اتفاقية في مجال التدريب بين ليبيا وبريطانية..

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Oil & Gas News

Oil & Gas News
Released:  26/08/20162016-08-26
Word count:  353

Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets.

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Reuters
International benchmark Brent crude oil prices LCOc1 were trading at $49.40 per barrel at 0632 GMT, down 27 cents from their previous close.

U.S. West Texas Intermediate (WTI) crude CLc1 was down 15 cents at $47.18 a barrel.

Saudi Arabian Energy Minister Khalid Al-Falih told Reuters late on Thursday that "we don't believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us", adding that the "market is moving in the right direction" already.

Members of the Organization of Petroleum Exporting Countries (OPEC) will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria from Sept. 26-28. The minister's comments put a dampener on expectations of a meaningful intervention into the market, which has been dogged by oversupply for more than two years.

Iran said on Friday that it would cooperate with other producers to stabilize oil markets, but added that it expected others to respect its individual rights.

Many observers, however, interpreted that as Tehran saying it would continue to try and regain market share by raising output after the lifting of sanctions against it last January allowed a full return to oil markets. "I do not expect the OPEC meeting in September to agree any freeze or affect the oil market in any significant way. This is because it appears key OPEC members remain more concerned about market share," said Oystein Berentsen, managing director for crude at oil trading firm Strong Petroleum in Singapore.

Regarding the current supply overhang which has been weighing on oil prices for over two years, he said that he saw oil stocks globally "falling too slowly to sustain a higher price above $50 per barrel".

U.S. investment bank Jefferies said on Friday that despite recent bearish data like record OPEC output and soaring Chinese fuel exports, it expected "the oil market to come into balance in Q4 and for inventory draws to accelerate into 2017, setting the conditions for a sustainable fundamental price recovery".

(Reporting by Henning Gloystein; Additional reporting by Sarah Plattes; Editing by Richard Pullin and Joseph Radford)
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Wong Man
2 days ago

Oil & Gas News

Oil & Gas News
Released:  25/08/20162016-08-25
Word count:  345

SINGAPORE Crude prices dipped on Thursday as brimming U.S. and Asian fuel inventories returned investor attention to a large global supply overhang, cutting short a price-rally and restricting Brent crude futures to below the $50 a barrel mark.

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Reuters
International benchmark Brent crude oil futures LCOc1 were trading down 7 cents at $48.98 per barrel at 0413 GMT, having closed down 1.8 percent.

U.S. West Texas Intermediate (WTI) crude futures were at $46.74 a barrel, down 3 cents, after dropping 2.8 percent on Wednesday.

Traders said price falls this week had truncated a rally that pushed crude up by more than 20 percent earlier in August on talk of a potential deal by oil producers to freeze output in an effort to rein in oversupply.

Hopes of a deal were dampened by record output from the Organization of the Petroleum Exporting Countries (OPEC) and little prospect of voluntary restrictions.

"Brent also came under pressure after (OPEC-member) Iraq said it still isn't producing as much oil as it should be, raising concerns that OPEC supply will continue to increase," ANZ bank said on Thursday.

With output high, not just from OPEC but also other top producers like Russia, and the demand outlook shaky, analysts said there was little prospect of an end to the glut, which has pulled down crude prices from over $100 a barrel to their current sub-$50 levels since 2014.

Analysts said that high storage levels pointed to an ongoing supply overhang that was weighing on markets.

In the United states, commercial crude oil stocks rose by 2.5 million barrels to 523.6 million barrels C-STK-T-EIA. [EIA/S] In refined products, stocks around the world are also brimming as demand slows while refinery output remains high.

"Ample inventories were due to weaker demand in Asia, but more generally were driven by excess supply generated by refiners maximizing runs, notably to produce gasoline in the U.S.," BNP Paribas said.

China's implied oil demand fell 0.3 percent from a year earlier to 10.58 million barrels per day (bpd) in July, according to Reuters calculations using official data.

"In Asia, China's July economic statistics confirmed loss of growth momentum," BNP added.

The French bank said that the "lacklustre demand prospects (and) the augmented capacity of the global refining system ... suggest (that) a distillate supply overhang will persist".

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

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Wong Man
2 days ago

News Releases

News Releases
Released:  25/08/20162016-08-25
Word count:  58

Rome, 24.08.2016 (Lana) Libya and the EU signed in Rome Tuesday a MoU for cooperation between Libyan navy and EU navy on training and surveillance of the southern central Mediterranean.

