الهروج للعمليات النفطية ... عطاء رقم 31/2013 شراء وتوريد أنابيب تغليف آبار

View Videos sort by date sort by channel
Page

Business News

Business News
Released:  02/05/20162016-05-02
Word count:  437

The Thinni government’s attempt to sell oil on its own account ended today when the Indian tanker that had lifted the cargo began discharging it in Zawia.

Play
Libya herald
The Distya Ameya, arrived in Zawia yesterday. Ithad taken on 650,000 barrels crude in Tobruk on Monday followed in the wake of the tanker Morning Glory, with which Petrol Facilities Guard commander Ibrahim Jadhran had sought to sell a cargo of oil in March 2014. After this tanker was intercepted by the US navy, it too came to Zawia. The Distya Ameya had sailed from Tobruk’s Hariga export terminal to Maltese waters when it held position while the international row raged over its cargo. There was never any question that it could discharge in Malta since the islands have no refinery.

The United Nations Security Council blacklisted the Distya Ameya on an application from the National Oil Corporation in Tripoli. This was backed by Libya’s UN envy Ibrahim Dabbashi, who was thereupon yesterday fired for a second time by the government of Abdullah Thinni.

The government, appointed by the internationally-recognised House of Representatives, established a rival NOC alongside it in Beida headed by Nagi Elmagrabi. For the last six months there have been moves to establish a separate NOC bank account in the UAE. It is unclear where the Beida NOC intended to channel the sale proceeds of the Indian tanker’s cargo. Last December it was reported to have signed a deal to supply Egypt with 2 million barrels of crude. It is not thought that any deliveries have yet been made.

Historically NOC’s earnings have been paid into an account of the Libyan Central Bank held in the Libyan Arab Foreign Bank’s Naples branch.

Tripoli NOC boss Mustafa Sanalla today said that the fate of the Distya Ameya should be a clear warning to all shipping companies and oil traders that only his NOC had the legal right to sell oil and anyone else attempting this would be stopped.

He warned that those behind this attempt to export crude were in danger of splitting the country.

“Let us be clear, that is what is at stake” he said, “I believe in the unity of Libya. As one nation we need to agree that our oil should not be divided at this stage of our political evolution, because this will lead to the country itself being divided”

Sanalla bemoaned the lack of clarity over NOC in the Libyan Political Agreement, saying that perhaps NOC should have been at the heart of the deal.

It is still unclear what persuaded the master or owner of the Distya Ameya to give up the attempt to sail on with its cargo. Nor has it yet been established who the beneficial owners of the crude were supposed to be.
Comments:

Business News

Business News
Released:  29/04/20162016-04-29
Word count:  201

Spanish oil giant Repsol is ready to resume activity in Libya once the security situation allows it, Spain's foreign minister said Thursday during a visit to Tripoli.

Play
Times of India
Jose Manuel Garcia-Margallo was in Tripoli to demonstrate Spain's support for a new UN-backed Libyan government.

"Repsol is ready to resume production as soon as an accord is finalised," Garcia-Margallo said during a press conference after meeting the head of the unity government, Fayez al-Sarraj.

Libya's warring rivals have come under intense international pressure to rally behind the unity government at a time when the country is grappling with a growing jihadist threat.

Prime minister-designate Sarraj's cabinet has taken control of eight government ministries including foreign affairs as it seeks to assert its authority over the violence-plagued country.

But his government has still not been endorsed by a vote of confidence from the internationally recognised parliament in Tobruk.

Repsol has operated in oil-rich Libya since 1975, and was pumping 340,000 barrels per day before it ceased activity in the country in 2014 due to security concerns.

Garcia-Margallo said the company would be able to produce 100,000 bpd at the Al-Sharara plant in south Libya once the situation stabilised.

Spain's foreign minister said he and Sarraj discussed"the intensification of cooperation in the fight against illegal migration and against terrorism".

A host of Western diplomats have been to Tripoli to show support for Sarraj's fledgling administration.
Comments:

Oil & Gas News

Oil & Gas News
Released:  29/04/20162016-04-29
Word count:  357

Crude oil prices fell in early trading on Friday as a looming rise in Middle East output may drag on the stronger markets seen in April, although falling U.S. production and a weakening dollar are still offering support.

Play
Reuters
International benchmark Brent crude futures LCOc1 were trading at $47.92 per barrel at 0236 GMT, down 22 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 18 cents at 45.85 a barrel.

Both contracts remained near 2016 highs of $48.19 and $46.14 per barrel respectively, and WTI's smaller fall was a result of declining U.S. crude output, traders said.

