اتفاقية في مجال التدريب بين ليبيا وبريطانية..

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News Releases

News Releases
Released:  21/11/20142014-11-21
Word count:  517

Brega Petroleum Marketing Co. intends to tenderingSupply and installation of the thermal insulation of tank no. 501 B project at Ras Elmungar terminal , according to scope of work and requirements which are summarized in the following essential items:

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NOC

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Collection and transfer of aluminum sheets and hand over to the company s waste site.
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Collecting mineral wool, put mineral wool in nylon bags and seal it and disposed of according to environmental procedures.
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Removal and dismantling of all roof mineral wool and aluminium sheets.

So companies possessing relevant experience, and has technical and financial capabilities are invited to express their interest in participation to execute this project, to submit their files for Pre-Qualification according to the following terms and conditions:

1.
Fill out the PQQ available viahttp://www.brega.ly/tender.zip    and return via email    highertenders@brega.ly  also hard copy of PQQ Document to be enclosed with the company’s file.
2.
A cover letter expressing of interest to participate in pre-qualification for the project, addressed to High Tender Committee.
3.
Provide organisation's articles of incorporation and its chart - official evidence attesting registration at the commerce registration office – valid business license – valid tax clearance certificate.Foreigncompaniesshould submit registration documents from Libyan official state bodies.
4.
Provide the financial status for the last) 3(years (2011 –2012 – 2013) authenticated by legal auditor.
5.
Provide details of your experience of similar scope of work.
6.
Provide list of technical crew and company’s equipment.
7.
Full address of company headquarter and its branches, telephone, fax numbers, email& website address.
Important Notes:
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Only officially assigned representative will be dealt with.

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The invitation to tender and handing over specification and general terms& conditions documents only to companies that found qualified by pre-qualification evaluation final result.

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Documents shall be submitted to the Secretary of the High Tenders Committee in a sealed envelope addressed to Brega Petroleum Marketing Co. High Tenders Committee office, located at Tripoli International Airport Road, Brega’s Finance department building, Tripoli, near Tripoli Oil Terminal.

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The closing date for submission of documents is on Monday 01/12/2014.
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Any file is not included the required documents will be rejected.
For any quarries please contact High Tenders Committee:
Tel. 021 362 0110fax:021 361 9870 Email: highertenders@brega.ly
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Oil & Gas News

Oil & Gas News
Released:  21/11/20142014-11-21
Word count:  675

Brent and West Texas Intermediate crude gained for the first time in four days as investors weighed the potential outcome of next week’s OPEC meeting.

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Bloomberg
Leading members of the Organization of Petroleum Exporting Countries are resisting calls to reduce output while others including Venezuela seek action to support prices at a Nov. 27 meeting in Vienna. An OPEC production cut looks increasingly likely, Morgan Stanley said in a report yesterday. Brent trading volatility rose to the highest in more than two years.

“The market is eyeing next week’s OPEC meeting for some kind of movement,” said Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut. “OPEC needs to take action and make the cuts. The market is still under pressure but we are close to the bottom.”

Brent for January settlement gained $1.23, or 1.6 percent, to end at $79.33 a barrel on the London-based ICE Futures Europe exchange. Total volume of all futures was 21 percent below the 100-day average. Front-month prices have decreased 28 percent this year.

Implied volatility for at-the-money front-month Brent options, a measure of expected futures movements and a key gauge of options value, rose to 32.23 percent yesterday, the highest level since July 2012, according to data compiled by Bloomberg. Volatility was 31.23 percent today.

WTI for January delivery, the most-actively traded, rose $1.35, or 1.8 percent, to $75.85 a barrel on the New York Mercantile Exchange. The December contract, which expired today, climbed $1 to $75.58. The European benchmark crude traded at a premium of $3.48 to WTI for the same month on ICE, compared with $3.60 yesterday.

Bear Market

Oil collapsed into a bear market as OPEC production rose and the U.S. pumps at the fastest rate in more than three decades. OPEC pumped 30.97 million barrels a day in October, exceeding its collective output target of 30 million barrels a day for a fifth straight month, data compiled by Bloomberg show.

The 12-member group should cut output by 500,000 barrels a day, Libya’s OPEC governor Samir Kamal said yesterday. “OPEC needs to get everybody on board,” said Kyle Cooper, director of commodities research at IAF Advisors in Houston. “It’s going to be a battle. I don’t see who is going to cut. The market is just going to bounce around before the meeting.”

Iran Talks

U.S. Secretary of State John Kerry will today join envoys from six world powers and Iranian counterparts for intensive talks on the country’s nuclear program. Iran won’t cut its oil output by a single barrel, said the country’s Oil Minister Bijan Namdar Zanganeh.

“Under no circumstance will Iran decrease its share of the global market, not even by one barrel,” Zanganeh said in TV interview, according to ministry’s news website Shana.

Zanganeh said he will discuss oil market share with Saudi Arabia, OPEC’s largest producer, in Vienna on Nov. 26, the day before the group’s meeting, according to a report from the official Islamic Republic News Agency, citing the same TV interview.

Crude also gained on speculation stronger economic growth in the U.S. will increase demand. Existing homes sold at a 5.26 million annual pace in October, the strongest since September 2013 and up 1.5 percent from a revised 5.18 million pace in September, the National Association of Realtors reported today.

