الهروج للعمليات النفطية .. عطاء رقم 26/2013

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Oil & Gas News

Oil & Gas News
Released:  27/03/20152015-03-27
Word count:  375

(Reuters) - Oil prices fell over a percentage point on Friday as traders estimated that the threat of a disruption to world crude supplies from Saudi Arabia-led air strikes in Yemen was low.

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Reuters
Goldman Sachs said in an overnight note that the strikes in Yemen would have little effect on oil supplies as the country was only a small crude exporter and tankers could avoid passing its waters to reach their ports of destination.

Internationally traded Brent crude futures LCOc1 were trading at $58.44 a barrel at 0211 GMT, down 75 cents from their last settlement. U.S. crude CLc1 was down 88 cents at $50.55 a barrel.

Prices soared as much as 6 percent the previous day after a Saudi-led coalition of Arab nations began strikes on Shi'ite Houthis and allied army units who have taken over much of Yemen and seek to oust President Abd-Rabbu Mansour Hadi.

"While Yemen is a small producer (145,000 barrels per day in 2014), the price rally is driven by fears of potential escalation and the proximity of the Bab el-Mandeb strait," Goldman said.

Closure of the strait could affect 3.8 million barrels a day of crude and product flows, but analysts said tankers could be diverted to travel around Africa instead of passing Yemen.

"At the moment, the fighting is located in the central part of the country around the capital of Sanaa. Even if fighting did progress south and potentially threaten tankers moving through the Bab el-Mandeb Strait, they could simply take the longer route around Africa," ANZ bank said on Friday.

Analysts also said that the less than 40 km narrow strait between Yemen and Djibouti was heavily militarized by the West, with the United States and France both operating bases in Djibouti and NATO and other allies having a fleet presence in the Gulf of Aden to combat piracy.

ANZ said that a bigger impact from the Middle East on oil prices might come from a potential nuclear deal with Iran, which could result in a loosening of western sanctions against Tehran and rising exports of its oil reserves. "With potentially 30 million barrels stored offshore, it (Iran) could quickly flood an already saturated oil market," ANZ said.

Goldman and ANZ both noted that any nuclear deal with Iran was unlikely to lead to higher Iranian oil exports before the second half of the year.

"However Brent oil would likely lose its recent risk premium and fall back to the mid-50s," ANZ said.

(Editing by Richard Pullin)  
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News Releases

News Releases
Released:  27/03/20152015-03-27
Word count:  26

Fayout for Travel and Tourism announced that it has made an agreement with Afriqiyah Airlines to offer flights between Ghat and Djanet, Algeria.

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Libya herald
This service will start next month, subject to agreement from the Algerian government.

Fayout also has Umrah flights between Ghat and Saudi Arabia using Afriqiyah Airlines.
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Business News

Business News
Released:  27/03/20152015-03-27
Word count:  529

“The Corinthia five-star hotel in Tripoli is still open with minimal maintenance work being carried out by our skeleton staff, but we are not operating because there is no business at the moment,” Alfred Pisani, the founder of the Corinthia Group and the Chairman and Chief Executive Officer since the incorporation of CPHCL in 1966, said.

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Malta Independent
When asked during an extended interview if all Maltese employees who worked at the Corinthia Hotel Tripoli returned home, he said that the majority did but there are others who are so loyal to the hotel that they decided to stay. He stated that “we also kept a number of employees working with us so that the hotel will continue to run smoothly.”

In January, the Corinthia Hotel in Tripoli was the target of a terrorist attack in which nine people were killed including five foreigners. Gunmen had stormed the Corinthia Hotel and opened fire in the reception area. A car bomb also exploded nearby.

The terrorist attack on the hotel took us all by surprise, Mr Pisani said. “The infrastructural damages were minimal, in fact all the necessary repairs have been carried out, but the biggest pain was the loss of lives.”

Asked if he is thinking of closing down his hotel because of the instability that exists in Libya, Mr Pisani, without any hesitation replied, “No”. In addition he said that the rented apartments are still operating and in full swing and the company continues to derive profits from them; however, any income from the hotel has now evaporated.

Speaking about the situation in Libya, Mr Pisani said that the Libyan people deserve much better than what is taking place. As a nation they need to discuss and find solutions and look at their future and be willing to see their own country move forward.

Mr Pisani said that “Libya has a good geographical position, with comfortable temperatures also in winter, they have beautiful beaches, the desert and natural minerals,” which means that the country could prosper in peaceful times.

He added that “we all hope that Libya reaches a peaceful solution today before tomorrow so that they will focus on their future and that of their children.”