Despite Friday's dips, Brent and WTI are up almost a third from April troughs and are over 75 percent above their 2016 lows, lifted by falling output and a weaker dollar, which has fallen almost 6 percent against a basket of other leading currencies .DXY this year.

But Deutsche Bank said that a looming rise in production by members of the Organization of the Petroleum Exporting Countries (OPEC) - with climbing Iranian output and following outages in Iraq, Nigeria and the United Arab Emirates - could cap recent oil price rises.

"A sustainable rise in OPEC production may be just around the corner, and ... the rally may pause," the bank said in a note to clients.

"Maintenance in the UAE at fields ... is scheduled to end in April, implying a rise from current production of 2.73 million barrels per day (bpd) to the previous 2.91 million bpd production rate in May," Deutsche said.

For 2017, the bank said it expected to be around 33.1 million bpd, "with upside risks originating from Libya and Saudi Arabia, and downside risks from unplanned outages and spending cuts in Iraq".

One of the main repercussions of the global oil price rout between 2014 and early 2016 has been a deep economic crisis in crude export-reliant Venezuela, where political risk consultancy Eurasia Group said the government faces default as the state runs out of cash to keep the oil pumps running.

"The government needs to invest about $15 billion per year to maintain current production (2.4 million bpd), and mounting problems will probably lead to a decline of 100,000–150,000 bpd this year," Eurasia Group said.

"Barring a meaningful recovery in oil prices or fresh loans from China in the second half of the year, scarce foreign exchange will probably force the state to default later this year, most likely in the fourth quarter," it added.
Comments:

Business News

Business News
Released:  29/04/20162016-04-29
Word count:  141

The Central Bank of Libya (CBL) has announced today that it has opened LCs for a total value of US$ 280 million from 1st January to the 27th April 2016.

Play
Libya herald
It revealed that of the total, US$ 153 million were LCs for the import of food and meat. It also revealed that of these LCs 53 were for LCs against documents. These LCs were opened as per the existing operating conditions for opening LCs.

These LCs were specifically for companies importing foodstuffs including meat, in order to meet the anticipated high demand in the fasting month of Ramadan starting in June.

The CBL announcement comes as part of the policy announced jointly after a meeting between the CBL and the PC/GNA during which it was agreed to implement five urgent measures to resolve the acute economic conditions Libya was going through.

These included the plan to open LCs for a total of US$ 1.2 bn. It hopes that these measures will help decrease consumer prices and the black market rate of the US$.  
Comments:

Oil & Gas News

Oil & Gas News
Released:  28/04/20162016-04-28
Word count:  376

Oil prices jumped about 3 percent on Wednesday, hitting new highs for 2016 as the dollar weakened after the Federal Reserve announced it would leave U.S. interest rates unchanged.

Play
Reuters
Oil had risen early, the day after an industry group said U.S. crude inventories had dropped in the latest week. But prices retreated after the U.S. Energy Information Administration reported in the morning that crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels.

A Reuters poll of analysts had forecast a build of 2.4-million barrels.

In early afternoon, the Fed announced it was leaving interest rates unchanged, and issued a statement implying it was in no hurry to raise rates. Futures of Brent and U.S. crude's West Texas Intermediate (WTI) surged minutes before settlement, hitting new peaks for the year as the dollar sank to session lows.

"Bullish momentum from a technical perspective, in cahoots with dovish Fed rhetoric, has this market on fire again despite the crude inventories we're seeing," said Matt Smith, director of commodities research at New York-headquartered Clipperdata.

Front-month Brent finished up $1.44, at $47.18, having hit a 2016 high of $47.45 earlier.

WTI's front-month contract settled up $1.29, percent, at $45.33 a barrel, after hitting a 2016 high at $45.62.

Declines in the dollar make oil and other commodities denominated in the greenback more affordable to holders of other currencies.

Futures of heating oil, also known as ultralow sulfur diesel, jumped 3 percent as stockpiles of distillates, which include ULSD, fell much more sharply than expected, the EIA data showed.

Gasoline futures rose to August highs despite an inventory build that also far exceeded expectations.

Some traders said crude's rally was overdone, and warned that higher prices could encourage more production which would aggravate a global supply glut.

Brent has gained more than $20 a barrel, or nearly 75 percent, since hitting 12-year lows in late January. For April, it is up 19 percent, heading for its largest monthly gain in a year.

"With crude inventories building and the Saudis still pumping at record levels, we feel the recent run-up has been mainly fueled by the weakness on the dollar," said Tariq Zahir, trader and portfolio manager at Tyche Capital Advisors in New York.