The Conference Board’s index of U.S. leading indicators, a gauge of the outlook for the next three to six months, climbed 0.9 percent last month, the most since July, after rising 0.7 percent in September, the New York-based group said today.

Refinery Runs

“The economy looks good, and when the economy is good, demand rises,” said Carl Larry, a Houston-based director of oil and gas at Frost & Sullivan. “Strong refinery runs are going to keep oil supported.”

Demand for gasoline climbed to 9.19 million barrels a day last week, the most since Aug. 29, the Energy Information Administration reported yesterday.

Regular gasoline prices averaged $2.85 a gallon nationwide yesterday, the lowest since November 2010, according to AAA.

U.S. refineries operated at 91.2 percent of capacity last week, the most since Sept. 19, the EIA said.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

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

Oil & Gas News
Released:  21/11/20142014-11-21
Word count:  331

NEW YORK, Nov 20 (Reuters) - Oil closed higher on Thursday, snapping a three-day loss, as strong U.S. economic data bolstered crude markets but focus remained on whether OPEC will cut output to end a five-month long selloff when it meets next week.

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Reuters
Factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades, U.S. home resales jumped to their highest in more than a year in October, and a gauge of future U.S. economic activity gained more than expected last month.

Chances have also risen in recent days that the Organization of the Petroleum Exporting Countries will agree on reducing production when it meets on Nov. 27, analysts said.

Benchmark Brent oil settled up $1.23 at $79.33 a barrel, after a session high at $79.46. U.S. crude finished up $1 at $75.58 after an intraday peak of $75.76.

"The market seems to be riding the wave of the strong U.S. data. There's also growing speculation that OPEC may do something to support prices," said Phil Flynn, analyst at Price Futures Group in Chicago. Higher demand for heating oil from unseasonably cold U.S. weather also helped, said Harish Sundaresh, commodity strategist and portfolio manager at Boston's Loomis, Sayles & Co, which manages $220 billion. "The U.S. is very short heating oil inventory going into the winter months," Sundaresh said.

Front-month heating oil futures closed up nearly 1 percent at $2.38 per gallon.

U.S. crude stockpiles unexpectedly jumped 2.6 million barrels last week although inventories of distillates, including heating oil, fell by 2 million barrels.

Fear of prolonged low prices for oil have pushed some U.S. producers such as Apache Corp, Continental Resources Inc and Denbury Resources Inc to budget less on drilling next year.

OPEC members Iran, Venezuela and Libya are calling on the group to cut production to support prices, which have sunk more than 30 percent since June to four-year lows, as U.S. output of high quality, light shale crude overwhelms demand in a lacklustre global economy.

Market bets on the outcome of the OPEC meeting varied sharply, with analysts at Austria's JBC Energy expecting a 1 million-barrel-per-day cut at least, while New York-based consultancy Eurasia Group expects none.

(Additional reporting by Christopher Johnson and Simon Falush in London; Editing by Marguerita Choy)
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News Releases

News Releases Oil & Gas News

The National Oil Corporation (NOC) announced today that GX Technology, a wholly-owned subsidiary of ION Geophysical Corporation, will commence the first phase of seismic data acquisition on Wednesday November 19th for the LibyaSPAN™ multi-client 2D regional survey

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NOC
in the Libyan territorial waters of the Mediterranean Sea. The survey is being conducted as part of a joint agreement between National Oil Corporation (NOC), North Africa Geophysical Exploration Company (NAGECO, wholly-owned by NOC), and ION – GX Technology (ION-GXT). BGP has been selected as the seismic acquisition contractor and will be utilizing their R/VDFKT1vessel.

The whole program covers 21,000 km of 2D regional survey onshore and offshore Libya and will be completed in 6 phases. This first Phase of the project will encompass 7,718 kilometers of new high-end long-offset seismic data covering the entire Libyan offshore region (See Map).LibyaSPAN is being developed in anticipation of future license rounds in Libya to help oil and gas companies evaluate large regions and focus on areas with the highest chance of success.

Mr. Bashir Garea, NOC Exploration Manager, commented: “We’re pleased that this valuable program is moving forward. LibyaSPAN will provide a comprehensive picture of the Libyan geology, tying all of the major basins and providing the deep imaging essential to understanding new exploration plays. It will provide good data for future license rounds and successful exploration activities” Final delivery of the fully-imaged dataset and regional interpretation is scheduled for late 2015.
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News Releases

News Releases
Released:  20/11/20142014-11-20
Word count:  312

NEW YORK, Nov 19 (Reuters) - Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC output cut vanished after the Federal Reserve released minutes of last month's policy meeting revealing worries that U.S. inflation could remain below target for "quite some time."

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Reuters
The Fed minutes showed central bankers concerned about the economy's strength but reluctant to issue a statement reflecting too much pessimism.

The Fed's outlook was "a negative for energy demand, and the looming interest rate hike will only serve to strengthen the dollar further," said John Kilduff, partner at New York energy hedge fund, Again Capital. "Both elements of the minutes are bearish for the crude oil price outlook."

Benchmark Brent crude oil settled down 37 cents at $78.10 a barrel, after rising as much as 98 cents during the session. It has lost $1.31 in the past three sessions.

U.S. crude finished down 3 cents at $74.61, after a session high at $75.40.