Mr Pisani is convinced that once an agreement is reached between all political factions business will once again flock to the country.

In Tripoli the group does not only have five-star hotel but also offices which it rents out for oil companies.

Palm City

Another investment in Libya by the same group is Palm City in Janzour. The Palm City Residences project is a 408-unit development located close to the Libyan capital, Tripoli, occupying a 133,824 square metre area on a kilometre-long shorefront. It opened in 2008 and provides residents with high standards of accommodation.

Asked if it has been affected by the conflict in Libya, Mr Pisani replied that before the Gaddafi revolution the project was doing very well. It had a dip during the revolution but by the end of 2012 everything went back to normal and “both the hotel and Palm City were full within three months.”

As from last July even Palm City saw a decrease in the number of residents and at the moment 70% of the property is rented. He added that, “although faced with this situation the group will make a profit (from Palm City) by the end of the year but not as much as the previous years.” An extended interview with Mr Pisani will appear in next Sunday’s The Malta Independent on Sunday.  
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Oil & Gas News

Oil & Gas News
Released:  26/03/20152015-03-26
Word count:  452

(Reuters) - Brent crude oil prices shot up nearly 6 percent on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, although Asian importers said they were not immediately worried about supply disruptions.

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Reuters
The strike against Houthi rebels, who have driven the president from Yemen's capital Sanaa, could stoke concerns about the security of oil shipments from the Middle East.

Oil prices jumped as traders and importers said they were worried the Saudi attack was a sign that fighting in the oil-rich Middle East was spreading and out of control.

Brent crude oil futures LCOc1 rose as high as $59.71 a barrel, up almost 6 percent since their last settlement, before dipping back to $57.80 a barrel at 0402 GMT, still up $1.32. U.S. crude CLc1 was up $1.64 at $50.85 a barrel.

The risk from the attack in Yemen was heightened because the Houthis have received some support from Iran, Saudi Arabia's long-time rival for dominance in the Middle East.

"The Saudis have taken military action because they have said the Houthis are getting support from the Iranians," said Li Guofu, director of the Centre for Middle East Studies at the China Institute of International Studies. "This is an indication that the war may gradually spread into a regional conflict. This is something the Chinese government is very much concerned about," he said.

Beyond oil, the Middle East is also the world's biggest exporter of liquefied natural gas (LNG) via Qatar and Yemen, but importers said they were not immediately concerned.

"Gas supply from Yemen has no disruption so far. We are not concerned given the supply surplus and weak demand currently," said Lee Sang-wook, spokesman at state-run Korea Gas Corp.

Like oil, LNG prices have fallen by more than half in the last 10 months as surging output has been met with slowing economic growth, especially in Asia.

Still, with the global crude glut built up from U.S. shale oil and strong output from producers such as Russia, there is little immediate worry about any shortages developing.

"Just because Saudi and others conducted air strikes doesn't mean the oil market becomes suddenly tight," said Masaki Suematsu, manager of the energy team at brokerage Newedge Japan in Tokyo, although he cautioned that the conflict could spiral further beyond the airstrikes.

Asian officials also said the fighting occurred near the Red Sea, waters that Arab Gulf supplies do not pass on their way to Asia. European importers may be more concerned as Arab producers have to ship oil past Yemen's coastlines via the Gulf of Aden to get to the Suez Canal.

The waters between Yemen and Djibouti, at less than 40 kms (25 miles) wide, are considered a "chokepoint" to global oil supplies by the U.S. Energy Information Administration and the region is heavily militarized by western navies.

(Additional reporting by Osamu Tsukimori in Tokyo, Meeyoung Cho in Seoul, and Florence Tan in Singapore; Editing by Richard Pullin and Tom Hogue)  

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Business News

Business News
Released:  26/03/20152015-03-26
Word count:  335

Representatives of municipal and local councils from a number of towns and cities from across Libya gathered in Brussels, Belgium, on Monday 23 March 2015 for a two-day meeting convened by UNSMIL and generously hosted by the European Union.

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Libya business news
The meeting, part of ongoing discussions taking place within the framework of the Libyan dialogue process, was opened by the High Representative of the European Union for Foreign Affairs and Security Policy, and Vice-President of the Commission, Federica Mogherini, and by the Special Representative of the Secretary-General for Libya, Bernardino Leon.

The meeting included 31 participants from municipal and local councils and built on the work on confidence-building measures that were agreed on in an earlier meeting in Geneva.

At the opening session on Monday 23 March 2015, Special Representative of the Secretary-General Leon briefed the participants on the progress made at the main political dialogue talks taking place this week in Morocco. High Representative Mogherini also addressed the opening session.