The prospect of a production freeze among the world's largest oil exporters evaporated almost two weeks ago after a meeting between OPEC and Russia ended in stalemate.

(Additional reporting by Amanda Cooper in LONDON; Editing by Marguerita Choy and David Gregorio)
Comments:

Oil & Gas News

Oil & Gas News
Released:  28/04/20162016-04-28
Word count:  379

The United Nations Security Council Libya sanctions committee blacklisted on Wednesday an Indian-flagged tanker carrying crude oil shipped by the rival eastern Libya government, said diplomats, which would prevent it from entering any ports.

Play
Reuters
Libyan U.N. Ambassador Ibrahim Dabbashi wrote to the 15-member sanctions committee on Monday asking for the Distya Ameya tanker to be blacklisted, according to a letter seen by Reuters. The ship left Marsa el-Hariga port late on Monday.

Diplomats, speaking on condition of anonymity, said the sanctions committee chair had informed them that there were no objections to the Dabbashi's request before a 3 p.m. (1900 GMT) Wednesday deadline so the ship was added to the sanctions list.

The eastern Libya government has set up its own National Oil Company (NOC) to act parallel to the Tripoli-based NOC, which is recognized globally as the legitimate seller of Libyan oil.

The Distya Ameya tanker is carrying 650,000 barrels of oil on behalf of Libya's eastern NOC. The ship appeared to be south east of Malta when it last reported its position through the publicly available AIS tracking system on Wednesday afternoon.

The ship is carrying oil ordered by a company called DSA Consultancy FZC, registered in the United Arab Emirates, according to Libyan authorities.

DSA Consultancy said on Wednesday it believed the shipment was legitimate. It said it had "a signed and agreed contract from the NOC dated 13th October 2015 to lift oil", and that the "ultimate beneficiary" was the Central Bank of Libya.

Diplomats said the sanctions committee had also written to the governments of India and the United Arab Emirates to remind them of the Libya sanctions and seek further clarification and relevant information on the shipment.

In March 2014, the Security Council allowed the Libyan government to request that vessels carrying oil from rebel-held ports be blacklisted by the sanctions committee and authorized states to board and inspect designated ships on the high seas.

A 2011 uprising in Libya toppled leader Muammar Gaddafi but left the country in chaos.

Two competing governments, one in Tripoli and one in the east, backed by militias scrambled for control of the oil-producing country, creating a power vacuum that allowed Islamic State militants to gain a foothold in the North African state.

Leaders of a U.N.-backed Libya unity government, designed to replace the rival administrations, arrived in Tripoli last month. That government said on Monday it had taken control of seven ministries in Tripoli.

(Reporting by Michelle Nichols; Editing by Toni Reinhold)
Comments:

News Releases

News Releases
Released:  28/04/20162016-04-28
Word count:  145

A consignment of newly printed banknotes from Britain arrived in Tripoli’s Mitiga airport today destined for the Tripoli-based Central Bank of Libya (CBL).

Play
Libya herald
The shipment is thought to be part-consignment of a much larger order of LD 116 bn of post-Qaddafi era banknotes made in 2013 printed in the Britain. The CBL had stated that the balance of the deliveries were expected to arrive in consignments by the end of June.

The CBL said that today’s shipment will be distributed to all banks across the country.

The CBL had been expected to continue the phased withdrawal of the old Qaddafi-era banknotes, but there is speculation as to whether it will delay that in the short term in order to help mitigate the cash crises.

The CBL had brought forward this delivery in an effort to mitigate the current cash shortage the country was going through. It is not clear if this one shipment alone will solve the cash crises which was rumoured to be no more than LD 150 million.
Comments:

Oil & Gas News

Oil & Gas News
Released:  27/04/20162016-04-27
Word count:  404

Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles.

Play
Reuters
Brent and U.S. crude's West Texas Intermediate (WTI) futures finished regular trading about 3 percent higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes.

In post-settlement trade, both benchmarks rose more than 4 percent after the American Petroleum Institute reported a drawdown of nearly 1.1 million barrels in U.S. crude inventories last week versus a 2.4 million-barrel build expected by analysts in a Reuters poll.

The API report is a precursor to official inventory data due on Wednesday from the U.S. Energy Information Administration.

"There's a possibility we could see newer highs from here, notwithstanding the EIA data, as the market is really fired up on the idea of tightening supplies," said John Kilduff, partner at New York energy hedge fund Again Capital.