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LANA - Libya news agency
The MoU was signed for the Libyan side by Brig Abdulla Toumya and Commander of Sofia operation Adm. Enrick at the operation's headquarters in Rome.

Following the signing of the MoU Sofia operation commander said the MoU signed yesterday was yet a major step towards the beginning of cooperation with the navy forces and Libya coast guard.

=Lana=
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Wong Man
2 days ago

Oil & Gas News

Oil & Gas News
Released:  24/08/20162016-08-24
Word count:  368

Oil prices rose on Tuesday after Reuters reported Iran was sending positive signals that it may support joint OPEC action to prop up the market, before the market pared gains on trade data showing a surprise build in U.S. crude stocks.

Play
Reuters
Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, refused to join a previous attempt this year by the group and non-OPEC members led by Russia to stabilize production. But sources in OPEC and the oil industry told Reuters that Tehran appeared more willing to support such talks scheduled next month in Algeria.

"Iran is reaching its pre-sanctions production level soon and after that it can cooperate with the others," said a source familiar with Iranian thinking after a visit by Venezuelan Oil Minister Eulogio Del Pino to Tehran as part of a tour to convince OPEC of a production freeze.

Brent crude settled up 80 cents, or 1.6 percent, at $49.96 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 69 cents, or 1.5 percent, to close at $48.10.

Tehran has been boosting its oil output since the lifting of Western sanctions in January. News of its potential support for a production freeze helped halt an abrupt slump in crude prices that began on Monday, after a 20-percent rally in the past two weeks.

Still, Brent and WTIpared gains in post-settlement trade after the American Petroleum Institute (API) reported that U.S. crude inventories rose by 4.5 million barrels last week, a surprising build versus analyst expectations' for a draw of 500,000 barrels. The U.S. government will issue official inventory data on Wednesday. [EIA/S]

Despite rebounding this year, oil still trades at less than half of mid-2014 levels, with the market still worried about a glut that spurred the biggest price rout in a generation.

The selloff has battered the economies of Venezuela, Iraq and Nigeria, which are more anxious to boost crude prices than major OPEC producers such as Saudi Arabia and Iran, which are keen to protect market share. Many analysts remain skeptical of the effort to freeze production. Goldman Sachs maintained a "weak" $45-$50 price forecast through the 2017 summer.

"The current price level of well over $40 does not provide non-OPEC producers with any kind of motivation to support oil prices by cutting or maintaining current production levels," said Tamas Varga, analyst at London-based energy broker PVM.

(Additional reporting by Alex Lawler in London and Henning Gloystein in Singapore; Editing by Jonathan Oatis and Andrew Hay)
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Wong Man
2 days ago

Business News

Business News

Tripoli, 23.08.2016(Lana) GNA Foreign Minister, Mohamed Saila discussed with the Bosnian ambassador the prospect of the return of his country's companies especially in oil and power fields to work in Libya.

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LANA - Libya news agency
The meeting held Tuesday morning also discussed ways to promote the bilateral relations between the two countries especially in the economic field and ways to strengthen ties between the two peoples in all other fields.

=Lana=
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Wong Man
2 days ago

Business News

Business News
Released:  24/08/20162016-08-24
Word count:  56

Tripoli, 23.08.2016 (Lana) The meeting held at the National oil Corporation (NOC) in Tripoli discussed the issues of the floating tank (Gaza) and stages of receiving it from the manufacturing company besides problems facing oil sector employees.

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LANA - Libya news agency
It also addressed activities of ENI the operator of Mellita for Oil and Gas and the problems facing it.

The meeting included chairman of the board of NOC, Mustafa Sanalla, and chairman of the administrative committee of the operator of Mellita for Oil and Gas, as well as director general of Eni North Africa Company.

=Lana=
Comments:

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Wong Man
2 days ago

Business News

Business News

Brega Petroleum Marketing Co. invites all local and international specialized companies and consultant bureaus to Pre- qualification for the tender of preparing Brega company to obtain recent versions of the specifications ISO ( OHSAS 18001-14001-9001 ) , to submit a complete file includes all documents and satisfying all requirements to the committee , which issued by resolution No. ( 85 ) year 2016 of Brega company board in order to...

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NOC

Conditions and requirements of participation :

  1. The applied firm should be approved by an international organization of measurement and standard and obtained (a valid) ISO certifications.
  2. Submit previous experience certificates in similar works and a list of clients.
  3. Submit firm organization chart and experience record and personal CVs.
  4. Submit financial status for the last three years authenticated by a legal auditor.
  5. Submit a complete file includes a cover letter expressing interest to participate in pre-qualification for the tender and registration documents in Libya :             ( establishment contract -  valid business license - registration at the commerce registration office -                

         a valid tax clearance certificate ) .