The meeting dealt with a number of issues, including the humanitarian challenges faced by the municipal and local councils and ways for the UN to enhance its provision of humanitarian assistance; progress on releasing detainees and addressing the situation of missing persons; the situation of the internally displaced and Libyans abroad; and improvements in the functioning of airports and air traffic.

At the end of the meeting, representatives of the Libyan municipal and local councils agreed to:

• Support the ongoing Libyan political dialogue in Morocco and the need to urgently establish a government of national concord;

• Call for a ceasefire, including an end to airstrikes and other attacks on civilians facilities;

• Condemn and fight terrorism in all its forms;

• Call for the withdrawal of armed groups from all Libyan towns;

• Call for the full reopening of civilian airports and airspace in Libya;

• Condemn incitement to hatred and violence in the media;

• Call for the full respect of the rights of detainees and the clarification of the fate of missing persons;

• Call for the return of refugees and commit to the return of all internally displaced people by 31 December 2015;

• Establish a coordination and information exchange mechanism to improve the UN humanitarian response;

• Call for full access to humanitarian assistance;

• Enhance the participation of women in the political dialogue.  
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Oil & Gas News

Oil & Gas News
Released:  25/03/20152015-03-25
Word count:  196

(Reuters) - Crude futures dipped slightly on Wednesday as ballooning U.S. storage volumes continued to pressure prices although relatively healthy demand figures from Europe supported prices.

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Reuters
Brent oil futures LCOc1 were trading at $55.09 a barrel at 0354 GMT, down two cents, while U.S. WTI crude CLc1 was at $47.40 a barrel, down 11 cents.

Strengthening European manufacturing data - and the implication of greater energy demand - lent prices some support even as the expectation of further stock builds in the United States weighed on oil markets.

"Another week, another record U.S. commercial stock level," said U.S.-based PIRA Energy.

A poll of eight analysts - taken ahead of weekly reports from industry group the American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) - forecast a crude stock build of 5.1 million barrels on average last week. [EIA/S] [API/S]

The API report on Tuesday showed a slightly smaller build in U.S. crude stocks at 4.8 million barrels for last week. Any build from the more closely watched EIA figures due out later on Wednesday would confirm U.S. crude stockpiles have hit a record for the eleventh straight week.

In Japan, commercial weekly crude stocks were down 2.8 percent to 82.87 million barrels. The year-on-year change was a drop of nearly 8 percent.

(Editing by Joseph Radford and Tom Hogue)  
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Oil & Gas News

Oil & Gas News
Released:  25/03/20152015-03-25
Word count:  397

(Reuters) - Stronger-than-expected global oil demand should help support crude prices at around $55-$60 a barrel in the next two months despite some signs of a growing glut in the United States,‎ a senior Gulf OPEC delegate told Reuters on Tuesday.

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Reuters
The comments appear to counter some market forecasts that the U.S. oil glut may push prices to as low as $20-$30 and are a sign that the core Gulf OPEC members remain confident about their strategy of defending market share.

"Global demand is definitely growing much stronger than expected. In December, January, and especially February ‎it was beyond what forecasts anticipated," the delegate said.

Low oil prices may have encouraged demand to pick up particularly in the United States but also in Asia, the Gulf delegate, who declined to be identified, added.

Oil prices are expected to fluctuate around $55-$60 a barrel through April, when they may come under pressure because of seasonal refinery maintenance and rising stocks in the United States, the Gulf OPEC delegate said.

International benchmark Brent crude LCOc1 was trading above $55 on Tuesday.

Underlining brimming U.S. supplies, crude stocks rose nearly three times as much as expected, as storage at the Cushing, Oklahoma oil hub reached a new record, a government report showed last week.

"There are still uncertainties, prices will stay fluctuating around 55-60 dollars," the delegate said.

"If you look at the U.S., it's really tough, stockpiling is rising. But if you look at the international market, stocks are on the higher side but they are still within the five-year average."

Saudi Arabian Oil Minister Ali al-Naimi said on Sunday the top oil-exporting country is producing around 10 million barrels per day (bpd), indicating higher demand is helping the kingdom claw back market share.

The Gulf OPEC delegate said rising production reflects increasing exports to meet global demand as well as growing local needs.

"Increased production is due to two reasons: sales for the international market reflecting stronger demand from customers, not anything else, and local needs with the new refineries online," the Gulf delegate said. Saudi Arabia tends to raise production in the summer months, when the kingdom uses more crude in local power plants to meet air-conditioning needs.