Brent crude futures finished up $1.26 at $45.74 a barrel. In post-settlement trade, it rose as much as $2.01 to a 2016 high of $46.49.

U.S. crude futures settled up $1.40 at $44.04. It gained $2.19 in after-hours trade to reach a year-to-date peak of $44.83.

Crude markets got off to a rousing start in the New York session as gasoline futures and gasoline refinery margins both surged from refinery outages, Venezuela buying and a reported drop in New York inventories.

"I think the market has become more optimistic on oil products," said Scott Shelton, broker and commodities specialist with ICAP in Durham, North California. "If refining margins stay strong, crude runs will be quite high and that will make the odds of a crude stock draws increase significantly."

Oil prices are headed for a fourth straight week of gains, with Brent on track to finish April 17 percent higher for its best monthly gain in a year, despite aborted plans by major producers to agree on an output freeze at a meeting in Qatar earlier this month.

Tuesday's oil rally was also underpinned by a weaker dollar, which fell on expectations that the U.S. Federal Reserve's Federal Open Market Committee (FOMC) will keep interest rates at existing levels. The dollar rallied earlier this year, weighing on oil, as investors braced for higher rates.

"For now, the line of least price resistance remains to the upside, and we will be reassessing this view in light of tomorrow's FOMC statement," said Jim Ritterbusch of Chicago-based oil market consultancy Ritterbusch & Associates.

(Additional reporting by Amanda Cooper in LONDON and Henning Gloystein in SINGAPORE; Editing by David Gregorio, Marguerita Choy and Jonathan Oatis)
Comments:

News Releases

News Releases
Released:  27/04/20162016-04-27
Word count:  244

Tripoli, 26.04.2016(Lana) Head of EU Mission to Libya, Natalia Apostolova confirmed that her visit to Tripoli, comes to express full EU support to the Presidential Council and Government of National Accord.

Play
LANA - Libyan News Agency
At a joint press conference with the German ambassador to Libya Christian Mach and the Italian Government Special envoy to Libya, Georgiou Estrachi following a meeting with the Presidential Council, Apostolova said today we have very fruitful talks with members of the PC, and look forward to collaborate with them and support them in all fields.

Apostolova expressed EU desire that PC assumes its executive functions as soon as possible because the Libyan people awaiting quick actions. It underlined readiness of EU institutions to collaborate with the PC and GNA. Ambassador of Germany to Libya expressed satisfaction of measures and steps taken by the PC and his delight of international recognitions of PC activities increasing by the day. He said 'we discussed with the PC several issues and this is a start for several visits to be made.

The Italian Government Special envoy to Libya, Georgiou Estrachi , said his country would host soon an international conference to gather support to the GNA and other institutions which would work with the government which we recognize and should recognize and work with. At a press conference, he said the Italian prime minister and foreign minister conveyed through me a message to journalists which is that any Italian initiative or from the EU countries would be taken after coordination and consultation with the presidential council and Libyan authorities.

'We are currently working to re-open the Italian embassy and its opening would be very close' he added.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  26/04/20162016-04-26
Word count:  236

Saudi Aramco [SDABO.UL] expects a recovery in oil prices by the end of this year, the state oil giant's chief executive said on Monday, emphasizing that Saudi Arabia will always meet customer demand.

Play
Reuters
The comments by CEO Amin Nasser came after the powerful young prince overseeing Saudi Arabia's economy, Deputy Crown Prince Mohammed bin Salman, unveiled ambitious plans on Monday aimed at ending the kingdom's "addiction" to oil and transforming it into a global investment power.

The two-year downturn in crude prices has been particularly painful for the world's big oil producers, but Aramco's Nasser believes the end of the slump is in sight.

"(This is) what we hope for ... by the end of the year, as we have always said, prices will start adjusting upward because the current market price is not sustainable for the long term," Nasser told Reuters.

"The balance between supply and demand will start adjusting towards the end of the year."

Nasser made similar comments in January, when he said that low prices at around $30 a barrel were not sustainable and that prices would not return to $100 for the foreseeable future.

Asked if Aramco plans to raise its oil production, Nasser said on Monday that its maximum sustainable capacity remains at 12 million barrels per day and the company would always meet additional demand.

"Whatever our customers require from us in terms of supply, we will meet it," he said when asked if the company had plans to boost production.

"We are always ready to meet our maximum sustainable capacity whenever we are required to do so."

(Reporting by Reem Shamseddine; Editing by David Goodman)
Comments:

News Releases

News Releases
Released:  26/04/20162016-04-26
Word count:  88

New York, 25 April 2016(Lana) Libya has signed the Paris Protocol on Climate Change along with 174 other countries at a ceremony held at the UN headquarters here.