  1. Provide a Full address of the firm headquarter and its branches, Telephone, Fax numbers, E-mails and website address.

IMPORTANT NOTES :

  • This invitation to pre-qualification represents neither an invitation to tender, nor a commitment on behalf of Brega Company to invite the participants to bid. 
  • Invitation to participation in bid will be to the qualified participants of this pre-qualification.
  • Documents should be submitted in a closed envelop  , with the name of the participant and addressed to the Committee of the tender of preparing Brega Com. To obtain ISO certification.
  • Receiving documents starts from (09:00) o’clock Monday 08.08.2016 until (14:00) o’clock of Thursday, 08.09.2016 at Brega company office Located in Noflean area, near BEN JABER terminal TRIPOLI – Libya. 

For any quarries please contact :

Tel & fax :     00 218 21 340 42 75  

 MOBILE :      00 218 91 880 61 01

  Email:           brega.iso@brega.ly

Comments:

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Wong Man
2 days ago

Oil & Gas News

Oil & Gas News
Released:  23/08/20162016-08-23
Word count:  310

Oil prices fell over 1 percent on Tuesday, with Goldman Sachs warning that August's price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.

Play
Reuters
International Brent crude oil futures were trading at $48.54 per barrel at 0235 GMT (1035 ET), down 62 cents, or 1.26 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude was down 76 cents, or 1.6 percent, at $46.65 per barrel.

Analysts said the falls were a result of an overdone price rally this month which lifted crude by over 20 percent between the beginning of the month and late last week.

Since then, prices have fallen back by more than 3.5 percent.

"While oil prices have rebounded sharply since Aug. 1, we believe this move has not been driven by incrementally better oil fundamentals, but instead by headlines around a potential output freeze as well as a sharp weakening of the dollar (and exacerbated by a sharp reversal in net speculative positions)," Goldman Sachs said.

The bank said a proposal by members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia to freeze output at current levels "would leave production at record highs" and therefore do little to bring supply and demand back into balance.

Goldman also said the likelihood of a deal "may not be high" due to disputes between OPEC members Saudi Arabia and Iran as well as uncertainty over non-OPEC producing giant Russia's willingness to cooperate.

The bank said it expected crude oil prices of between $45 and $50 per barrel "through next summer", but warned that "a sustainable pick-up in disrupted production would lead us to lower our oil price forecast with WTI prices ... to average $45 per barrel".

French bank BNP Paribas said that "the narrative of a rapid re-balancing of the oil market has ... met a few stumbling blocks" as "some of Q2's disrupted supply returned, OPEC's collective output rose, and U.S. shale oil is being spared the dramatic year-on-year declines forecast earlier in the year".

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)
Comments:

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Wong Man
2 days ago

Oil & Gas News

Oil & Gas News
Released:  22/08/20162016-08-22
Word count:  398

SINGAPORE Oil prices fell on Monday as analysts doubted upcoming producer talks would rein in oversupply, saying that Brent would likely fall back below $50 a barrel as August's more than 20-percent crude rally looks overblown.

Play
Reuters
Soaring exports of refined products from China also pressured prices, as this was seen as the latest indicator of an ongoing global fuel glut, traders said.

China's July exports of diesel and gasoline soared by 181.8 and 145.2 percent respectively compared with the same month last year, to 1.53 million tonnes and 970,000 tonnes each, putting pressure on refined product margins DUB-SIN-REF.

Brent crude futures LCOc1 were trading at $50.22 per barrel at 0224 GMT, down 66 cents, or 1.3 percent.

U.S. West Texas Intermediate (WTI) crude Clc1 was down 51 cents, or 1.05 percent, at $48.01 a barrel.

Analysts cast doubt on an August price rally, saying that much of it was a result of short-covering and anticipation of upcoming producer talks to discuss means to curb oversupply.

"Positioning data seems to confirm our view that the latest oil bounce is more technical and positioning-oriented than fundamental. In fact, new buyers have been mostly absent the past few months," Morgan Stanley said.

Regarding the upcoming producer talks, the bank said a agreement was "highly unlikely" and that there were "too many headwinds and logistical challenges to a meaningful deal".

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia are set to meet in September to discuss a freeze in output levels in order to rein in on oversupply, but analysts said animosity between OPEC-members Saudi Arabia and Iran made a deal unlikely.