Official data showed Saudi crude exports rose in January to 7.474 million bpd, the highest since at least April 2014, while volumes refined domestically remained high.

Saudi Arabia was the driving force behind November's refusal by the Organization of the Petroleum Exporting Countries to prop up prices by cutting output alone, in a bid to boost demand and defend market share from rival suppliers.

(Editing by Alex Lawler and Dale Hudson)  
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Business News

Business News
Released:  25/03/20152015-03-25
Word count:  536

Revenue for year 2014 amounted to €32.4 million (2013: €6.9 million). This represents an increase of €25.5 million compared to 2013. The significant rate of growth is attributable to the commencement of oil major drilling contracts awarded during the year.

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Malta today
Revenue included €8 million relating to low margin business which had a lesser beneficial effect on profit margins.

The Group‟s operating profit before depreciation amounted to €5,782,866 (2013: €902,402). After charging depreciation amounting to €1,661,765

(2013: €503,117) and net finance costs amounting to €1,077,086 (2013: €267,346), the Group registered a profit before tax of €3,044,015 (2013: €131,939). Profit after accounting for taxation amounted to €2,185,897(2013: €394,333).

The Group completed the construction of its base at the port of Larnaca and started providing support services to ENI Cyprus, as scheduled, on 1 June 2014.

The contracts referred to above led to both the Malta and Cyprus bases working at full capacity throughout the second half of the year.

During 2014, Medserv p.l.c. issued another tranche of bonds amounting to €7 million carrying a coupon of 6% per annum to supplement the first tranche of €13 million issued in 2013. The total funds raised amounting to €20 million have enabled the Group to complete its investment programme. In the year under review this included the completion of a new 8,000 square metre warehouse which is now fully utilized. In addition, an investment of €3.5 million was made in specialised containers, most of which are now on hire to clients in Malta and Cyprus.

Further expansion and investment took place at the Hal Far site that now extends to 43,000 square metres, the vast majority of which is already fully utilised and earning storage fees from clients.

This has resulted in the Malta base having a total foot print of 98,000 square metres. The solar farm suspended on the roofs of the Medserv base has been completed and went on line in July 2014. This is expected to yield an average of 2 MWp of electricity annually over the next twenty years.

State of affairs

Group total assets at reporting date stood at €80,836,394 (restated 2013: €58,909,455).

The group‟s short term liquidity position as at 31 December 2014 was 1.2:1 (restated 2013: 4.2:1).

The current assets as at 31 December 2013included cash and cash equivalents raised by the note issue that awaited their investment.

During the reporting year, Medserv p.l.c. issued tranche two of notes amounting to €7,105,000 the purpose of which was to finance the capital projects completed during the year.

During 2014, the Group changed its accounting policy on the recognition and measurement of an emphyteutical grant over industrial property forming part of the Malta Freeport at the Port of Marsaxlokk.

Until 31 December 2013, the Group had been recognising the property rights conferred by virtue of the said grant as an operating lease and measuring these rights at a nominal amount in accordance with International Financial Reporting Standards (IFRS).

On 31 December 2014, the Group elected to recognise the property rights and the grant at fair value, also in accordance with IFRS.

As a result, deferred income and an equivalent non-monetary asset (referred to as, prepaid operating lease) were initially recognised at fair value and subsequently recognised in profit or loss on a systematic basis over the useful life of the asset using the income approach.

The fair value of the non-monetary asset and related deferred income were determined with reference to the valuation of the underlying property rights by an independent professional valuer as at 31 December 2012.

The Group applied the change in accounting policy retrospectively and restated the comparative periods to recognise the fair value of the property rights as at grant date.
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News Releases

News Releases
Released:  24/03/20152015-03-24
Word count:  272

BENGHAZI, Libya, March 23 (Reuters) - Three tankers plan to lift 1.7 million barrels of crude from ports in eastern Libya this week, oil officials said on Monday, giving hope to the battered energy sector in the North African country.

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The OPEC member state's oil sector has been hit by Islamist militant attacks and fighting between rival factions that has shut down major fields. But it recently managed to resume production at two western fields while keeping output steady at around 490,000 barrels per day.

Output from four fields including Sarir, the country's largest, has reached 290,000 bpd, said a spokesman for state firm Arabian Gulf Oil Company (AGOCO) which dominates production in eastern Libya.

A tanker bound for China is currently lifting 700,000 barrels of crude at the eastern Libyan port of Hariga fed from Sarir, the AGOCO spokesman said. A second tanker heading to Greece will be lifting 400,000 barrels from tomorrow.