Play
LANA - Libyan News Agency
Libya's UN representative Ibrahim Al Dabashi said at the signing ceremony 'climate change is a big challenge facing all humanity, and the agreement is an important step to confront it, but it needs a collective will to turn it from mere written text to concrete deeds.

' Al Dabashi pointed out that 95 per cent of Libya's territory was desert, and the rest is threatened with desertification.

He welcomed the Paris Protocol saying Libya would honour its provisions, and would seek to ratify it as soon as possible.

=Lana=
Comments:

News Releases

News Releases
Released:  26/04/20162016-04-26
Word count:  91

Benghazi claims to be Libya’s cultural capital. Yesterday, despite the continuing military situation in the city, residents were determined to reclaim the title, with an enthusiastic marking of International Book Day.

Play
Libya herald
In Dubai Street, where stands were set up, pedestrians were invited to sit down an read a book while drivers of passing cars were handed copies to take home and read.

Many hundreds of people are estimated to have taken part in the event which was organised by Tanarot, a local civil society organisation that promotes book reading as a bridge to other societies. Students from several schools came, with teachers organising book readings.

The 23rd of April is day on which both William Shakespeare and Miguel de Cervantes both died.
Comments:

Oil & Gas News

Oil & Gas News
Released:  25/04/20162016-04-25
Word count:  361

Oil prices fell over 1 percent on Monday as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets.

Play
Reuters
Front-month Brent crude was trading at $44.61 per barrel at 0332 GMT, down 50 cents, or 1.1 percent, from their last settlement. U.S. West Texas Intermediate (WTI) futures were down 62 cents, or 1.4 percent, at $43.11 a barrel.

Analysts said the price drops were a result of cashing in after three weeks of rising prices.

"I guess (there's been) some profit taking after a strong rally into the end of last week," said Virendra Chauhan of Energy Aspects in Singapore.

Market data shows that the amount of open positions betting on rising WTI prices rose to levels last seen in June 2015 last week, while bets taken out in expectation of falling prices fell close to 2016 lows.

Traders also said oil fell on a jump in the dollar on Friday against a basket of other leading currencies on expectations that Japan will further extend its aggressive monetary easing through negative interest rates.

A stronger dollar, in which oil is traded, makes fuel imports for countries using other currencies more expensive, potentially hitting demand. "Fundamentals remain bearish and are set to deteriorate further, especially if prices move higher," Morgan Stanley said on Monday.

The bank said that a recent rally was largely fueled by investment by hedge funds and that the price gains resulting from these inflows were not supported by fundamentals as production by the Organization of the Petroleum Exporting Countries (OPEC) was likely to increase while slowing economic growth, including in emerging markets, could hit oil demand.

"A macro unwind (of its positions) could cause severe selling given positioning and the nature of the players in this rally," Morgan Stanley said.

Monday's oil price decline came despite another cut in the U.S. rig count that brings activity down for a fifth straight week and to levels last seen in November 2009.

A total of 343 rigs were drilling for new oil last week. That compares to over 700 this time last year, according to oil services company Baker Hughes on Friday, as energy firms have sharply reduced oil and gas drilling since the collapse in crude markets that cut prices by as much as 70 percent to 13-year lows earlier this year.

(Editing by Richard Pullin and Christian Schmollinger)
Comments:

I'm Mr. lee ynung of FINANCIAL SERVICES AND SOLUTIONS LIMITED a Madate to a direct provider of fresh cut bank instrument both for sale/ lease,such as BG,SBLC, MTN, Bank Bonds, specifically for lease at leasing price of 6+2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. Our BG/SBLC Financing can help you get your project funded, loan financing, please let me know if you are interested in any of our services, by providing you with yearly renewable leased bank instruments.This Instrument can be monetized on your behalf for 100% funding. We work directly with issuing bank lease providers. The Leased Instruments includes: BG’s, Insurance Guarantees, MTN, (SBLC) Standby Letters of Credit and Third Party Guarantees such as a standby forward commitment to purchase or a standby loan. If you are a potential Investor or Principle looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with all the details regarding this services. Regards, lee ynung FINANCIAL SERVICES AND SOLUTIONS LIMITED BROKERS ARE WELCOME & 100% PROTECTED!!! Contact Email : mandatebgsblclcbroker@gmail.com Skype ID: hack.hyung38

leeynung
4 days ago

Business News

Business News
Released:  25/04/20162016-04-25
Word count:  75

NOC Discuss With Polish Company Return of Company to Work in Libya.