Earlier, oil prices rose after Libya's OPEC Governor Samir Kamal told Reuters he expected the group's Nov. 27 meeting to agree on halting production at above OPEC targets, removing about 600,000 barrels per day (bpd) from the market. OPEC, or the Organization of the Petroleum Exporting Countries, will meet in Vienna to consider adjusting its output target of 30 million bpd. Fears of an oil glut and a 30 percent drop in Brent prices since June has made a few producers clamor for sharp output cuts. But OPEC heavyweight Saudi Arabia has not said if it will support that.

U.S. crude stockpiles rose 2.6 million barrels for the week ended Nov. 14, compared with forecasts of a 800,000-barrel draw, as imports rose to meet demand from refineries hiking runs after seasonal maintenance, data from the Energy Information Administration (EIA) showed.

Despite the unexpectedly large build, oil prices rose by midday as investors focused on the OPEC meeting.

Unseasonably cold weather across America, and a 2-million barrel draw in distillate supplies last week, also supported prices of U.S. heating oil before late profit-taking in that market.

(Additional reporting by Robert Gibbons New York, Ahmed Aboulenein in London and Jacob Gronholt-Pedersen in Singapore; Editing by Marguerita Choy and David Gregorio)  
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Oil & Gas News

Oil & Gas News
Released:  20/11/20142014-11-20
Word count:  295

(Reuters) - OPEC will agree as a minimum step to remove crude from the market that it is pumping above the agreed target, a Libyan oil official said, to support prices that hit a four-year low.

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Reuters
Oil ministers from OPEC meet on Nov. 27 to consider adjusting their output target of 30 million barrels per day (bpd). More delegates are talking of a need to lower production, although top exporter Saudi Arabia has yet to say whether it supports a cut.

"I believe that the ministers will arrive to an agreement, as a minimum, to ask all members to abide by the 30 million ceiling for December," Samir Kamal, Libya's OPEC governor and head of planning at the Libyan oil ministry, told Reuters.

Complying with the target would in theory cut OPEC output by 600,000 bpd based on the International Energy Agency's estimate that OPEC pumped 30.60 million bpd in October. OPEC's own figures put production lower at 30.25 million bpd.

Oil fell to a four-year low below $77 a barrel last week on ample global supply, slowing demand and scepticism that the 12-member Organization of the Petroleum Exporting Countries will be able to bolster prices.

The Libyan official added he also expected OPEC ministers to "keep a watch on the market response and if needed, to set a new ceiling of not more than 29.5 million bpd".

Kamal said he was not speaking on behalf of the Libyan government. Libya is struggling with two administrations -- the internationally recognized government, located in Tobruk since August, and a Tripoli-based rival administration. Neither has commented on the OPEC meeting.

Last month, Kamal called for an OPEC cut of at least 500,000 bpd and said Libya should be exempt from the measure since it is working to sustain a rise in production hit by months of fighting and protests.

Fellow OPEC members Venezuela and Ecuador also want an OPEC cut. Kuwait has said a reduction is unlikely, while traders and analysts are split over the likelihood of action.

(Editing by Dale Hudson)  
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News Releases

News Releases
Released:  19/11/20142014-11-19
Word count:  196

Nov 18 (Reuters) - Libya hopes to restart oil production at the southwesterly El Feel field next week, a spokesman for the state National Oil Corp (NOC) said on Tuesday.

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Reuters
NOC shut down the field more than a week ago when clashes forced the closure of the neighbouring El Sharara oilfield. Both sites use the same power supply.

NOC spokesman Mohamed El Harari said engineers had started technical checks and maintenance work at El Feel, which is operated jointly by NOC and Italy's ENI SpA. He said NOC hoped to resume production at El Feel next week unless major technical issues came up during the checks, but that the El Sharara field remained shut.

A worker at El Feel confirmed that engineers were preparing to restart the field.

NOC has not published any recent production data but El Feel was pumping at least 80,000 barrels a day earlier this year. El Sharara was pumping at least 200,000 bpd until clashes between local tribesmen and state oil guards broke out this month.

NOC failed to resume output at the El Sharara field last week after unknown people blocked a pipeline.

The struggle for control of El Sharara is part of the turmoil pitting competing militias and tribes against each other, three years after Muammar Gaddafi was ousted.

(Reporting by Ayman al-Warfalli; writing by Ulf Laessing; Editing by Kevin Liffey)
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Oil & Gas News

Oil & Gas News
Released:  19/11/20142014-11-19
Word count:  463

A “large” production cut by OPEC to prop up crude prices isn’t in the group’s interest because it’s likely to bolster an expansion of U.S. shale oil, according to Goldman Sachs Group Inc.

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Bloomberg
While the slide in prices into a bear market increases the chances of a reduction, trimming output by more than 500,000 barrels a day would mean further cuts are needed starting 2016 as higher prices prompt more U.S. drilling, Goldman said in a note yesterday. Some members of the Organization of Petroleum Exporting Countries including Saudi Arabia have resisted calls to decrease supply while others seek action to support crude.

“A large cut would be difficult to implement,” given the financing needs of some OPEC members, said analysts including New York-based Jeffrey Currie, referring to Libya, Iran, Venezuela and Iraq, the group’s second-largest member.

Oil has slumped about 30 percent since its June peak amid a surge in U.S. output to the highest level in more than three decades. OPEC, which meets Nov. 27 in Vienna, exceeded its 30 million barrel a day production target for a fifth consecutive month in October, according to data compiled by Bloomberg.

