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

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Oil & Gas News

Oil & Gas News
Released:  20/02/20172017-02-20
Word count:  348

TOKYO - Oil prices rose on Monday but the gains were limited as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance.

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Reuters
Brent futures (LCOc1) were up 17 cents at $55.98 a barrel at 0616 GMT, while U.S. West Texas Intermediate crude (CLc1) was up 15 cents at $53.55. Both contracts earlier fell slightly in quiet trading.

"Sustained gains above $55 a barrel, and a hoped for rally to $60 a barrel, (are) both proving incredibly tough nuts to crack," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

"At the crux of the matter is that 90 percent OPEC compliance is being balanced by ever increasing U.S. shale production," he added.

U.S. energy companies added oil rigs for a fifth consecutive week, Baker Hughes said on Friday, extending a nine-month recovery with producers encouraged by higher prices, which have traded mostly over $50 a barrel since late November.

"Assuming the US oil rig count stays at the current level, we estimate U.S. oil production would increase by 405,000 (barrels per day, or bpd) between 4Q17 and 4Q16 across the Permian, Eagle Ford, Bakken and Niobrara shale plays," Goldman Sachs (NYSE:GS) said in a research note.

Overall, 2017 U.S. production will rise by an average 130,000 bpd from a year ago, the note said.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed last year to cut output almost 1.8 million barrels per day (bpd) during the first half of 2017.

Estimates indicate compliance with the cuts is at around 90 percent, while Reuters reported last week that OPEC could extend the pact or apply deeper cuts from July if global crude inventories fail to drop enough. But rising U.S. output helped boost crude and gasoline inventories to record highs last week, amid faltering demand growth for the motor fuel.

Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to Feb.14 to a new record high, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday.

The increase in long positions leaves the market vulnerable to a downward correction, analysts have said. The U.S. market will be closed on Monday for the President's Day holiday.
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Business News

Business News
Released:  20/02/20172017-02-20
Word count:  213

An official Libyan delegation representing the Serraj-led Presidency Council/Government of National Accord (PC/GNA) visited South Korea on Tuesday in an effort to persuade its authorities to permit their companies to return and resume their stalled projects in Libya.

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Libya herald
The Libyan delegation included the PC/GNA-recognized chairman of the General Electricity Company of Libya (GECOL), Abdulmajid Hamza, who met with South Korea’s Deputy Minister of Land, Infrastructure and Communications, Kim Kyung-Hwan as well as contracting companies.

Hamza encouraged the South Koreans to resume their work in Libya in general, but more specifically resume work on the three power stations they are contracted for: Zuetina, Tripoli West and the Sirte Gulf stations. The discussions included security, legal and financial matters, as well as the Korean authorities lifting their current travel ban on their companies to Libya.

GECOL reports that its efforts were successful in persuading the Koreans to return and that the Deputy Minister undertook to lift the travel ban as soon as possible. A roadmap for the return of South Korean companies was also agreed upon at the meeting. No further details of this so-called roadmap were made available.

It is yet to be seen if this agreement materializes, but if it does, it would be a major boost to the Serraj-PC-GNA, if the Koreans can help increase Libya’s electricity generation capacity. If the agreement goes ahead, it would follow in the footsteps of the January agreement to get Turkish contractors Enka to resume work on the Obari power station.
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Oil & Gas News

Oil & Gas News
Released:  17/02/20172017-02-17
Word count:  323

Libya’s crude production exceeded 700,000 barrels a day and is due to keep rising as working conditions in the conflict-ridden country improve for international companies like Eni SpA and Total SA, an official from the state oil company said.

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Bloomberg
The North African country’s crude production is due to reach 1.2 million barrels a day by August and 1.7 million by March 2018 when the nation’s ports and export terminals will be operating at full capacity, Jadalla Alaokali, board member of Libya’s National Oil Corp., said in an interview in Cairo. Output at the El-Feel, or Elephant, oil field is due to resume within one month, pumping 75,000 barrels a day, he said.

Eni and Total are working in Libya without difficulty and Schlumberger Ltd. resumed operations in the country about three months ago, he said. Eni is due to start production from an offshore area in five years, he said.

“Eni and Total are working there with no problems, so the situation is improving every day in Libya and I’d like to take this opportunity as an introduction for those who have interest to work in Libya,” Alaokali said. “More than 45 percent of the land is still virgin, hasn’t been explored, so we still have large areas that haven’t been discovered, so the opportunity is there.”