Play
LANA - Libyan News Agency
Tripoli, 24 April 2016(Lana) The Acting Chairman of the Board of the of the National Oil Company Abu Al Gassem Al Sheibani has discussed with the Director of the Polish Oil & Gas Co. return of the company to resume exploration in Morzog basin in Libya.

The NOC is prepared to work with the Polish side for the mutual benefit of both sides, Al Sheibani said at a meeting with the Polish company representatives in Tripoli.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  22/04/20162016-04-22
Word count:  122

The oil market will begin rebalancing by the third quarter of this year and will turn positive by 2017 despite world's top producers failing to reach an agreement to freeze production during a weekend meeting in Doha, OPEC's secretary general said in Paris on Thursday.

Play
Reuters
"Doha or no Doha, we see that the market is turning," Abdullah El-Badri told an oil summit in the French capital.

"Maybe demand will be more than supply, and we see that the market by 2017 will turn around and it will be positive. I don't know how much the price will be, I cannot really tell you. But at least it will be better than what we are seeing right now," Badri said.

He added that he saw the market turning around by the third quarter of this year.

"The only problem we are having is this overhang, if we can solve this overhang then the market will stabilize," he said.

(Reporting by Michel Rose and Bate Felix; Editing by James Regan)
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
1 week ago

Business News

Business News
Released:  22/04/20162016-04-22
Word count:  291

British oil giant BP would be “very welcome back” in Libya, Philip Hammond has told MPs.

Play
Energy Voice.
The Foreign Secretary said Libya’s prime minister-designate Fayez Sarraj made the remark to him on Monday during his unannounced visit to Libya.

Mr Hammond sought to offer hope to UK firms about their potential role in developing Africa’s largest oil and gas reserves as the government of national accord seeks to stabilise a country affected by civil war and Islamic State extremists.

Speaking in the Commons, Conservative Edward Argar (Charnwood) questioned what role UK Trade and Investment (UKTI) and the British Government is playing in ensuring firms are involved in Libya’s oil industry.

He told Mr Hammond: “I welcome the progress you have outlined and appreciate your point about the practical realities on the ground.

“With that in mind the long-term prospects for Libya are clearly linked to its economic prospects, which in turn are in large part linked to its oil industry’s prospects.

“What steps at this early stage are UKTI and the British Government taking to ensure that UK industry can play its full part in bringing the Libyan oil industry back onto the global market?”

Mr Hammond replied: “You are absolutely right. Libya has Africa’s largest oil and gas reserves and a population of only six million so this is clearly, in per capita terms, a potentially wealthy country.

“I’m glad to be able to report that British companies have traditionally played an important role in Libya’s oil and gas industry and prime minister Sarraj specifically made the point yesterday that BP would be very welcome back in the country, and I shall pass that on to BP’s management.”

Read more at https://www.energyvoice.com/oilandgas/middle-east/107218/libya-welcome-back-bp-foreign-sec-tells-commons/
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
1 week ago

Oil & Gas News

Oil & Gas News
Released:  22/04/20162016-04-22
Word count:  279

Oil prices rose in Asian trade on Friday, setting crude futures on course for solid weekly gains, as market sentiment becomes more upbeat despite ongoing oversupply.

Play
Reuters
International benchmark Brent crude futures LCOc1 were trading at $44.98 per barrel at 0418 GMT, up 45 cents or 1 percent from their last settlement.

U.S. West Texas Intermediate (WTI) crude was up 50 cents or 1.2 percent at $43.68 a barrel.

Brent has risen about 4.5 percent so far this week and WTI 8 percent, putting the contracts on track for a solid price rally. Crude is up by more than two-thirds since its 2016 lows between January and February.

Traders said that sentiment in the entire commodity complex had turned more confident, with new cash being put into the market by investors, lifting prices.

Another factor has been producers taking advantage of higher prices by locking in production.

"We would expect producers in the U.S. taking every opportunity to aggressively hedge as soon as there is opportunity when oil prices recover for short periods of time," French investment bank Natixis said.

Falling output, especially in the United States, where many producers are shutting down following an up to 70 percent price rout since 2014, is also helping to lift the market.

Natixis said it expected U.S. oil production to drop by at least 500,000 to 600,000 barrels per day (bpd) this year, compared with 2015, and by another 500,000 bpd in 2017.

Despite the recent rally, oil markets remain oversupplied as between 1 and 2 million barrels of crude are being pumped out of the ground every day in excess of demand, leaving storage tanks around the world filled to the brim with unsold fuel.