Brent crude, the benchmark for more than half of the world’s oil slid as much as 46 cents to $78.85 a barrel on the London-based ICE Futures Europe exchange today.

OPEC Meetings

OPEC members have stepped up diplomacy before the meeting. Iranian oil minister Bijan Namdar Zanganeh is preparing to visit the United Arab Emirates, while Iraqi President Fouad Masoum and Libyan Prime Minister Abdullah al-Thani flew to Riyadh last week for separate talks with officials from Saudi Arabia, the group’s biggest producer.

Rafael Ramirez, Venezuela’s foreign minister and representative to OPEC, held talks in Algeria and Qatar while Saudi Oil Minister Ali Al-Naimi toured Latin America. The group last cut quotas in December 2008, trimming its target by 2.46 million barrels a day in response to the global financial crash. It produced 30.97 million barrels daily last month, data compiled by Bloomberg show.

Some OPEC members have cut prices of supplies to defend market share and stimulate demand amid the shale boom in North America. U.S. daily crude output climbed to 9.06 million barrels in the week ended Nov. 7, the most in weekly Energy Information Administration data that began in 1983.

Iraq, which pumped 3.3 million barrels a day last month, will be reluctant to enact production cuts, given the ongoing domestic instability, military funding needs and Kurdistan’s desire and ability to increase exports, according to Goldman Sachs.

The Kurdistan Regional Government on Nov. 13 announced an agreement on exports with Iraq, in which the semi-autonomous region’s oil will be exchanged for revenues from the administration in Baghdad. The KRG has placed 150,000 barrels a day of crude at the disposal of the central government, according to a statement last week.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net  
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Oil & Gas News

Oil & Gas News
Released:  18/11/20142014-11-18
Word count:  497

(Reuters) - Oil prices fell and global equity markets were mixed on Monday after news that Japan unexpectedly slipped into recession in the third quarter renewed concerns about world growth.

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Reuters
But two blockbuster acquisitions and anticipation of more European stimulus capped declines and helped lift the S&P 500 to a record closing high on Wall Street.

The Japanese yen steadied against the U.S. dollar, pulling back from a fresh seven-year low, as the economic data set the stage for Prime Minister Shinzo Abe to delay an unpopular sales tax hike and call an election two years before he has to.

Japan's economy shrank an annualized 1.6 percent after a 7.3 percent slide in the second quarter, when a sales tax hike hit consumer spending. Analysts polled by Reuters had expected 2.1 percent growth in the third quarter, but consumption and exports remained weak, saddling companies with big inventories.

Tokyo's Nikkei index lost 3 percent, its biggest one-day drop since August, and Wall Street closed mixed after a choppy session. Brent oil initially fell more than $1 toward $78 a barrel as Japan is the world's No. 4 crude importer. "Concern about deceleration of economic growth particularly in Asia" weighed on markets, said Chad Morganlander, portfolio manager at Stifel, Nicolaus & Co in Florham Park, New Jersey.

News that Allergan agreed to be bought by Actavis, while Halliburton said it would buy Baker Hughes, in deals worth $100 billion, helped offset declines. Allergan and Baker Hughes were two of the top three point gainers on the S&P 500, up 5.3 percent and 8.9 percent, respectfully.

Comments by European Central Bank President Mario Draghi that the bank is ready to do more if its stimulus is not enough to accelerate the euro zone recovery also offset declines.

MSCI's all-country world equity index, which tracks shares in 45 nations, slipped 0.19 percent to 419.52. The Dow Jones industrial average closed up 13.01 points, or 0.07 percent, to 17,647.75, while the S&P 500 rose 1.5 points, or 0.07 percent, to 2,041.32. The Nasdaq Composite lost 17.54 points, or 0.37 percent, to 4,671.00. European shares rebounded, turning solidly positive after Draghi reasserted he was ready to do more to fight deflation.

The FTSEurofirst 300 index of top European shares rose 0.51 percent to close at 1,352.01.

Yields on most lower-rated euro zone bonds fell because Draghi said unconventional monetary policy measures could include buying sovereign debt.

Italian 10-year bond yields fell 5 basis points to 2.29 percent, while equivalent Spanish yields fell 3 basis points to 2.21 percent

Brent crude settled down 10 cents at $78.31 a barrel, after dipping as low as $77.94 earlier in the session. U.S. crude for December delivery settled down 18 cents at $75.64 a barrel.

The dollar was last at 116.45 yen, 0.15 percent higher, after earlier rising as high as 117.04 yen. The dollar also gained against the euro after an ECB executive board member said the bank could theoretically extend purchases to gold, shares, exchange-traded funds or other assets if more action is needed to stimulate the region’s economy.

The euro was last at $1.2451, down 0.56 percent.

U.S. Treasury debt prices fell in choppy trading as investors took profits on gains fueled by the weak Japanese data. Benchmark 10-year U.S. Treasury notes were last down 5/32 in price to yield 2.3399 percent. (Reporting by Herbert Lash; Editing by Dan Grebler)  
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News Releases

News Releases Business News
Released:  18/11/20142014-11-18
Word count:  56

Live cattle shipments from Ireland to Libya will resume over the next few weeks, according to a report from the Irish Independent.

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Libya business news
Viastar is buying stock for Libya and aims to ship 2,500 bulls during the last week of November or the first week in December.