Libya, with Africa’s largest crude reserves, is trying to revive its oil production and exports in spite of continuing political uncertainty. Additional production may create a challenge for OPEC and other major suppliers that agreed to pump less crude for six month starting Jan. 1 in an effort to end a global glut.

Biggest Field

The Organization of Petroleum Exporting Countries exempted Libya from cutting output as the nation works to restore its oil industry. The country pumped 1.6 million barrels a day before a 2011 revolt set off years of fighting between rival governments and militias.

Libya’s biggest oil field, Sharara, operated by Repsol SA, re-opened in December. The Eni-run El-Feel deposit was also due to re-open then but guards demanding benefits prevented that, NOC said last month. The two fields in western Libya have a combined capacity of 450,000 barrels a day.  
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Oil & Gas News

Oil & Gas News
Released:  17/02/20172017-02-17
Word count:  397

Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang.

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Reuters
Brent crude futures were trading at $55.76 per barrel at 0311 GMT (10:21 p.m. ET on Thursday), up 11 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures, were up 10 cents at $53.46 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia plan to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. The cuts are aimed at curbing oversupply that has dogged markets since 2014.

To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended if all major producers showed "effective cooperation".

For now, inventories remain bloated and supplies high, especially in the United States.

Recent price movements reflect this, with Brent and WTI trading within a $5 per barrel price range this year, in what has become the longest and most range-bound period since a price slump began in mid-2014.

"Despite the headlines, the massive inventory glut in both oil and gasoline continues to thwart any upward momentum," said Stephen Innes, senior trader at OANDA in Singapore.

In the United States, rising output has helped push up crude and fuel stocks to record highs.

In Asia, oil flows into the region remain as high as they were before the production cuts, data in Thomson Reuters Eikon shows, as exporters shield their big customers in a fight for market share.

This comes amid signs of stuttering demand growth in core markets, China and India.

In India, fuel demand growth fell in January, while in China sagging car sales and soaring gasoline and diesel exports also point to a slowdown in growth. That leaves Europe, where OPEC has significantly cut supplies. However, Eikon data shows rising North Sea oil exports to Asia, indicating there is no real supply shortage there either.

Despite the ongoing glut, analysts expect oil markets to tighten in the longer term.

"In the fourth quarter of 2018, global oil demand will most likely surpass 100 million barrels per day," AB Bernstein said on Friday in a note to clients.

"If oil prices stay around $60 per barrel and GDP growth over 3 percent per annum, then oil demand growth will be stronger over the next 5 years, than the previous decade. What we are witnessing is a rather surprising renaissance of oil consumption," it added.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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Business News

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A visiting British business delegation has told one of Libya’s biggest oil companies, Benghazi-based Arabian Gulf Oil Company (AGOCO), that it can help it source materials and equipment as well as training. According to ACOCO, the delegation also said that it could help facilitate business visas to the UK.

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Libya herald
The delegation, led by Peter Meyer of the London-based Middle East Association, was AGOCO’s headquarters in Benghazi yesterday as part of the first western commercial team to visit eastern Libya in over three years.

An AGOCO statement said the delegation had expressed its willingness to support the oil company as it sought to reenergise itself following Benghazi’s instability. Both sides looked at the safety of Benghazi as international businesses evaluate whether to return.

For his part, AGOCO chairman Mohamed Ben Shatwan, thanking the delegation for visiting, expressed the view that it would mark the beginning of cooperation between the groups and the oil company. His hope, he added, was that with new stability in eastern Libya, British companies would begin to return to Benghazi to invest in the region.

Among those in the delegation was Andrew Davidson of Parva Capital which raises finance for investment and Douglas Baldwin of Alpha Services which works with the oil and gas industry.

Also in Benghazi, Meyer and his the delgation saw Benghazi Security Directorate head Saleh Hweidi two days ago. They assessed the safety requirement in Benghazi, with a focus on the supply of police investigation needs such as DNA and fingerprinting equipment, forensic laboratories and training.

The delegation travelled to Egypt today and is expected to fly back to the UK tomorrow, Friday.
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Oil & Gas News

Oil & Gas News
Released:  16/02/20172017-02-16
Word count:  352

Oil held steady on Thursday, supported by ongoing supply cuts led by producer group OPEC, while rising fuel inventories and crude production in the United States dragged on prices.

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Reuters
Brent crude futures were trading at $55.74 per barrel at 0550 GMT (12:50 a.m. ET), down just 1 cent from their last close.