"The energy complex remains volatile ahead of the 1Q16 reporting period which will likely be worse than what we thought was already an ugly 4Q15," U.S. investment bank Jefferies said.

(Editing by Ed Davies and Richard Pullin)
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
1 week ago

Business News

Business News

‘‘The latest MENA Economic Monitor Report – Spring 2016, expects Libya’s fiscal and current account deficits to continue in 2016, with the budget deficit at about 60 % of GDP and the current account deficit at 70 % of GDP’’.

Play
Libya herald
‘‘In the next few years, as oil production reaches full capacity, growth is projected to rebound at 46 % in 2017 and 15 % in 2018’’.

‘‘The political conflict has taken a severe toll on the economy, which has remained in recession for the third consecutive year in 2015. Political strife, weak security conditions, and blockaded oil infrastructures continue to constrain the supply side of the economy, which shrank by 10 % in 2015’’.

‘‘Production of crude oil fell to the lowest level on record, to around 0.4 million barrels per day (bpd), which represents a quarter of potential. The non-hydrocarbon sectors remained weak due to disruptions in the supply chains of both domestic and foreign inputs, as well as lack of financing’’.

‘‘Inflation accelerated to 9.2 % in 2015, mainly driven by a 13.7 % rise in food prices. Lack of funding to finance imports (especially subsidized food) generated shortages and an expansion of the black market. Prices of flour quintupled’’.

‘‘Protracted political standoff, coupled with lower international oil prices, have hit public finances hard. Budget revenues from the hydrocarbon sector have fallen to only a fifth of the level in the pre-revolution period, while spending has remained high’’.

‘‘The share of the public wage bill in GDP is at a record of 59.7 %, mainly reflecting new hiring of civil servants. Meanwhile, investments have been insufficient for sustaining adequate public provision of health, education, electricity, water and sanitation services’’.

‘’However, savings have been realized on subsidies, which fell by 23.6 % thanks to tougher control of the supply chains of subsidized products and lower import prices. Overall, the budget deficit rose from 43 % of GDP in 2014 to 75 % of GDP in 2015. The deficit was mainly financed from the Government’s deposits at the Central Bank of Libya (CBL)’’.

‘’The balance of payments deteriorated further in 2015. Oil exports declined to 0.3 million bpd. Oil export revenues are estimated to have reached less than 15 % of their 2012 level. At the same time, consumption-driven imports remained high’’. ‘‘The current account swung from balance in 2013 to a deficit estimated at 75.6 % of GDP in 2015. To finance these deficits, net foreign reserves are rapidly being depleted. They were halved from $107.6 billion in 2013 to an estimated $56.8 billion by end 2015. The official exchange rate of the Libyan Dinar (LYD) against the $ continued to weaken, depreciating further by more than 9 % in 2015’’.

‘‘In the parallel market, the LYD depreciated by around 160 %, due to restrictions on foreign exchange transactions that were implemented by the CBL’’.

‘‘Improvement of the economic outlook depends crucially on the endorsement by the House of Representatives of the Government of National Accord (GNA) formed under the auspices of the UN. The economic and social outlook assumes that the GNA begins governing the country by restoring security and launching programs to rebuild the economic and social infrastructures’’.

‘‘In this context, production of oil is projected to improve to around 1 million bpd by end 2016. On this basis, GDP is projected to increase by 22 %. However, the fiscal and current account deficits will continue in 2016, as revenues from oil will not be sufficient to cover the budget expenditures and consumption-driven imports’’.

‘‘This should keep the budget deficit at about 60 % of GDP and the current account deficit at 70 % of GDP. As oil production reaches full capacity, growth is projected to rebound at 46 % in 2017 and 15 % in 2018, before stabilizing between 5 and 5.5 % thereafter’’.

‘’Both the fiscal and current account balances will significantly improve, with the budget running surpluses expectedly from 2018 onwards, while current account deficits will progressively decline to less than 0.5 % of GDP in 2019. Foreign reserves will average around $22 billion during 2017-2019, representing the equivalent of 8.2 months of imports’’, the report concluded.
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
1 week ago

Oil & Gas News

Oil & Gas News
Released:  21/04/20162016-04-21
Word count:  387

Crude prices steadied after earlier declines on Thursday as the International Energy Agency (IEA) said that 2016 would see the biggest fall in non-OPEC production in a generation, helping rebalance a market that has been dogged by oversupply.

Play
Reuters
The IEA's chief Fatih Birol said on Thursday that low oil prices had cut investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia.