"Though Iran now sits roughly 200,000 barrels per day away from its monthly pre-sanctions peak in May 2011, we do not see it accepting restraints on its output, and without Iran's inclusion, Saudi Arabia will not take part," Barclays said.

As a result, the bank said that "the stars remain misaligned for an OPEC/non-OPEC freeze agreement".

Because of the ongoing production and storage overhang in fuel markets, Barclays said that the 20-percent price rally in August was unwarranted, and that oil prices of $50 or higher were unsustainable.

"Oil prices will likely experience another short-term dip in the coming weeks, in our view, before more sustainably moving to average $50 in Q4," it added.

Adding to the outlook of plentiful supplies, the U.S. oil rig count increased by 10 last week.

"Since its recent trough in May 2016, the U.S. oil rig count is up 28 percent at 406; this rebound has been driven by the increase in horizontal rigs," said Goldman Sachs.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)
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Wong Man
5 days ago

News Releases

News Releases
Released:  22/08/20162016-08-22
Word count:  150

Regardless of the country’s seemingly intractable political and economic crises, Khoms, 120 kilometres east of Tripoli, is in upbeat mood as it prepares for its summer festival.

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Libya herald
The beach along with streets and public areas are being cleaned by an army of volunteers and local organisations including the scouts and the fire brigade ahead of the week-long event which starts next Wednesday. The festival will include an array of competitions including cycing and water sports, such as windsurfing and kite-surfing.

Meanwhile the municipality, which includes the world heritage site of Leptis Magna, has announced that it will levy a regular monthly local tax on shops, organisations and businesses to pay for street cleaning and garbage removal.

It has not yet said what the amount will be.

As in most towns in Libya, life in Khoms carries on as normal despite the wider political problems that are not far away. The town is halfway between Misrata, bearing the brunt of the fight against the Islamic State in Sirte, and the capital with its political vacuum and rival militias.  
Comments:

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Wong Man
5 days ago

Business News

Business News
Released:  22/08/20162016-08-22
Word count:  55

Tripoli, 21.08.2016;Lana) Director of International Cooperation at Ministry of Health, Omar Al Ashehab met Sunday with deputy foreign minister of the Philippines and her accompanying delegation.

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LANA - Libya news agency
The meeting held at ministry of health discussed means of cooperation between the two countries conducive to joint interests of the two friendly people.

The meeting also focused on cooperation aspects on health sector by developing Libyan hospitals and train Libyan medical cadres and resource Filipino cadres to fill vacancies in Libyan health utilities.

=Lana=
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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Wong Man
5 days ago

Oil & Gas News

Oil & Gas News
Released:  19/08/20162016-08-19
Word count:  262

Brent crude oil prices dipped in early Asian trading hours on Friday, but remained near two-month highs with Brent still holding above $50 per barrel in a bull-run that has lifted the market by over 20 percent since early August.

Play
Reuters
International benchmark Brent crude oil futures were trading at $50.80 per barrel at 8.56 p.m. ET, down 9 cents from their last close.

The lower prices during early Asian hours - which is late the previous day in the Americas due to the time zone difference - continues a trend this week in which prices have tended to dip during Asian mornings/American evenings, only to turn stronger once the Americas returns the next day and Asia logs off. Traders said the dips during Asian hours were largely due to profit taking in the Americas following sharp price increases during the day there.

Brent on Thursday rose above $50 a barrel for the first time since June 24 in a sharp bull-run which has seen prices soar over 20 percent since early August.

However, analysts warned the rally was overblown, especially since planned talks between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers like Russia to rein in on ballooning overproduction were unlikely to lead to a reduced supply overhang.

"Some believe – or more appropriately, hope – that the OPEC may come up with a plan to support prices at its informal meeting next month, something which we doubt will happen," said Fawad Razaqzada, a market analyst at Forex.com.

In U.S. oil markets, prices were pushed up by an open arbitrage opportunity to export WTI to Europe, leading to a rush of new orders which lifted U.S. oil prices.

U.S. West Texas Intermediate (WTI) crude futures, were at $48.28 a barrel, up 6 cents.

(Reporting by Henning Gloystein; Editing by Richard Pullin)  
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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Wong Man
5 days ago

Business News

Business News
Released:  19/08/20162016-08-19
Word count:  136

An oil tanker on Thursday began loading crude from Libya's Zueitina port, the first cargo about to be shipped from the terminal in 10 months, a spokesman for the country's National Oil Co. said.