A third tanker was expected at the eastern port of Zueitina on Tuesday to load 600,000 barrels of crude, another official said. This is the fourth tanker since the port restarted work in April 2014 when a group campaigning for eastern autonomy ended a blockage.

Strikes and technical delays had hampered efforts to export at Zueitina. Total liftings have hit 2 million barrels since then, an oil official said.

AGOCO restarted output at the Sarir and Messla oilfields after a pipeline blast cut off supplies to Hariga in February.

The North African country had recently managed to reopen the western El Feel and Wafa fields. Libya also exports from two offshore fields, while the eastern Brega port supplies Libya's Zawiya refinery.

This has helped offset the closure of eleven fields in central Libya where the government declared force majeure after militants attacked several fields, taking up to 10 foreigners as hostages.

(Reporting by Ayman al-Warfalli, writing by Ulf Laessing, editing by Louise Heavens and Susan Thomas)  
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Oil & Gas News

Oil & Gas News
Released:  24/03/20152015-03-24
Word count:  417

Crude futures closed higher Monday as a weaker US dollar led prices higher, despite concerns over excess supply after Saudi Arabia's oil minister said OPEC cannot be solely responsible for balancing the market.

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Platts
NYMEX May crude rallied sharply in the last 15 minutes before the market's close, ending 88 cents higher at $47.45/barrel.

ICE May Brent settled 60 cents higher at $55.92/b, having also gained ground toward the end of the session.

The late-day surge could be attributed to "shorts scraping money," Tradition Energy senior analyst Gene McGillian said, referring to traders who purchased futures to exit bearish bets. NYMEX refined products for April delivery were mixed. ULSD closed down 36 points at $1.7307/gal. RBOB settled 61 points lower at $1.8039/gal.

Crude futures rose at the start of US trading as the greenback weakened against other major currencies.

The US dollar index was down about 1% to 97.

Saudi Arabia's oil minister, Ali Naimi, said Sunday at an energy conference in Riyadh that OPEC cannot bear the burden of market management alone, repeating his call for cooperation from independent producers.

"Everyone must take part if we want to improve prices, and it is unallowable that one person earns at the expense of the other. In the [1980s], we lost a lot and we are not ready to repeat that," Naimi said.

Saudi Arabia has ramped up production to around 10 million b/d and is ready to meet increased customer demand "at any time," he said.

Riyadh told OPEC earlier this month Saudi production averaged 9.64 million b/d in February.

"Naimi was reiterating what's already been said, but it highlights the willingness of the Saudis to let prices stay low for a while, and they're still the kingpin," IAF Advisors research director Kyle Cooper said.

Fellow OPEC producer Libya is currently averaging 535,000 b/d, Mustafa Sanalla, the chairman of state-owned NOC, said Monday, up from the most recently reported level of close to 500,000 b/d.

Two rival governments are trying to control Libya's oil industry, while Sanalla said the oil company had no allegiance to either regime.

Through June, "Libyan output could easily swing by [500,000 b/d) either way and could increase volatility in the oil market," Barclays analysts said in a research note Monday, noting the country's political instability.

Negotiators from Iran and the US are set to arrive in Switzerland later this week to resume talks on a framework nuclear agreement between world powers and Iran before an end-of-month deadline.

The oil market views a potential agreement as bearish considering it could pave the way for additional exports from Tehran.

--Geoffrey Craig, geoffrey.craig@platts.com --Adal Mirza, adal.mirza@platts.com --Stuart Elliott, stuart.elliott@platts.com --Edited by Annie Siebert, ann.siebert@platts.com  
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Oil & Gas News

Oil & Gas News
Released:  23/03/20152015-03-23
Word count:  155

(Reuters) - Oil prices dropped around a percentage point in early Asian trade on Monday after Saudi Arabia said over the weekend that it would not unilaterally cut its output to defend prices.

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Since oil prices started to fall in June 2014, many analysts have expected Saudi Arabia, OPEC's biggest producer, to curb its output.

Yet Riyadh has so far opted to keep output stable in a move to defend market share against non-OPEC producers like Russia and the United States, where production has soared as a result of the shale exploration boom.

"We tried, we held meetings and we did not succeed because countries (outside OPEC) were insisting that OPEC carry the burden and we refuse that OPEC bears the responsibility," Naimi said.

"The production of OPEC is 30 percent of the market, 70 percent from non-OPEC ... everybody is supposed to participate if we want to improve prices," Saudi oil minister Ali al-Naimi said on Sunday.

