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Oil & Gas News

Oil & Gas News
Released:  01/07/20162016-07-01
Word count:  196

Oil prices rose early on Friday, with Brent jumping back above $50 per barrel, as investors positioned themselves for more price increases this year in expectation of a tighter market.

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Reuters
International Brent crude oil futures LCOc1 were trading at $50.04 per barrel at 0026 GMT, up 33 cents from their last settlement. U.S. West Texas Intermediate (WTI) crude CLc1 was up 28 cents at $48.61 a barrel.

Traders said the higher prices were a result of a tightening physical market, in which large oversupply that led to the 2014-2016 price slump was now being brought back into balance.

A further easing of monetary policy expected on the back of Asia's slowing economies and because of Britain's vote to leave the European Union was also seen as a reason for financial traders to put money into commodities, which saw one of the strongest quarterly performances in years in the second quarter of 2016.

"The spectre of further easing in monetary policies around the world continues to support commodity markets. With quarter-end selling also behind us, investors positioning should start to turn more bullish," ANZ Bank said on Friday.

Prices were also supported by physical markets. Despite oil output from the Organization of the Petroleum Exporting Countries (OPEC) rising to a record 32.82 million barrels per day (bpd) in June, OPEC expects demand for its supplies to be higher still.

(Editing by Joseph Radford)
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News Releases

News Releases

Tripoli, 30 June 2016(Lana) The GNA Minister of Education Dr. Mohamed Al Azabi discussed with British Ambassador Peter Milliet means of upgrading mutual cooperation in education field.

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LANA - Libyan News Agency
The meeting which was held at the Ministry's headquarters here on Wednesday focused on facilitating entry visas for Libyan students, enhancement of medical insurance and easing enrollments at British universities.

According to the Ministry's information office, the meeting also dealt with the Ministry's program for training and the English language to upgrade the quality of education in schools and universities in Libya. The British Ambassador said his country's embassy would re-open soon.

=Lana=
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Business News

Business News
Released:  01/07/20162016-07-01
Word count:  45

Tripoli, 30 June 2016(Lana) The Central Bank of Libya has announced that a total of LD 1 billion of Libyan currency which has been printed in England has been delivered to the bank.

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LANA - Libyan News Agency
The bank confirmed receiving another shipment of currency coming from Britain estimated at 320 million dinars.

All currency shipments received from 1/6 to 29/6 estimated at 1 billion dinars have been distributed to commercial banks all over Libya in accordance with rules enforced by the CBL issuing department.

=Lana=
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Business News

Business News

Hatif Libya (Libya Phone) company has announced that it has completed its technical work to expand its fixed wireless internet service commercially called ‘‘Hanet’’ for the western region.

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Libya herald
Hatif Libya is one of the main seven telecoms subsidiary operating companies in Libya owned by the state telecoms holding company LIPTC.

Hatif Libya has an ongoing expansion nationwide project to increase capacity and access to fixed wireless telephones and the internet throughout the east, west and south of the country.

The expansion project in the west aims to reach 110,000 new customers in phase one of the project through 204 stations. The company says that internet speeds should average about Kbps 920 but could reach as high as Mbps 6.

Hanet will be retailed at LD 560 to end users a price which includes the equipment, one year’s subscription and LD 30 credit, the company reported.

Hanet would go into direct competition with Libya’s main state internet service provider (ISP) Libya Telecoms and Technology (LTT), but also with a number of smaller private sector ISP that are now operating in the country.

It would also be competing with mobile internet service provided by the two main mobile service providers, Al-Madar and Libyana. The Libyan telecoms sector is monopolized by the seven main state-owned telecoms companies owned by LIPTC. The internet service in the country has suffered greatly since the 2011 revolution with a lack of investment and the lack of completion of many large expansion projects.

Moreover, the on-off power cuts that have plagued the country since has disrupted the internet service greatly during this period.
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Business News

Business News
Released:  30/06/20162016-06-30
Word count:  70

Italian energy group Edison, controlled by France's EDF, said on Thursday it had reached an agreement with oil major Eni to revise the pricing formula on gas imported from Libya.

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Reuters
In a statement, Edison said the new price formula would apply to gas imported from Libya as of 1 October 2015 and would last three years.

Under long-term contracts, Edison imports 4 billion cubic meters of gas a year from Eni which is the biggest foreign oil and gas producer in Libya.

The French-owned gas group also confirmed its core earnings target for this year of about 650 million euros.