Company head James Mallon said he was looking for a mix of Friesian and continental bulls between 300kg and 550kg. He is offering in excess of €1.30/kg for the Friesians.

(Source: Independent.ie)  
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News Releases

News Releases

A meeting between the Minister of Tourism and businessmen to discuss a mechanism for the revival of Ghat Festival.

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Libyan investment
Minister of Tourism met a Libyan delegation of Businessmen and General Manager for Tourism Development and Real Estate Investment Holding Company to view the vision of the private sector and its contribution in the activation of the ministry’s programs.

The meeting was attended by Undersecretary and director of the Tourism Promotion Management as well as a number of departmental managers and discussed the participation of the private sector in the provision of financial support for the 20th session of Ghat International Tourism Festival languages which is proposed in the period from 25th to 27th December 2014.
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Oil & Gas News

Oil & Gas News
Released:  18/11/20142014-11-18
Word count:  224

Investing.com - Oil futures fell more than 1% during European morning trade on Monday, as concerns over the global economic outlook were amplified after data showed that Japan unexpectedly slipped into recession.

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NASDAQ
On the ICE Futures Exchange in London, Brent oil for January delivery lost $1.08, or 1.36%, to trade at $78.33 a barrel.

London-traded Brent futures fell to $76.76 a barrel on Friday, a level not seen since October 2010.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January shed 90 cents, or 1.18%, to trade at $74.93 a barrel.

Nymex oil hit $73.25 a barrel on Friday, the lowest level since September 2010.

Official data showed that Japan's gross domestic product contracted by an annualized 1.6% in the third quarter, following a 7.3% decline in the previous quarter. Economists had forecast a 2.3% increase.

Japan is the world's fourth-biggest crude importer.

Meanwhile, market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will cut output when it meets later this month.

London-traded Brent prices have fallen nearly 32% since June, when it climbed near $116, while WTI futures are down almost 30% from a recent peak of $107.50 in June.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

Oil ministers from Iran, Libya, Venezuela, Ecuador and Algeria have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.

The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.

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Oil & Gas News

Oil & Gas News
Released:  17/11/20142014-11-17
Word count:  866

Brent advanced on speculation that the drop in prices below $80 a barrel for the first time in four years increases the likelihood that OPEC will curb output. West Texas Intermediate rose the most in more than two months.

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Bloomberg
Futures gained 2.5 percent in London and 2.2 percent in New York. OPEC ministers have stepped up their diplomatic visits before the group’s Nov. 27 meeting, potentially seeking a consensus on how to react to oil prices that have plunged to a four-year low. Prices may slide further in the coming months as the market enters a period of weaker demand, the International Energy Agency said today.

Oil has collapsed into a bear market after leading members of the Organization of Petroleum Exporting Countries resisted calls to cut production and the U.S. shale boom lifted output to the highest level in three decades. Brent posted its eighth weekly decline, the longest retreat since the contract began trading in 1988.

“Brent falling below $80 yesterday and WTI falling below $74 has certainly gotten the attention of OPEC,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “We’re watching them descend into panic mode, rushing from capital to capital in search of an agreement. They may cobble together something before the meeting but I’m still skeptical that they will.”

Brent, WTI

Brent for January settlement climbed $1.92 to end the session at $79.41 a barrel on the London-based ICE Futures Europe exchange. The December contract expired yesterday after losing $2.46 to $77.92, the lowest close since September 2010. The volume of all futures traded was 4.1 percent below the 100-day average at 2:52 p.m. in New York.

WTI for December delivery climbed $1.61 to settle at $75.82 a barrel on the New York Mercantile Exchange. It was the biggest gain since Sept. 3. Volume was 22 percent higher than the 100-day average. The January WTI contract closed at a $3.59 discount to Brent for delivery the same month.

Libya Prime Minister Abdullah al-Thani flew to Riyadh yesterday just as Iraq President Fouad Masoum left the kingdom after a two-day visit where he met with King Abdullah, the official Saudi Press Agency reported. Rafael Ramirez, Venezuela’s foreign minister and representative to OPEC, held talks in Algeria and Qatar. Saudi Arabia Oil Minister Ali Al-Naimi toured Latin America.

Share Burden

“The Saudis will not walk the road alone, they want to see everyone share the burden with them,” Kuwait-based analyst Kamel al-Harami said by phone. Saudi Arabia, the world’s biggest oil exporter, is trying to build consensus among fellow OPEC members before they meet Nov. 27 in Vienna, he said.

Supply-demand balances suggest that the price rout has yet to run its course, the IEA said in its monthly report today. “Downward price pressures could build further in the first half of 2015. Pressure on OPEC to reduce production is building,” it said.

The 12-member group would need to reduce production by between 1 million and 1.5 million barrels a day to shake off the negative sentiment in the market, BNP Paribas SA said yesterday in an e-mailed report.

“This looks a lot like what happened when prices first slipped below $80,” Stephen Schork, president of Schork Group Inc. in Villanova, Pennsylvania, said by phone. “You saw it rebound a bit before it took another leg lower. I see no reason that this time will be different.”

Russia is preparing for a “catastrophic” slump in oil prices, which it can weather thanks to a cushion of more than $400 billion in reserves, President Vladimir Putin said.