Benchmark Brent crude oil futures LCOc1 was trading at $54.79 a barrel at 0123 GMT, down 53 cents from their last settlement. U.S. WTI crude CLc1 was down 58 cents at $45.99 a barrel.

(Editing by Joseph Radford)  
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Business News

Business News
Released:  23/03/20152015-03-23
Word count:  235

VALLETTA, Malta, March 20 (UPI) -- Though Libya's short-term oil potential is waning, officials at a Malta summit said they were confident economic prosperity would come to the nation's people.

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UPI
The board of directors at the Libyan Investment Authority met in Malta for their first annual meeting this week as violence lingers in the North African country. LIA Chairman Hassan Bouhadi said the investment authority is independent from political issues in a dividing country.

"LIA's assets are protected and the fund aims to develop these investments to establish economic prosperity for the Libyan people," he was quoted Thursday by the Libya Herald as saying.

U.S. Ambassador to Libya Deborah K. Jones wrote in a February piece in the Libyan newspaper the country may go broke if oil continues to get caught in the cross fire. Oil, she wrote, is "essentially the country's only source of income."

Libyan oil production as of February was around 311,000 barrels per day, a 10 percent decline from the previous month. The Organization of Petroleum Exporting Countries said exports from member-state Libya were less than 200,000 bpd.

The state-owned National Oil Corp. in early March declared force majeure over nearly a dozen fields, saying it could no longer ensure production at the facilities due to the deteriorating security situation.

A terrorist manual reviewed Friday by the Wall Street Journal outlines how the oil industry in Libya should be targeted to starve administrators and Western companies of revenue.

The U.N. Support Mission in Libya said last month "the terrorists are the ones who benefit from the continuing fighting and divisions" in Libya.
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News Releases

News Releases
Released:  20/03/20152015-03-20
Word count:  358

(Bloomberg) -- Libya’s Tripoli-based management of the state-run National Oil Corp. called for buyer loyalty after a rival group from the company said it’s planning its own crude sales from eastern parts of the divided North African nation.

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Bloomberg
National Oil wants “all stakeholders to collectively stand together in a shared commitment to ensure the NOC continues to work in Libya’s interests,” according to an e-mailed statement from the company’s headquarters in Tripoli in the west of the country. NOC “is historically known for its commitment to upholding its valued relationship with all international oil companies.”

Libya has been divided between two administrations since July, when the Islamist Libya Dawn coalition captured the capital Tripoli, forcing the internationally recognized government to move to eastern cities. Libya Dawn set up a rival cabinet in the capital, where NOC has its headquarters.

Al-Mabrook Abu Seif, the NOC chairman appointed by the elected government, said March 17 his management team is drafting a loading program that is separate from the one implemented so far, designed by the Tripoli-based management. Abu Seif’s appointment was announced in November by the internationally-recognized government to replace Mustafa Sanalla, who continues to chair the company in Tripoli with the approval of the Libya Dawn-backed cabinet.

Brent for May settlement was 27 cents higher at $54.70 a barrel on the London-based ICE Futures Europe exchange at 11:54 a.m. Singapore time.

‘Neutral Position’

“The NOC board of directors confirms that the NOC’s position is neutral and receives no directives from either the Tripoli- or Baida-based governments and operates in complete independence from both sets of authorities,” according to today’s statement. It said it deposits all revenue directly into a Central Bank of Libya designated account.

The infighting caused Libya’s output to drop to 220,000 barrels a day last month, according to data compiled by Bloomberg. The country, which has become the smallest producer of the Organization of Petroleum Exporting Countries, pumped about 1.6 million barrels a day before the 2011 rebellion that ended Muammar Qaddafi’s 42-year rule.

The internationally-recognized government of Abdullah al-Thinni controls five of Libya’s nine oil export terminals, while Libya Dawn controls two.

To contact the reporters on this story: Maher Chmaytelli in Paris at mchmaytelli@bloomberg.net; Saleh Sarrar in Tripoli at ssarar@bloomberg.net

To contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net Claudia Carpenter
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6 days ago

Business News

Business News

The Board of Directors of the Libyan Investment Authority (LIA) convened their first 2015 meeting in Malta early this week to discuss Libyan investments around the world.

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Libya herald
The Libyan Investment Authority was established in August 2006 after the Libyan government decided to consolidate six extra-budgetary funds financed by its oil revenues under one sovereign wealth fund. The value of the investment fund is estimated by the LIA at US$ 67 billion.

The LIA states that its main aim is to diversify public revenue away from natural resources, attain prime financial returns on investments to support the Libyan treasury and future generations. The LIA was made responsible for the following organizations:

The Long-Term Investment Portfolio, the Libyan African Investment Portfolio, the Libyan Arab Foreign Investment Co., and the Libyan Local Investment & Development Fund.