(Reporting by Stephen Jewkes)
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Oil & Gas News

Oil & Gas News
Released:  30/06/20162016-06-30
Word count:  329

Oil prices fell in early trade on Thursday, with Brent futures struggling to defend $50 per barrel as fears over strike outages in Norway faded and as Nigeria's production improved.

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Reuters
International Brent crude oil futures LCOc1 were trading at $50.10 per barrel at 0226 BST, down 51 cents, or 1 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 38 cents, or 0.76 percent, at $49.50 a barrel.

Traders said the lower prices were a result of an improving supply outlook.

Initial fears of sharp production cuts from a looming strike by Norway's oil and gas workers seemed to ease as output from the North Sea's biggest producer would only fall by about 7 percent even in case of a walk-out, according to data from Norway's Petroleum Directorate.

In Nigeria, violent attacks on the oil infrastructure knocked out some 600,000 barrels of daily oil production to around 1.25 million barrels per day (bpd) between January and mid-June. But a tentative ceasefire means output has recovered by 200,000-300,000 bpd since then.

"If sustainable, this ceasefire would pave the way for higher output, with the government optimistically aiming for a return to normal production by end-July," Goldman Sachs said, although it added that there was a risk of attacks resuming.

Prior to the disruptions, Nigerian production stood around 2 million bpd.

Goldman Sachs also said that production outages from Canadian wildfires since May, which peaked around 1.5 million bpd, would recover over the coming months and virtually end by September.

In other regions, however, there were signs of a tightening market.

The U.S. Energy Information Administration reported on Wednesday that crude stockpiles fell 4.1 million barrels in the week to June 24, the sixth consecutive week of drawdowns, to 526.6 million barrels.

U.S. crude oil production was at 8.62 million bpd, down from a peak of over 9.6 million bpd in June 2015.

In the Middle East, OPEC's second biggest producer Iraq is set to see output fall for a second straight month in June.

Iraq's seaborne exports in the first 29 days of June have averaged 3.14 million bpd, according to loading data tracked by Reuters and an industry source. That would be down 60,000 bpd from May.

(Editing by Joseph Radford)
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Business News

Business News
Released:  30/06/20162016-06-30
Word count:  265

The Tripoli CBL has revealed on Wednesday that it has received a consignment of newly-printed Libyan money from Britain.

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Libya herald
It confirmed that the LD 320 arrived this afternoon at Tripoli’s Mitiga airport.

The CBL said that this consignment brings the amount of newly-printed money received in June to LD 1 billion. It said that the money would be distributed to Libyan banks throughout the country.

The CBL hopes that the latest consignment of newly-printed money arriving in Tripoli would help ease the cash shortage crisis at Libyan banks. However, analysts question the policy of printing new money as a long term solution to the cash crisis.

This week there were still cash shortages and long queues and crowds at banks. Critics say that no matter how much money the CBL pours into the system, citizens will continue to hoard earnings at home as long as they have no confidence in the economic and political system.

The CBL itself admitted on Monday (28th June) that the root causes of the cash crisis are the political crisis in the country, the drastic fall in oil exports and the country’s insecurity.

The political division and polarization of the country has led to a duplication of power centres of authority claiming legitimacy.

The drastic fall in Libya’s oil exports to around 27 percent (400,000 bpd) of the post 2011 peak of 1.5 million bpd have reduced the country’s hard currency revenues. The parallel crash in international crude oil prices has compounded Libya’s declined oil production.

Meanwhile, the insecurity in the country has led to a loss of confidence in the banking system leading to many Libyans hoarding their dinars at home, rather than depositing them in their bank accounts.
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Wong Man
1 day ago

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News Releases

News Releases
Released:  29/06/20162016-06-29
Word count:  61

Tunis, 28.06.2016 (Lana) World Health Organization (WHO) discussed health challenges in libya in a workshop held in Tunis.

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LANA - Libyan News Agency
According to UNSMIL website, WHO senior experts discussed the theme of 'Enhancing Health System in Libya' including the main building blocks of the health system architecture in Libya, developing a road map and identifying main interventions at short, medium and long term levels to enhance Libya's health system.

35 Libyan experts, EU representatives and UNDP and UNPF participated in the workshop.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  29/06/20162016-06-29
Word count:  382

Oil rose on Wednesday as financial traders poured money back into commodities following the initial shock of Britain's vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply.