U.S. West Texas Intermediate (WTI) crude futures dropped 6 cents to $53.05 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. [nL8N1FY3GK]

The production cuts are aimed at reining in a global fuel supply overhang that has dogged markets for over two years. Yet despite action so far, inventories remain bloated and supplies high, especially in the United States.

U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the Energy Information Administration said on Wednesday.

Crude inventories rose 9.5 million barrels in the week ended Feb. 10, nearly three times more than analyst expectations, boosting commercial stocks to an all-time record at 518 million barrels.

Gasoline stocks rose 2.8 million barrels, compared with analyst expectations in a Reuters poll for a 752,000-barrel drop. That pushed inventories of the fuel to a record at 259 million barrels.

The bloated stocks come as U.S. crude oil production has risen 6.5 percent since mid-2016 to 8.98 million bpd. Because of the conflicting price drivers of OPEC's cuts and rising U.S. inventories and production, analysts said that prices were largely moving sideways.

Both Brent and WTI crude futures have traded within a $5 per barrel price range since the start of the year.

"There's no doubt that the world oil market is very much in wait-and-see mode, which is why the price has remained in the mid-$50s per barrel range since mid-December," said Gavin Wendt, founding director and senior resource analyst at commodity research firm MineLife.

"The biggest factor is what might happen with U.S. shale production," he said, adding that rising shale output had the potential to damage oil price stability.

Wendt said oil would likely trade between $45 and $55 per barrel in 2017.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)
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Business News

Business News
Released:  16/02/20172017-02-16
Word count:  82

Tripoli, 15 February 2017(Lana) The Central Bank of Libya has announced that it had taken hold of a new amount of paper currency namely LD 250 million.

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LANA - Libya news agency
The Bank said the currency which arrived by air to Mi'tiga Airport from the United Kingdom was the third the bank received this month, and would be used to alleviate the shortages in currency, and ease the suffering of citizens as a result.

Two shipments of LD 250 million each have already been delivered, one last Friday, the other on February 1st.

The CBL said it would distribute the currency to commercial banks all over the country in accordance with enforced regulations.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  15/02/20172017-02-15
Word count:  382

Oil prices dipped on Wednesday over concerns that OPEC producers would not be able to maintain their high compliance so far with output cuts aimed at reining in a global fuel supply overhang.

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Reuters
Brent crude LCOc1 was trading at $55.62 per barrel at 600 GMT (1 a.m. ET), down 35 cents, or 0.63 percent, from its last close. U.S. West Texas Intermediate (WTI) crude CLc1 was down 37 cents, or 0.73 percent, at $52.83 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia agreed in December to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017.

BMI Research said that, based on an estimated compliance with planned production cuts of 92.8 percent by OPEC alone, output was down 1.08 million bpd.

But BMI warned that a compliance rate of just 40 percent by Iraq, OPEC's second-biggest producer, "could prove problematic to group cohesion" as others will have to go beyond their targets to meet the overall goal for the first half of 2017.

Some traders said upcoming oil field maintenance across the Middle East might help the group achieve production cuts.

Yet overall, analysts said oil markets remain well supplied despite the OPEC-led cuts, in part due to a 6.5 percent rise in U.S. oil output since mid-2016 to 8.98 million bpd. [C-OUT-T-EIA]

U.S. bank Citi said that it was lowering its 2Q 2018 and 4Q 2018 oil price forecasts by $1 a barrel.

"Our ICE Brent forecasts for 2Q'18 will now be $63 per barrel and for 4Q'18 will be $58 per barrel to give a calendar average of $60 per barrel," it said.

Outside physical oil markets, a rising correlation between crude futures and the U.S. dollar .DXY has caught market attention.

Oil prices and the dollar are typically in an inverse correlation. A strong greenback weighs on crude as it makes fuel purchases more expensive, potentially crimping demand. A weaker dollar supports oil by making fuel imports cheaper.

That inverse correlation has been recently upended, and the price link between Brent and the dollar is now at its highest since 2005, Thomson Reuters Eikon data shows.

This has come as oil was lifted by the production cuts, while the dollar received support from rising interest rates.

Should a strong dollar and rising oil prices persist, traders say that would be a driver for higher inflation.