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NASDAQ
A deal struck between the new Libyan unity government and a militia that controls the country's oil ports allowed the loading to take place.

The militia, called the Petroleum Facilities Guard, had shut Zueitina and two other ports in the east over a payment dispute with the national government in Tripoli.

The resumption of loading at Zueitina is a hopeful sign for Libya's struggling oil industry. The country's oil exports have suffered as the country remains fractured among rival militia groups, while some of the nation's oil infrastructure has been badly damaged by Islamic State militants.

The National Oil Co. described Thursday's loading as an emergency measure to move some of the terminal's 3 million barrels in storage to safety.

Write to Benoit Faucon at benoit.faucon@wsj.com and Summer Said at summer.said@wsj.com
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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Wong Man
5 days ago

Oil & Gas News

Oil & Gas News
Released:  18/08/20162016-08-18
Word count:  304

Russia is open for talks with other major oil producers on freezing output as the market is unlikely to balance until next year, Energy Minister Alexander Novak said in an interview with Asharq Al-Awsat.

Play
Bloomberg
The country is committed to continuing dialogue to stabilize the market, Novak said, according to the Saudi-owned newspaper.

The minister’s comments follow a rebound in oil last week on speculation that informal OPEC talks in September may result in measures to prop up prices. While several members of the Organization of Petroleum Exporting Countries have called for a brake on production, an earlier round of discussions collapsed when Saudi Arabia refused to sign a deal without the participation of rival Iran.

Those talks, in April, showed that producers can at least work together, Novak said, according to Asharq Al-Awsat. Russia is open to “joint measures” since the current cycle of low crude prices is unlikely to end until late 2017, he said.

OPEC President Mohammed bin Saleh Al-Sadasaid Aug. 8 that the group will hold informal talks in Algiers next month. Saudi Arabia, OPEC’s de facto leader, subsequently signaled it’s prepared to discuss taking action.

West Texas Intermediate crude climbed 6.4 percent last week, its biggest weekly advance since April, helping to pare declines the past two months. Futures traded up 0.5 percent at $44.70 a barrel as of 12:16 p.m. London time on Monday.

The proposed Algiers talks will take place during the ministerial meeting of the International Energy Forum, which Saudi Arabia and Russia both plan to attend. Proponents of a freeze may face push-back from several OPEC members that are pumping below capacity.

Iran hasn’t yet recovered pre-sanctions production levels, while Nigeria and Libya are also operating at reduced output, Giovanni Staunovo, an analyst at UBS Group AG, said by e-mail.

Commerzbank AG was also skeptical a broad agreement will be possible. Russia’s expression of willingness to engage in talks “is likely to prove little more than lip service, as so often in the past,” the bank said in a report.  
Comments:

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We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
5 days ago

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Mr Ronald Rajnesh Gounder
1 week ago

Oil & Gas News

Oil & Gas News
Released:  18/08/20162016-08-18
Word count:  259

Oil prices dipped in early trading on Thursday as the prospect of record Saudi output weighed on markets and as traders cashed in on profits following an almost uninterrupted price rally this month of nearly 20 percent.

Play
Reuters
International Brent crude oil futures were trading at $49.67 per barrel at 0050 GMT, down 18 cents from their last close.

Traders said the price dip was due to profit taking following a strong rally this month, and as traders priced in the prospect of another production record from top exporter Saudi Arabia.

Saudi Arabia is sending signals that it could boost its crude oil supplies in August, even higher than its record 10.67 million barrels per day reached in July, as it gets ready for tough talks next month for a global output freeze pact.

Yet prices remain 20 percent higher than in early August and hit almost $50 a barrel the previous day, supported by a potential freeze or even cut in output following a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers like Russia, scheduled for next month

Analysts at Citi warned of the risks of a price rally based largely on potential future talks, given that similar meetings failed to reap results earlier this year.

"OPEC cooperation hopes should be treated with caution, as this is shaky ground to base a bull rally on," the U.S. bank said.

In the United States, West Texas Intermediate (WTI) crude futures were at $46.79 a barrel, flat with its last close. The relative strength of WTI in Thursday trading was a result of a flood of new orders to ship U.S. crude to Europe in order to take advantage of arbitrage opportunities resulting from the WTI/Brent price spread.

(Reporting by Henning Gloystein; Editing by Richard Pullin)  
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Wong Man
5 days ago

Oil & Gas News

Oil & Gas News
Released:  17/08/20162016-08-17
Word count:  405

Oil prices fell away from 5-week highs early on Wednesday, as analysts doubted possible producer talks to rein in ballooning oversupply would be successful.