Hassan Bouhadi, Chairman of the Libyan Investment Authority, said that the “LIA is a sovereign fund that is managed for all Libyans and for the next generations and is not party to any political or regional discussions”.

”Through LIA’s Malta office”, he added ”we have been able to follow up litigations against some international institutions that mismanaged some of LIA’s funds and to go after institutions that attempted to nationalise LIA’s investments in Africa, taking advantage of the current crisis Libya is going through”.

Bouhadi stressed that the “LIA’s assets are protected and the Fund aims to develop these investments to establish economic prosperity for the Libyan people”.
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News Releases

News Releases
Released:  19/03/20152015-03-19
Word count:  265

Libyan Interior Minister Colonel Ahmed Barka has welcomed the arrival of 2,000 Libyan trainees at the Egyptian Police Academy in Cairo.

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Libya herald
Through the training agreement, Libya aims to benefit from Egyptian anti-terrorism expertise, as much of the instruction will focus on the prevention terrorist activity.

Barka stressed that Egypt and Libya were committed to working together to stamp out the threat of terrorism in the region.

The Interior Minister went on to point out that Libya’s lack of trained police was not the only reason for the government’s impotence in securing the countries cities and towns.

“The UN arms embargo imposed on Libya after the fall of Qaddafi has not only affected the army, but also the police,” Barka said. “We need sophisticated equipment for policing the country.”

Barka went on to say that after terrorist groups had raided Qaddafi’s weapons stockpiles in 2011, the government had been powerless to fight them.

“Here we are today, left to fight the terrorists on our own without adequate resources,” he said.

Since the fall of Qaddafi, segments of Libya’s police force have been trained in the UK, Jordan and Turkey with varying results. The trainees burned bridges in Jordan when a group of trainees rioted and set fires at the Jordanian Public Security Directorate over a delay in their return to Libya after the training, because of the failure of Libyan planes to arrive at the appointed date to take the trainees home.

Thousands of members of the existing police force have also been known to shirk their duties while continuing to collect salaries, provoking former Interior Minister Saleh Mazegh in late June of last year to order them back to work or be sacked.
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News Releases

News Releases
Released:  19/03/20152015-03-19
Word count:  221

(Reuters) - Tunisia will reopen part of its airspace to flights from western Libya for the first time in around six months, following the re-establishment of its consulate in Tripoli, a senior official said on Tuesday.

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Reuters
Last year Tunisia halted all flights to Tripoli and other airports in western Libya outside the control of the official government for security reasons after fighting in the neighboring North African country worsened and most diplomats pulled out of the Libyan capital.

Libya has two governments fighting for control four years after the ousting of Muammar Gaddafi. The internationally recognized administration has been based in the east since losing control of Tripoli in August when an armed group seized the capital and parts of western Libya.

Flights from Tunis to eastern Libya had never stopped.

"We decided today to reopen Tunisian airspace to Libyan flights from Maitiga (Tripoli) and Misrata airports," Hatem Mootamri, a top official in Tunisian civil aviation told Reuters. "The first trip will be next Friday from Maitiga to Sfax airport in Tunisia."

A Libyan official confirmed the flight on March 20, adding that Libyan airlines also hoped to fly to the capital Tunis soon.

Tunisia decided to reopen its consulate in Tripoli last month. Tunisia is worried violence will spill over from Libya, where Islamic State militants have expanded their influence, exploiting turmoil as the rival governments fight for control.

Last year, gunmen kidnapped two Tunisian journalists working in Libya. Their fate is unknown.

(Reporting by Tarek Amara and Ahmed Elumami; Editing by Patrick Markey and Alison Willaims)
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Oil & Gas News

Oil & Gas News
Released:  18/03/20152015-03-18
Word count:  515

(Bloomberg) -- OPEC said its production declined to the lowest level since June as bad weather disrupted supplies in Iraq and output weakened in Libya and Nigeria.

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Bloomberg
The Organization of Petroleum Exporting Countries pumped 30.022 million barrels a day last month, about 138,000 a day less than January, according to the 12-nation group’s monthly market report. It didn’t change forecasts for global oil demand and the amount of crude it will need to produce this year. Low prices may start to crimp U.S. shale output toward the end of the year, it said.

Exports from Iraq, OPEC’s second-biggest member, was curbed by bad weather at the country’s southern ports, while Libya’s output has been disrupted amid political feuding between the government and its Islamist rivals. Oil slipped to a six-year low in New York on Monday on signs that U.S. production is withstanding the price rout.