Play
Reuters
Brent crude futures LCOc1 were trading at $48.84 per barrel at 0522 BST, up 26 cents from their last settlement. U.S. crude CLc1 was up 35 cents at $48.20 a barrel.

Both oil benchmarks had climbed on Tuesday after markets shook off some of shock from the referendum in Britain in which most voters elected to exit the EU.

"The risk-on tone should see commodities continue to push higher," ANZ Bank said.

"Oil led the (commodities) sector as the shock of the UK voting to leave the EU wore off. Oil gains were solidified by news that the decline in Venezuela's oil output appears to be accelerating, while a strike in Norway also looked like it would impact production," it added.

Standard Chartered said that it expected oil prices to regain $50 per barrel rapidly after the Brexit-related fall as the referendum's impact on demand was limited.

On the supply side, a looming strike by Norwegian oil workers threatened to cut output from the biggest North Sea producer.

In crisis-struck Venezuela, oil producers and refiners were struggling to keep output up due to power outages and equipment shortages also supported prices, traders said.

Additionally, the American Petroleum Institute (API) indicated in a report on Tuesday that U.S. crude inventories fell nearly 4 million barrels for the week to June 24, some two-thirds more than the 2.4 million barrels expected by analysts.

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

Despite the tightening supply-side, there are concerns that a looming refined products glut especially in Asia, which has halved benchmark Singapore production margins since January DUB-SIN-REF, might spill back into the crude market as refiners cut output and orders of their main feedstock, crude.

"Refining margins... have averaged lower than the same period last year, which should be supportive of lower fuels production," said analysts at BMI Research.

Bankers also said that knock-on effects from Britain's EU exit vote would continue to impact oil.

Citi said that Brexit's "uncertainty and volatility ... are both likely to be persistent for a long time to come."

And investment bank Jefferies said that "Brexit.. has brought currency considerations to the fore... Near-term, a strengthening U.S. dollar makes a barrel of oil more expensive in local emerging market currencies and so likely weighs on demand."

(Editing by Joseph Radford)
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Business News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Joseph Radford)
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Wong Man
1 day ago

ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM WONG MAN BROKERS WHO HAVE BG/SBLC SPECIFICALLY FOR LEASE AT A REASONABLE LEASING PRICE OF FACE VALUE ISSUANCE BY HSBC LONDON/HONGKONG OR ANY 25 TOP AA RATED BANK IN EUROPE, MIDDLE EAST OR USA. WE ALSO SECURE FUNDING PROJECT LOANS FOR 3% APR

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Business News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

=Lana=
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1 day ago

Business News

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

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

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

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

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

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

Comments:

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Wong Man
1 day ago

Oil & Gas News

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

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

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

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

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

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

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

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

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

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

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

(Reporting by Aaron Sheldrick; Editing by Ed Davies and Joseph Radford)
Comments:

ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM WONG MAN BROKERS WHO HAVE BG/SBLC SPECIFICALLY FOR LEASE AT A REASONABLE LEASING PRICE OF FACE VALUE ISSUANCE BY HSBC LONDON/HONGKONG OR ANY 25 TOP AA RATED BANK IN EUROPE, MIDDLE EAST OR USA. WE ALSO SECURE FUNDING PROJECT LOANS FOR 3% APR

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Wong Man
1 day ago

Business News

Business News

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

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

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

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

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

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

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

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

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

ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM WONG MAN BROKERS WHO HAVE BG/SBLC SPECIFICALLY FOR LEASE AT A REASONABLE LEASING PRICE OF FACE VALUE ISSUANCE BY HSBC LONDON/HONGKONG OR ANY 25 TOP AA RATED BANK IN EUROPE, MIDDLE EAST OR USA. WE ALSO SECURE FUNDING PROJECT LOANS FOR 3% APR

Finally I will assure you of our total commitment to achieving this transaction as I always look forward to doing more business with you in future

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Wong Man
1 day ago

Oil & Gas News

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

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

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

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

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

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

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

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

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

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

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

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

(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Ed Davies)
Comments:

ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM WONG MAN BROKERS WHO HAVE BG/SBLC SPECIFICALLY FOR LEASE AT A REASONABLE LEASING PRICE OF FACE VALUE ISSUANCE BY HSBC LONDON/HONGKONG OR ANY 25 TOP AA RATED BANK IN EUROPE, MIDDLE EAST OR USA. WE ALSO SECURE FUNDING PROJECT LOANS FOR 3% APR

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Wong Man
1 day ago

Business News

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

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

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

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

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

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