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Reuters
Brent crude futures were trading at $48.92 per barrel at 0158 GMT, down 31 cents from their last settlement. Despite the dip, prices are still up over 17 percent since early August and remain not far off a five-week high of $49.36 a barrel reached the previous day.

U.S. West Texas Intermediate (WTI) crude was at $46.38 per barrel, down 20 cents from its last close, but still up 18 percent from early August.

Traders said that profit-taking following recent rallies was weighing on prices, and there were also doubts that producer talks to rein in oversupply would be successful.

The Organization of the Petroleum Exporting Countries will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month, with sources citing Saudi Arabia's wish for higher prices.

"The rumour mill around producer cooperation has resumed, spurred by recent comments from Saudi Arabia's oil minister, allowing oil prices to gain," said French bank BNP Paribas.

Yet like many, BNP said it doubted a successful outcome.

"Given the dismal track record when it comes to recent producer cooperation, we are not holding our breath for an eventual freeze in output and even less so for a much-needed reduction in production to help re-balance the oil market."

The last time OPEC and other major producers like Russia met, in April, to discuss ways of reducing the production overhang, talks failed due to disagreement mainly between OPEC rivals Saudi Arabia and Iran.

An OPEC meeting in June also failed to reach an agreement to limit production, and the group's output has since reached new records.

On the demand side, BMI Research said that Chinese imports would be relatively weak, compared with previous record years, as "a domestic fuels glut and scheduled maintenance works at several refineries (will) keep a lid on imports over Q3", although it added that China's long-term imports would be strong due to falling domestic production.

In a separate note, BMI said that refined product demand across Asia would rise.

"Asia will increasingly become the world's pivotal demand centre for refined fuels ... While the strength of the Chinese and Indian consumer has been well documented ... it is important to note the growing contribution from more peripheral Asian markets," BMI said.

"We forecast fuels consumption in Indonesia, Thailand, Pakistan, Vietnam and the Philippines to grow from 3.92 million barrels per day (bpd) in 2015 to 4.49 million bpd by 2020," it added.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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5 days ago

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1 week ago

Business News

Business News
Released:  17/08/20162016-08-17
Word count:  337

Libya's U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country's $67 billion (52.03 billion pounds) sovereign wealth fund.

Play
Reuters
The Government of National Accord (GNA) said in a statement that the committee should not dispose of Libyan Investment Authority (LIA) assets and should protect the fund's rights and follow all legal cases it is involved in.

The committee will be led by Ali Mahmoud Hassan Mohamed, the statement said. It did not list either of two competing chairmen of the fund among the committee's members, and did not say how long the caretaker committee would serve for. Details about Mohamed were not immediately available.

The GNA is the result of a U.N.-mediated deal signed in December. It arrived in Tripoli in March, seeking to replace two competing governments, one in the capital and one in eastern Libya.

It has been trying to gradually impose its authority on the west of the country with the acquiescence of powerful armed groups, but it has faced stiff resistance from factions that control the east.

It is also seeking to reunify key institutions that were split by the rival governments. These include the National Oil Corporation, the central bank and the LIA.

The announcement of the caretaker committee came days after one of the fund's competing chairmen, Hassan Bouhadi, tendered his resignation.

Bouhadi was appointed by authorities who set up a parliament and government in eastern Libya in 2014, after opponents took control of Tripoli and its institutions.

The nomination put him at odds with AbdulMagid Breish, who was appointed chairman in June 2013, before the split. He stepped aside a year later, then claimed to have been reinstated following a decision by the Libyan Court of Appeal.

The LIA is also involved in two law suits against investment banks Goldman Sachs and Societe Generale, seeking to get back over $3 billion lost in trades carried out under the Gaddafi regime.

Over a third of the fund's assets remain frozen under sanctions imposed by the U.N. Security Council in 2011 to prevent money being spirited out of the country.

(Reporting by Ahmed Elumami; Writing by Aidan Lewis; Editing by Larry King)
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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5 days ago

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Mr Ronald Rajnesh Gounder
1 week ago

Business News

Business News
Released:  17/08/20162016-08-17
Word count:  232

As Libya seeks to restart oil exportation and revive its ailing economy, the country’s national oil corporation chief Mustafa Sanalla says the government needs to spend in order to boost the much needed oil revenue.