“Crude oil output decreased mostly from Iraq, Nigeria and Libya, while production showed increases in Saudi Arabia and Kuwait,” the organization’s Vienna-based research department said.

The supply losses leave OPEC’s output in line with its target of 30 million daily barrels, first agreed in 2011 and upheld at a meeting in November. Production is about 1.9 million barrels a day higher than the 28.1 million the group estimates will be needed from it during the second quarter.

Iraq Losses

Iraq’s production declined by 78,400 barrels a day to 3.32 million a day, according to data compiled by OPEC from media and other institutions. Bad weather caused delays at southern ports in February, affecting some of the nation’s crude supplies, the International Energy Agency said Feb. 10.

Nigerian output slipped by 64,000 barrels a day to 1.896 million a day, while Libya’s dropped by 35,000 to 311,000 a day. Saudi Arabia, the group’s biggest member, boosted production by 37,000 barrels a day to 9.68 million. Iran and Kuwait were the only other members whose output increased.

OPEC’s 12 members will next meet to review their production target on June 5 in Vienna.

The slump in prices, which has prompted U.S. drillers to cut back on the number of rigs in operation, may start to take its toll on shale-oil production in the second half of the year, according to the report. Rigs targeting oil in the U.S. fell by 56 to 866, Baker Hughes Inc. said on its website Friday, the lowest level since March 25, 2011

“As drilling subsides due to high costs and a potentially sustained low oil price, a drop in production can be expected to follow, possibly by late 2015,” OPEC said.

The group forecast that global oil demand will increase by 1.17 million barrels a day, or 1.3 percent, to an average of 92.37 million a day this year. The projection is unchanged from last month.

The organization increased estimates for non-OPEC supply in 2015 by 80,000 barrels a day. Non-OPEC producers led by the U.S., Canada and Brazil will boost output by 850,000 barrels a day to an average of 57.16 million a day. OPEC kept its forecast of U.S. oil production little changed at 13.65 million barrels a day.

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, Rachel Graham
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6 days ago

News Releases

News Releases
Released:  18/03/20152015-03-18
Word count:  75

Libya is set to export more than 1.2 million barrels of crude oil from the eastern ports of Hariga and Zueitina in coming days, officials said.

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Al-Arabiya
A tanker will load 600,000 barrels of crude from the Hariga port in Tobruk on Wednesday or Thursday, the official said.

A tanker has just loaded the same volume at the port of Zueitina and a second is expected there next week.

The eastern Libyan state firm Arabian Gulf Oil Co (AGOCO) is currently producing around 270,000 barrels a day, a company spokesman said. The firm's assets include the Sarir and Messla oilfields feeding the Hariga port.
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Oil & Gas News

Oil & Gas News
Released:  17/03/20152015-03-17
Word count:  208

MILAN, Italy, March 16 (UPI) -- Italian energy company Eni said Monday it made what it considers to be a significant discovery of natural gas off the coast of war-torn Libya.

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UPI
The company said it produced about 29 million cubic feet of natural gas per day from a discovery well off the Libyan coast. Its estimated capacity is 50 million cubic feet per day and its proximity to existing production infrastructure will allow for rapid development.

"This exploration success further confirms the enormous potential of Libyan gas resources," the company said in a statement. "The future development of Libyan resources will allow supporting the growth of the domestic consumption and industry, while maintaining Libya's position as a strategic supplier for Italy and Europe."

Italy received nearly 10 percent of its natural gas from Libya's Greenstream pipeline before the Libyan civil war began in February 2011. Eni started production from Libyan offshore fields feeding that pipeline in 2004.

Onshore oil production is curtailed by violence in a dividing Libya. The group calling itself the Islamic State is behind much of the violence, though rivalries exist between competing centers of power in the North African country.

Four Filipino workers were kidnapped from an oil field in Libya last week, just one day after 77 nationals were repatriated in Manila.

With a legacy extending back to 1959, Eni said it's the largest international oil company working in Libya and is producing 250,000 barrels of oil equivalent from its assets there.
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Oil & Gas News

Oil & Gas News
Released:  17/03/20152015-03-17
Word count:  41

CAIRO, March 16 (Reuters) - Libya's oil production has risen to around 490,000 barrels a day, an industry source said on Monday.

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Reuters
The OPEC producer managed to restart the El-Feel and Wafa oilfields in western Libya while maintaining production at eastern fields.

Force majeure has been declared at central fields due to attacks by militants.

(Reporting by Ulf Laessing; editing by Jason Neely)  
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