"This year, we are expecting the biggest decline in non-OPEC oil supply in the last 25 years, almost 700,000 barrels per day. At the same time, global demand growth is in a hectic pace, led by India, China and other emerging countries," he told reporters in Tokyo. The comments reversed earlier declines in crude prices.

After falling to a session low of $45.23 per barrel on Thursday, front-month Brent crude futures rose to $45.84 a barrel by 0426 GMT, up 4 cents from their last close.

U.S. crude futures dipped to $43.62 before rising to $44.20 a barrel, up 2 cents from their last close.

Despite the IEA comments, statements by Russia and Iran on Wednesday weighed on the market. Russia's energy minister said it might push oil production to historic highs of over 12 million barrels per day (bpd) just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.

Meanwhile, Iran, determined to regain market share following the lifting of sanctions last January, reiterated its intention to reach output of 4 million bpd as soon as possible.

With major producers in the Middle East and Russia seemingly racing to raise production, much will depend on U.S. drillers and demand to determine how long the global glut lasts, which sees between 1 million and 2 million barrels of crude pumped every day in excess of demand.

"Any hope of market re-balancing from the current surplus in supply (lies) on the predicted decline in U.S. oil production," French bank BNP Paribas said.

"The U.S. accounts for the bulk of non-OPEC's 2016 oil supply contraction of 700,000 barrels per day forecast. If the decline in the U.S. oil supply proves insufficient to tighten balances, then ... the oil price will remain low," it added.

In refined products, China saw exports of diesel and gasoline soar, spilling surplus fuel into a market that is already well supplied, and threatening to further cut Asian benchmark refining margins that have halved since the beginning of the year.

(Reporting by Henning Gloystein in Singapore; Additional reporting by Osamu Tsukimori in TOKYO; Editing by Joseph Radford and Christian Schmollinger)
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
1 week ago

Business News

Business News
Released:  20/04/20162016-04-20
Word count:  429

PC/GNA and CBL agree five urgent measures for economic crisis

Play
Libya herald
The Presidential Council (PC) of the Government of National Accord (GNA) held a lengthy meeting with the Governor of the Tripoli Central Bank of Libya (CBL), Saddek Elkaber in order to ‘’decrease the burden of the average Libyan citizen’’ and in order to discuss the ‘’agreed urgent procedures to solve the problem of cash shortage in banks and the import of foodstuffs’’.

‘’The discussion concentrated on the practical steps taken by the CBL during the previous two days which started to be implemented since last Sunday’’

These were summarized in five points, the PC/GNA statement revealed on the Sunday meeting details of which were released yesterday.

1-Raising the ceiling of foreign currency allocated for banks for transfers through Western Union and Money Gram from US$ 100 million to US$ 200 million per month.

2-Raising the ceiling of foreign currency allocated for banks for debit cards from US$ 100 million to US$ 200 million per month. 3-Opening Letters of Credit to the value of US$ 1.2 bn.

4-Starting Monday the opening of Cash Against Credit (CAD) (or Documentary Collection Payment) to the value of US$ 110 million going up to a total of US$ 500 specified for the import of foodstuffs.

5- It was also agreed to hasten the import of the consignment of Libyan money notes to be imported from Britain to start arriving in batches from next week instead of arriving as had previously been planned in June.

Speaking to Libya Herald, a leading Libyan businessman, who did not wish to be named, complained that ‘’CAD had been stopped since April 2015 by the CBL. It limited payments only through LCs, thereby denying importers credit terms given to us by suppliers’’, he explained.

‘’From November 2015 the CBL stopped all forms of foreign payments. In February 2016 it introduced what were seen by many leading businesses as ‘’impossible to execute’’ LC terms and announced a new system which has ‘’not been practicable to date’’, he added.

‘’These changes since April 2016 have caused the inflation and deterioration of the economy with soaring prices to unprecedented levels’’.

‘’The PC/GNA, to alleviate the crises, have ordered the CBL to permit CAD payments again. This is now applicable to just foodstuffs and medicines’’, he revealed.

The PC/GNA is also thought to be keen to ensure there were adequate supplies of foodstuffs in preparation of the oncoming holy fasting month of Ramadan which is a peak consumption month for foodstuffs.

The meeting also puts beyond doubt that fact that the CBL is working with and in full acceptance of the authority of the PC/GNC and no longer dealing with.
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
1 week ago
Find out what contracts are on offer in Libya
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
Share the link for
Page
  • 1
  • ...
Page
  • 1
  • ...
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...