In Britain last month, a strong dollar and firm oil prices contributed to the fastest rise in consumer prices since June 2014.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Tom Hogue)
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Business News

Business News
Released:  15/02/20172017-02-15
Word count:  148

A British business delegation has been in Benghazi discussing security needs with Benghazi Security Directorate head Saleh Hweidi.

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Libya herald
Led by Peter Meyer, chief executive of the Middle East Association, the group is the first British business delegation to go to Libya in over three years.

Today’s discussions is said to have focussed on the supply of police investigation needs such as DNA and fingerprinting equipment, forensic laboratories and training. It is reported that deals have been agreed, although this has not been confirmed.

Hweidi was sacked by Beida-based interim government’s acting interior minister at the end of last month which appointed Colonel Saleh Mohamed Al-Khafaifi in his place. However, Hweidi refused to go and for a short while, in what is becoming the Libyan norm, there were two rival security chiefs in Benghazi.

However, Hweidi appears to have won out. Last week, he said that Field Marshal Khalifa Hafter had told him to remain in post and he was going to do precisely that.
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Business News

Business News
Released:  15/02/20172017-02-15
Word count:  76

TRIPOLI Feb 12 (Reuters) - A new floating storage and offloading (FSO) platform has loaded a first tanker with oil from Libya's offshore Bouri field, the National Oil Corporation (NOC) said on Sunday.

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Reuters
Made in South Korea, the new Gaza platform arrived on site in May 2016 and started pumping crude oil at the end of January. It measures 360 metres by 60 metres and replaces an ageing Italian platform.

NOC said in a statement that the tanker had loaded on Saturday, without giving details.

The Bouri field is run by Mellitah Oil and Gas Company, a joint venture between NOC and Italy's ENI.

(Writing by Aidan Lewis, editing by David Evans)
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Oil & Gas News

Oil & Gas News
Released:  14/02/20172017-02-14
Word count:  436

Oil prices were stable on Tuesday, supported by an OPEC-led effort to cut output while rising production elsewhere kept crude futures within the narrow range that has contained them so far this year.

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Reuters
Brent crude futures LCOc1 were trading at $55.63 per barrel at 0638 GMT (1:38 a.m. ET), up 4 cents from their last close.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 4 cents at $52.97 per barrel.

This followed a 2 percent decline in the previous session. Both oil benchmarks have remained within a $5 per barrel trading range since the beginning of the year.

"The usually fairly volatile oil price has barely budged for two months, the reason being conflicting dynamics in the market," said Dutch bank ABN Amro.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in a bid to rein in a global fuel supply overhang.

But undermining these efforts has been rising production in the United States, where increased drilling activity especially by shale oil producers has lifted overall output to 8.98 million bpd, up 6.5 percent since mid-2016 and to its highest level since April last year. [C-OUT-T-EIA]

"Oil just appears to be caught in a range at the moment and mainly focused on those supply considerations," said Ric Spooner, chief market analyst, CMC Markets in Sydney.

Despite an OPEC compliance rate of around 90 percent with the announced cuts, scepticism remains over the end result, preventing the cut from having a bigger impact on prices, traders said.

"OPEC producers want the market to believe they will stick to the agreed production freeze (cut). But lessons from the past have made the market deeply suspicious," ABN said.

Traders said that even at an OPEC compliance of 90 percent, and a much lower rate for non-OPEC members, producers would have to accelerate their cuts in the coming months in order to achieve the average daily reduction target agreed for the first half of the year.

ABN said it had reduced its average Brent oil price forecast for the first half of 2017 "from $55 per barrel to $50 per barrel, while allowing for a possible temporary dip toward $45 per barrel".

With oil fundamentals like OPEC cuts and U.S. drilling dominating the markets, financial price drivers such as Brent's relation with the dollar have been upended, at least for now.

Oil and the U.S. dollar .DXY typically move inversely as a strong dollar weighs on oil prices as it makes fuel purchases by countries using other currencies more expensive, potentially crimping demand.

"The OPEC production cuts and the U.S. rig count are beginning to outweigh the valuation impact of currencies (on oil)," said Spooner.

(Reporting by Henning Gloystein; additional reporting by Mark Tay; Editing by Joseph Radford and Sherry Jacob-Phillips)
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Business News

Business News
Released:  14/02/20172017-02-14
Word count:  59

Sebha, 13 February 2017(Lana) A committee made up of representatives from Aviation and Airport Authorities, Libyan and Afriqiyyah Airlines and the Security and Safety Agency have called at the Tamanhint Airport on Saturday to assess the conditions for a possible resumption of flights from the airport.