‘Catastrophic Fall’

“We’re considering all the scenarios, including the so-called catastrophic fall of prices for energy resources, which is entirely possible, and we admit it,” Putin said in an interview with the state-run Tass news service before attending this weekend’s Group of 20 summit in Brisbane, Australia, according to a transcript e-mailed by the Kremlin today. WTI, which recorded its longest run of weekly declines since 1986, may extend its drop next week, said 11 of 22 analysts and traders in a Bloomberg survey. Seven respondents, or 32 percent, predicted that futures will gain while four expected little change.

‘Short Rally’

The world economy is in its worst shape in two years, according to a Bloomberg Global Poll of investors, with the euro area and emerging markets deteriorating and the danger of deflation rising. A plurality of 38 percent of those surveyed this week described the global economy as worsening, more than double the number who said that in the last poll in July and the most since September 2012, when Europe was mired in a recession.

“We’re rebounding some after a move lower,” Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut, said by phone. “This will probably be a short rally. We’ll probably soon resume grinding lower because the slowing European economy will reduce demand and supplies will keep rising.”

Gasoline futures climbed 4.09 cents, or 2 percent, to close at $2.0425 a gallon in New York. Ultra-low sulfur diesel advanced 5.4 cents, or 2.3 percent, to settle at $2.4161. Diesel posted the biggest gain since Sept. 3.

Regular gasoline at U.S. pumps fell to the lowest level since December 2010. The average retail price slipped 0.3 cent to $2.914 a gallon yesterday, according to Heathrow, Florida-based AAA, the nation’s biggest motoring group.

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

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

Oil & Gas News
Released:  17/11/20142014-11-17
Word count:  255

Benghazi (Libya) (AFP) - Oil exports have resumed from Libya's Al-Hariga terminal following settlement of a strike over unpaid wages, the National Oil Corporation said on Friday.

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Yahoo news
At the same time, total oil production in the North African nation, hit by civil strife and strikes since the 2011 ouster of dictator Moamer Kadhafi, should reach one million barrels a day (bpd) by year's end, the NOC's Mohamed Hrari said. Exports at Al-Hariga in eastern Libya were suspended on Saturday after workers went on strike to demand payment of overdue salaries, with Hrari attributing the delay to fighting in the eastern city of Benghazi.

"The salaries have now been paid," he said, adding that 400,000 barrels of crude had already been loaded aboard a Greece-bound tanker that was in port when the strike began.

Al-Hariga has a capacity of 120,000 bpd.

On output, Hrari said Libya's production "should progressively pick up until it reaches one million barrels a day by the end of the year".

He announced on Wednesday that production was to resume the same day at the Al-Sharara and Al-Fil fields in the southwest, where work halted last week when gunmen attacked the facilities.

Al-Sharara, one of Libya's largest oilfields, can produce up to 350,000 barrels per day, while Al-Fil has a capacity of around 200,000 bpd.

The economy took a heavy hit when rebels blockaded export terminals in July 2013, causing output to plunge, along with all-important oil revenues.

The seizure of four terminals in pursuit of a campaign for restored autonomy for the eastern Cyrenaica region slashed output to just 200,000 bpd from 1.5 million bpd.

Under a deal with the government, the rebels returned control of two terminals in April and the remaining two in July.  
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Oil & Gas News

Oil & Gas News
Released:  14/11/20142014-11-14
Word count:  536

OPEC producers are stepping up their diplomatic visits before the group’s meeting in two weeks, potentially seeking a consensus on how to react to oil prices that have plunged to a four-year low.

Play
Bloomberg
Libyan Prime Minister Abdullah al-Thani flew to Riyadh yesterday just as Iraqi President Fouad Masoum left the kingdom after a two-day visit where he met with King Abdullah, the official Saudi Press Agency reported. Rafael Ramirez, Venezuela’s foreign minister and representative to OPEC, held talks in Algeria and Qatar. Saudi Arabia’s Oil Minister Ali Al-Naimi toured Latin America.

“The Saudis will not walk the road alone, they want to see everyone share the burden with them,” Kuwait-based analyst Kamel al-Harami said by phone. Saudi Arabia, the world’s biggest oil exporter, is trying to build consensus among fellow members of the Organization of Petroleum Exporting Countries before they meet Nov. 27 in Vienna, he said.

West Texas Intermediate is poised for the longest run of weekly declines in almost three decades and Brent was set for a record losing streak amid speculation that OPEC will refrain from cutting output to ease concern of a supply glut. WTI added 10 cents to $74.31 a barrel and Brent gained 0.7 percent to $78 at 12:01 p.m. in Singapore.

Falling oil prices are straining state budgets among OPEC members, including Iraq’s government, which is leading a costly war against Islamist militants, and Libya that is struggling to keep crude output steady amid political divisions and violence. Iran’s Message

Iran’s Islamic Republic News Agency said Bijan Zanganeh, the nation’s oil minister, delivered a message to Kuwait on behalf of President Hassan Rouhani. Zanganeh briefed Kuwaiti Emir Sheikh Sabah Al-Ahmad Al Sabah on developments in oil markets, the agency said. He also went to Qatar, IRNA reported.

Algeria and Venezuela discussed oil markets and re-affirmed a joint position to defend prices, state-run news agency Algeria Press Service cited visiting Venezuelan Foreign Minister Rafael Ramirez as saying after a meeting in Algiers with Abdelaziz Bouteflika, the north African country’s president.