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Africa news
Libya’s Government of National Unity has an ambitious plan to increase oil output by five-fold by the end of this year but current production has been reduced to a paltry 207,000 bpd from a high of 1.6 million bpd, before the start of civil war five years ago.

Sanalla says that the corporation is targeting to receive about $1 billion which could jump-start the vital sector of the economy. But even after presenting it’s budget to the presidential council at the begining of July, the funds are yet to be allocated.

The north African country sits atop Africa’s largest oil reserves estimated at 48 billion barrels, but paradoxically it is the least producing OPEC member state.

Exacerbating the situation is attacks by Islamist militants on key oil installations.

However, there’s a glimmer of hope as the unity government agreed with an armed brigade in July, to reopen two major oil ports the Es sider and Ras Lanuf which have the potential to add 600,000 bpd.

In early August, Sanalla expressed fears that the promise to reopen the blockaded oil ports could be broken ,arguing that in the past there had been agreements with petroleum guard facilities that had not been met.

Western governments including those of Germany, Spain, US, France Italy and the UK have demanded that the control of all oil facilities be returned to the UN backed unity government without delay.
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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Wong Man
5 days ago

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Mr Ronald Rajnesh Gounder
1 week ago

Business News

Business News
Released:  16/08/20162016-08-16
Word count:  1070

Mellitah Oil &Gas Company (Oil Division),intends to issue the below tender and wish to invite for pre-qualification interested, experienced and reputable Companies specialized in providing similar services stated below to submit full electronic file including all requirements for inclusion in the bidders list to be invited to participate in the following tender:

Play
NOC

TENDER NO. 819-Provision of  General Cleaning Services forto the company's administrative headquarters in Tripoli

 

Scope of work :

1- Cleaning all the building's floors, offices, stairs, balconies, passages and elevators.

2- Cleaning the office furniture, the equipment and spraying it by air fragrant (first quality).

3- Cleaning the office furniture.

4- Cleaning the bathrooms, antisepsis by antiseptic (Dettol) and good perfumes, supplying with soap and the required paper towels (first quality).

5- Cleaning the building's glass from inside and outside.

6- Bringing the cups and pure drinking water with high quality daily to all the sites.

7- Accumulating the sweepings in determined sites, getting rid and transfer to determined dumps for that purposes (daily).

8- Response to the assistance in states of emergency such as breaking the pipelines and pouring tanks of water, .. etc

9- Spraying by the insecticides and killing the rodents (4) four times in the year and when required.

10- Keeping the green areas and care the trees in Tajoura Store. Help in handing over works

 

Work location:

The work location include company'sadministrative headquarters in Tripoliwhich consist of two administration buildings, Company's store building in Tajoura and the store building and offices in Abu-setta Base.

 

QUALIFICATION REQUIREMENTS

 

Interested companies for the above tender must satisfy the stipulated requirements and submit the required information below. Failure to submit any of the under listed documents will render automatic disqualification:

  1. Letter on Company's letterhead Addressedto the "Contract Department Manager" stating expression of interest on the respective tender.
  2. Valid copy of Company Registration in Libya, if already registered, or details of Branch Office, Representative or Agent in Libya and Tax Department declaration.
  3. Company Profile with full details of similar contracts performed with relevant and verifiable Reference List of Clients where the works had been undertaken Literature/catalogue of the entire range of work /service/equipment and any additional information that will enhance the potential of the applicant /consortium.
  4. If your Company has participated in any of our previously Tenders, you arerequested to provide the details of the tender but you are not requested to re-submit your company profile. However if there has been any changed to your company profile as per the required services in this Tender, please provide your updated profile accordingly for our review.
  5. Submission of Financial Status document of the Company turnover for the last 3 years and the Organization Chart.
  6. Have in place a formalized quality system complying with the requirements of international quality certification.
  7. Two copies of the Prequalification Documents containing the above stated requirements shall be submitted in envelopes and marked:

Tender No.  819

Provision of General  cleaning services to the Company's administrative headquarters in Tripoli

Addressed to the " Contracts Department Manager "  to the following address:

Mellitah Oil & Gas Company

Dahra Kebira Street, P.O. Box 346,

Tripoli-Libya

Or to the following E-mail address:

 

PRE-Q@MELLITAHOG.LY

 

8. The prequalification documents shall besubmitted not later than  01/09/2016 .

 

9. Company has the right to exclude any file dose not meet the above stipulated requirements.

Important Notes:

  1. The pre-qualification request is not an invitation to tender. Company is neither committed nor obligated to undertake the work described above or to issue any call for tender or to include any respondent to this invitation or other company on any Bidders List or to award any form of contract.
  2. The Invitation to Tender (ITT) Package will only be issued to qualified companies that have been pre-qualified.
  3. Company will not be responsible for whatsoever costs incurred for preparation and submission presented in response to this notice.
  4. Company shall deal only with authorized officers of the bidding companies and not through individuals or agents.