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LANA - Libya news agency
The committee members who were flanked with the Director of the Airport Hamza Issa toured the inspection and control facilities as well as the runway and the control tower.

They also inspected the fire engines, ambulances at the airport.

Flights to and from the airport were suspended in mid December, following the kidnapping of the Afriqiyyah airliner incident.

=Lana=
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Business News
Released:  14/02/20172017-02-14
Word count:  40

Tripoli, 13 February 2017(Lana) The Central Bank of Libya has announced the launch of so called Foreign Currency Management System (FCMS) for individuals at commercial banks and branches all over the country starting from Sunday Feb 12.

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LANA - Libya news agency
In a statement, yesterday, the Bank said house holders can apply for foreign currency at bank in which they have current accounts.

Selling of foreign currency for households will continue up to the end of year, the Bank said.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  13/02/20172017-02-13
Word count:  383

SINGAPORE (Reuters) - Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected.

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Reuters
Brent crude futures were trading at $56.55 per barrel at 0035 GMT, down 15 cents from their previous close. West Texas Intermediate (WTI) crude futures were down 12 cents at $53.74 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in a bid to rein in a global fuel supply overhang.

There was widespread scepticism that all producers would actually make the promised cuts, but compliance with the announced reductions is now estimated to be around 90 percent.

"Traders will be keenly awaiting the release today of OPEC's monthly report. If production cuts are coming through as suggested, we should see oil prices push higher," ANZ bank said on Monday.

While traders said that crude was well supported in the lower to mid-$50s per barrel due to the curbs, they pointed to a host of reasons that were preventing prices from rising further unless production is cut deeper or for a longer period.

In the United States, rising drilling activity is pushing up production and undermining OPEC's efforts to reduce output.

Drillers added eight oil rigs in the week to Feb. 10, bringing the total U.S. count to 591, the most since October 2015, Baker Hughes said on Friday.

During the same week last year, when prices were around $30 per barrel, there were just 439 active oil rigs. In Russia, which is participating in the cuts, there are signs that output may be falling but that exports remain high, as its producers shield their core export markets at the cost of lower domestic supplies or by cutting into inventories.

Given these trends, analysts say that OPEC might have to extend its cuts for a longer period than the currently planned first half of 2017.

But since global oil demand is expected to rise be between 1.3 million bpd and 1.5 million bpd in 2017, OPEC's conundrum is that the longer and deeper it cuts, the more it cedes market share to competitors, as seen in the two world's biggest oil consuming markets.

In the United States, OPEC is facing the rising flood of shale driven production. In China, OPEC's de-facto leader Saudi Arabia has already been overtaken by Russia as the biggest oil supplier.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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Released:  13/02/20172017-02-13
Word count:  55

Tripoli, 12 February 2017(Lana) The Central Bank of Libya has announced that it had taken hold of a new amount of paper currency which arrived by air to Mi'tiga Airport from the United Kingdom.

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LANA - Libya news agency
The Bank said the currency which will be followed by other shipments over the next months would be used to alleviate the shortages in currency, and ease the suffering of citizens as a result.

The CBL said it would distribute the currency to commercial banks all over the country in accordance with enforced regulations.

=Lana=
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Released:  13/02/20172017-02-13
Word count:  30

Ghadamis, 12 February 2017(Lana) The Ghadamis Municipal Council has announced that the town airport has been re-opened after a 3 year closure.

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LANA - Libya news agency
The Libyan Airlines will conduct 1 flight a week on Tuesdays from Mi'tiga to the Ghadamis Airport starting from this week, the Council said.

Return Tickets will sell at LD 100.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  10/02/20172017-02-10
Word count:  339

Oil prices were stable on Friday, supported by strong Chinese crude imports and OPEC-led production cuts, although ample U.S. fuel inventories weighed on the market.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.68 per barrel at 0427 GMT, up 5 cents from their previous close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 7 cents at $53.07 a barrel.

Traders said that strong Chinese crude import data was supporting prices on Friday.

China's crude imports in January rose 27.5 percent from a year earlier to the third-highest volume ever, suggesting robust demand despite disruptions from the Lunar New Year holiday.

China imported 34.03 million tonnes, or 8.01 million barrels per day (bpd), the General Administration of Customs reported on Friday. The imports were down from December's record 8.57 million bpd.

Despite this, both crude futures have traded within a $5 range since the beginning of the year, and this was due to competing price drivers.