He also went to Qatar where he discussed crude prices and stability of oil markets with Middle East country’s Prime Minister Abdullah bin Nasser bin Khalifa Al Thani and Energy Minister Mohammed Bin Saleh Al Sada yesterday in Doha as part of a tour of oil-producing countries, Venezuela’s foreign ministry said in statement on website. He’s also is scheduled to travel to Iran and Russia, the ministry said. All or Nothing

Saudi Arabia remains committed to seeking a stable oil prices and speculation of a battle between crude producers has no basis, Al-Naimi said Nov. 12 in Mexico after a visit to Venezuela.

OPEC members Libya, Venezuela and Ecuador have called for action to prevent crude from falling further. Libya’s OPEC governor Samir Kamal said last month that the group must cut daily output by 500,000 barrels as the market is oversupplied by about 1 million barrels a day.

“They can all come to Saudi Arabia and ask the Saudis to support oil prices, but that will not change anything,” al-Harami said. “At the next meeting, Naimi will look for a cut by all the members and if he doesn’t get it, nothing will change.”

To contact the reporter on this story: Wael Mahdi in Kuwait at wmahdi@bloomberg.net

To contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net Alaric Nightingale, Rachel Graham
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News Releases

News Releases
Released:  14/11/20142014-11-14
Word count:  454

Proposals for joint research projects with Africans may be submitted until January 22nd, 2015. Funding will be provided up to a maximum of roughly US$ 58,578 (at current exchange rates).

Play
ANBA
São Paulo – Brazil’s National Scientific and Technological Development council (CNPq) is accepting project submissions from researchers interested in conducting research in cooperation with African countries. The initiative is part of the Program for Cooperation in Science, Technology and Innovation with African Countries (ProÁfrica), established over ten years ago following a meeting of science and technology ministers from Brazil and Portuguese-speaking African countries, in a bid to help improve scientific capacity in Africa.

Submissions for the ongoing call for proposals will be accepted until January 22nd, 2015. Total investment will amount to R$ 2 million (US$ 781,000 at current exchange rates), but each project is eligible to receive up to R$ 150,000 (US$ 58,578). According to the CNPq, the primary focus of research should be food security, public health, agriculture and livestock development, social inclusion, climate change and extreme events.

The CNPq is an agency of the Brazilian Ministry of Science, Technology and Innovation. ProÁfrica targets mostly the Portuguese-speaking African countries, but projects for cooperation with any country in the continent are eligible, including Arab African countries such as Egypt, Morocco, Libya, Algeria, Mauritania, Sudan, Somalia and Tunisia.

Projects must have a duration of two years and be developed in partnership with research groups based in African countries. The person in charge of each submission is required to e a Brazilian or a foreigner with a permanent visa who resides in Brazil, holds a doctoral degree and has their curriculum registered with the Lattes Platform. The technical team must comprise researchers, students and technicians. Other professionals can be collaborators.

The applicant must have some sort of tie with the organization executing the project, which may be a higher education organization, a public or private non-profit organization, an research institute or centre, or even government-owned science, technology or innovation organizations.

The funds supplied by the CNPq will cover air tickets and lodging for periods lasting up to thirty days to those involved in the project, on missions to the relevant African country or to Brazil. It can also be used for health insurance in trips, rendering of services and acquisition of specific consumption materials, such as filming or laboratory items.

The selection will consider aspects such as technical-scientific merit and quality of the proposal, relevance and scope for the countries at hand, importance of the subject matter within the national and international scenarios, potential benefits arising from the cooperation, training and experience of the coordinator, physical infrastructure and ability of partner organizations to provide support, adequate budge, and others. The results will be announced beginning on May 2015.

According to information released by the CNPq, from 2005 to 2010, five calls for proposals were made, and 190 projects were funded. Total investment was R$ 9.5 million (US$ 3.7 million).

*Translated by Gabriel Pomerancblum
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Oil & Gas News

Oil & Gas News
Released:  13/11/20142014-11-13
Word count:  626

Brent crude, used to price more than half the world’s oil, fell below $80 a barrel for the first time in four years amid speculation OPEC will refrain from removing a surplus triggered by booming U.S. shale output.

Play
Bloomberg
Futures dropped as much as 2.2 percent. Brent last traded below $80 on Sept. 29, 2010. The Organization of Petroleum Exporting Countries won’t cut its collective output when it meets in Vienna this month, according to Kuwait Oil Minister Ali Al-Omair.

Oil plunged into a bear market last month, the result of a surge in shale drilling that has lifted U.S. production to a three-decade high as well as slowing growth in global demand. OPEC members Saudi Arabia and Kuwait have resisted calls to cut output while Libya, Venezuela and Ecuador have asked for action to prevent even lower prices.

“The evidence is abundant that OPEC needs to take oil off the market to support prices but there’s no evidence that they are going to take the action needed to accomplish that task,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. “The oil market needs to be rebalanced. That’s what the drop in prices over the last four months shows in economic terms.”

Brent for December fell as much as 2.2 percent to $79.88 a barrel on the London-based ICE Futures Europe exchange at 2:35 p.m. in New York. It dropped 0.8 percent to close at $81.67 yesterday, the lowest level since October 2010.

Led Declines

West Texas Intermediate for December delivery declined 1 percent to $77.18 a barrel on the New York Mercantile Exchange.

