100,000 barrels a day this year, it said.

After two years of oversupply, the world’s most industrialized countries have more than 3 billion barrels of oil in storage. This “enormous inventory overhang” reduces the prospect of “a significant increase in prices,” according to the IEA.

The agency estimates that inventories will decline very slightly in 2017, by an average of 100,000 barrels a day over the year. That narrow shortfall assumes OPEC will pump 33.3 million barrels of crude a day, compared with the organization’s May output of 32.6 million a day.

If OPEC output falls short of IEA estimates, those stockpiles would start to shrink rapidly, according to Bloomberg calculations.

“Without the return of Libya, it will be difficult for OPEC to meet the call for 2017,” said Olivier Jakob, managing director at consultants Petromatrix GmbH in Zug, Switzerland. “That should lead to more structural stock draws in 2017.”
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