"Oil prices continue to struggle to break out of the current range," ANZ bank said on Friday.

"The push and pull between competing forces in the crude oil market continued overnight.

Despite the stronger U.S. dollar .DXY and lingering concerns about U.S. (oil) inventories, traders returned their focus to the OPEC production cuts being implemented at the moment," it added.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day during the first half of 2017 to rein in a global fuel supply overhang.

Initially, there was widespread scepticism that all producers would actually make the promised cuts, but compliance with the announced reductions is now estimated to be between 80 and 90 percent as OPEC's de-facto leader Saudi Arabia has enforced deep production cuts.

The next OPEC data is due to be released next week.

Despite the OPEC-led cuts, oil markets remain bloated as inventories, especially in the United States, are brimming and rising U.S. drilling activity is pushing up production there as well. [EIA/S]

As a result, WTI and Brent crude oil futures are between 4 to 5 percent below their early January peaks.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Christian Schmollinger)
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Business News
Released:  10/02/20172017-02-10
Word count:  57

Tripoli, 9 January 2017(Lana) The Chairman of the Board of the National Oil Company Mustafa Sun'allah met in Tunis on Wednesday the Director General of the Indonesian company Medco Roberto Lorato.

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LANA - Libya news agency
The meeting dealt with the company's exploration and development work at the concession No 47 in Ghadamis Basin, accorded to the consortium in accordance with the exploration and production-sharing agreement.

Future cooperation between NOC and Medco was discussed at the meeting which was attended by the some members of the NOC board and the CEO of Medco.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  09/02/20172017-02-09
Word count:  397

Oil prices rose on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.52 per barrel at 0758 GMT, up 40 cents, or 0.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 39 cents, or 0.8 percent, at $52.73 a barrel.

The U.S. Energy Information Administration (EIA) said on Wednesday that gasoline stocks USOILG=ECI fell by 869,000 barrels last week to 256.2 million barrels, versus analyst expectations for a 1.1 million-barrel gain. [EIA/S] Traders said that this surprise increase in U.S. gasoline inventories had helped push up crude, although most added that fuel markets were still bloated and that this would likely prevent further big price rises.

"We remain highly skeptical of the overnight price action," said Jeffrey Halley, senior market analyst at futures brokerage OANDA, referring to rising crude.

U.S. commercial crude inventories soared by 13.8 million barrels to 508.6 million barrels, according to the EIA. U.S. bank Goldman Sachs said that high fuel inventories as well as rising U.S. crude production mean that oil markets will remain over-supplied for some time.

"The 4Q16 global oil market surplus led to further rises in global inventories in January, and as a result the draws that we expect will start from a high base," the bank said.

"U.S. production has also rebounded faster than our rig modeling suggested ... and we view the faster shale rebound as creating downside risk to our 2018 WTI price forecast of $55 per barrel, but not to our expectation that the global oil market will shift into deficit in 1H17," it added.

Ongoing high inventories undermine efforts by the Organization of the Petroleum Exporting Countries and other producers including Russia to cut output by almost 1.8 million bpd during the first half of this year in order to prop up prices and rebalance the market.

As a result, both Brent and WTI are down around 5 percent since early January, when the OPEC-led cuts started to be implemented.

"Our 2017 Brent outlook is broadly neutral, with a $57.0 per barrel average forecast for the year," BMI Research said. "Agreed production cuts by OPEC and Russia are supporting prices, but heavy refinery maintenance, and production growth in Libya, Nigeria and the (U.S.) Permian will cap gains," it added.

(This version of the story corrects paragraph 7 to change rise in inventories to 13.8 million barrels from 18.8 million) (Reporting by Henning Gloystein; Editing by Kenneth Maxwell and Richard Pullin)

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Tripoli, 08.02.2017(Lana) Libyan-Turkish joint Committee was announced to be set up to discuss measures for the return of Turkish companies under contract to Libya to resume their work, besides speeding up infrastructure programmes and accomplish new projects.

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LANA - Libya news agency
This came at a press conference, held by the President of the Presidency Council, Fayez Saraj, and Turkish Prime Minister, Benali Yaldirim, following their meeting Wednesday in Ankara which addressed several political, economic and security issues of interest to both countries.

They also discussed the prospect of wavering visa restriction on Libyans.

The meeting was attended by Libyan delegated Foreign Minister, Mohamed Saila, and Turkish ambassador to Libya, Ahmet Doghan.

=Lana=
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