The U.S. Energy Information Administration cut its 2014 and 2015 crude price forecasts in its monthly outlook. Saudi Arabia remains committed to seeking a stable oil price and speculation of a battle between crude producers “has no basis in reality,” Oil Minister Ali Al-Naimi said in Mexico.

OPEC said Saudi Arabia led declines in the group’s oil output last month. The group is due to gather on Nov. 27. Saudi Arabia’s production fell 69,900 barrels a day to a seven-month low of 9.603 million, OPEC said in a monthly report. The data are based on estimates from sources including analysts and media organizations. OPEC’s members pumped 30.253 million barrels a day, a decrease of 226,400 barrels, the largest since March.

No Plans

Kuwait has no plans to cut its output, which is set to climb to 4 million barrels a day by 2020, Al-Omair said Nov. 10. It produced 2.85 million a day in October, on par with the United Arab Emirates and behind Saudi Arabia and Iraq among OPEC nations.

“There’s uncertainty about OPEC and whether it will or will not cut production at the Nov. 27 meeting,” Kyle Cooper, director of commodities research at IAF Advisors in Houston, said by phone. “They probably wouldn’t have to do that much to stabilize the market but until some action is taken there’s not a lot of upside for this market.”

Oil at $80 a barrel won’t stop BP Plc or Total SA from exploring and developing crude deposits, officials from the two companies said at a conference in Abu Dhabi this week. All projects under way now will go ahead with oil at $80 a barrel, London-based BP Chief Executive Officer Robert Dudley said at the conference. Total, based in Paris, can proceed with its projects at $80, Arnaud Breuillac, president of exploration and production, also said in Abu Dhabi.

Crude inventories in the U.S., the world’s biggest oil consumer, probably expanded by 1.1 million barrels in the week ended Nov. 7, a Bloomberg News survey shows before a government report tomorrow. Stockpiles probably increased to 381.3 million barrels, according to the median estimate in the Bloomberg survey of nine analysts before the Energy Information Administration’s report. That would be the highest since July.

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

To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net Alaric Nightingale, Stephen Cunningham  
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News Releases

News Releases Business News
Released:  13/11/20142014-11-13
Word count:  60

Russian RZD is considering resuming implementation of the project for the building of a railway line in Libya and is looking for ways to compensate the company’s losses, caused by the recent war conflict in this country, according to Alexander Saltanov, RZD’s vice president.

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Railway bulletin
RZD was involved in the construction of the Sirt-Benghazi high-speed railway line in Libya in early 2011. The amount of the contract estimated at 2.2 billion euros, however, due to unrest in the country, all the works were suspended.

According to Alexander Saltanov, RZD is currently conducting talks with the Libyan government for resuming the project, however their results are not disclosed.  
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News Releases

News Releases
Released:  13/11/20142014-11-13
Word count:  196

Live cattle exports to Libya will resume over the next few weeks, with Meath-based firm Viastar preparing to ship a consignment of 2,500 bulls to the North African state.

Play
Independent.ie
The re-opening of the live trade will offer some pre-Christmas cheer for beleaguered beef farmers after the absence of shippers for over a year has allowed the factories to control cattle prices.

Viastar, which is headed up by James Mallon, is buying stock for Libya and aims to ship the cattle during the last week of November or the first week in December.

Mr Mallon said he was looking for a mix of Friesian and continental bulls between 300kg and 550kg. He is offering in excess of €1.30/kg for the Friesians.

Viastar are also buying stock for export to Tunisia and Morocco. Mr Mallon said he was looking for U-grade Limousin and Belgian Blue bulls for this trade.

It is understood that the company is paying €2.30-2.50/kg for the market, depending on the quality of the cattle.

Meanwhile, the latest figures from the UK confirm that suckler cow numbers are continuing to fall in England, Scotland, Wales and Northern Ireland.

Official tallies show that the suckler herd in Britain has fallen by 2pc to 1.58m head. However, the fall-off in the suckler herd has been matched by a surge in dairy cow numbers.

Indo Farming  
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News Releases

News Releases
Released:  12/11/20142014-11-12
Word count:  170

KUALA LUMPUR: Protasco Bhd, which is embroiled in a boardroom tussle, said it will continue efforts to recover US$27 million (RM88million) invested in PT Anglo Slavic Utama (PT ASU) for its oil and gas operations in Indonesia.

Play
New Straits Times
The integrated one-stop infrastructure development provider had attempted to buy a 63 per cent stake in PT Anglo Slavic Indonesia but the deal was terminated after fraud was allegedly discovered.

“My sole objective is, and always has been, to protect the interests of Protasco and its shareholders. This is why I am putting aside my personal dispute, which involves an outstanding RM10 million loan under JF Apex facility from (non-executive director) Tey Por Yee,” said Protasco managing director Datuk Seri Chong Ket Pen.

He said he was in talks with Bursa Malaysia and the Securities Commission over accusations made against Tey, another executive director Ooi Kock Aun and PT ASU.

Meanwhile, Chong said Protasco’s operations in Libya was running smoothly despite political unrest and the company was now looking at construction projects in Bangladesh.

“We are doing well in Libya and we have started work after three months of shutdown due to bombings. The other is a bridge project in Bangladesh. We definitely want to also expand in other countries.”
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Find out what contracts are on offer in Libya
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