Company shall not consider any pre- qualification request all the Conditions been provided as resolution (207),2012from the economicminister 

Comments:

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We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

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Wong Man
5 days ago

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Mr Ronald Rajnesh Gounder
1 week ago

Oil & Gas News

Oil & Gas News
Released:  16/08/20162016-08-16
Word count:  784

OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal.

Play
Reuters
Riyadh sharply raised expectations for a global production deal between on Thursday when Energy Minister Khalid al-Falih said Saudi Arabia will work with OPEC and non-OPEC members to help stabilize oil markets.

"The comments by the Saudi energy minister give a ‎positive indication that they are willing to go for a freeze deal but the question remains: on what level?" said an OPEC source from a key Middle Eastern producer.

"Will the freeze be at January levels? And what about Iran‎?And then there is Nigeria, which has lost a lot of production since January," the source added.

Only days after Falih's remarks, Energy Minister Alexander Novak was quoted as saying Russia is consulting with Saudi Arabia and other producers to achieve oil market stability, adding that the door is still open for more discussions on output freeze, if needed.

Saudi Arabia, together with Russia and the United States a rival for the position of the world's top oil producer, boosted output to 10.67 million barrels per day in July from 10.2 million in January, when the freeze idea first emerged.

Since 2014, Saudi Arabia, OPEC's de facto leader, has been raising output to drive higher cost producers out of the market and win back share from rivals such as the United States, where output soared on the back of the high oil price of the past decade.

As a result, oil prices LCOc1 collapsed to $27 per barrel in January from as high as $115 in mid-2014, capping output of the United States but also hitting hard Saudi Arabia's budget and resulting in a record fiscal deficit for Riyadh.

A previous attempt to freeze output at January levels to support prices collapsed in April after Saudi Arabia said it wanted all producers, including regional rival Iran, to join the initiative.

Tehran argues it needs to regain market share lost during years of Western sanctions, which have been only softened in January.

Over the past few months, Iran, OPEC's third biggest producer, has boosted output close to pre-sanctions levels and has repeatedly signaled it has no plans to join the freeze initiative.

"I do not see any real chance," a source familiar with Iranian oil thinking said on Saturday in reference to the prospect of a freeze deal in September.

OPEC members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 26-28.

"However, if prices go down further, some OPEC members will try to send positive signals to the market to keep prices at least at current levels," the source added.

IRAQ OUTPUT GAINS

Iranian oil minister Bijan Zanganeh said in parliament last week he wanted to take the country's output to 4.6 million bpd within 5 years - much above the current 3.6 million bpd and pre-sanction levels of 3.8-4.0 million bpd.

But since the collapse of freeze talks in April, Iran is no longer the only obstacle to the deal.

Iraq, OPEC's second largest producer, which in April was saying it would support the deal, has since agreed with oil majors on new contract terms to develop its massive fields, which will allow output to rise further next year by up to 350,000 bpd.

Nigeria and Libya could present further complicating factors, delegates said. Nigeria's output hit its lowest in over two decades this year due to attacks on oil sites and Libya is pumping a fraction of the pre-conflict level - raising the question of what level they should limit supplies at.

While Nigeria supported April's freeze initiative, Libya declined to join the talks.

Russia, which back in April was ready to freeze production in the first coordinated action with OPEC since 2001, also signaled it was no longer very keen on a dialogue and would continue boosting output.

Its output currently hovers near an all time high of 10.85 and Russian officials expect it to edge up further next year.

And even Saudi Arabia itself has raised its output to record levels in July, which Falih has explained was due to rising seasonal domestic demand and customers asking for more oil worldwide.

These increases arise as countries which usually do not join any global actions such as North American producers are expected to add more barrels. The International Energy Agency expects non-OPEC output to rise by 300,000 bpd next year after a decline of 900,000 bpd in 2015 as North American output stabilizes.

Hence, persuading countries such as Iran, Iraq and Russia to return to output controls will be a difficult task for Riyadh but a worst option would be to raise expectations of a deal that doesn't happen, like in April.

"No agreement will collapse the market, and OPEC," said the first OPEC source.

(Writing by Dmitry Zhdannikov; Editing by William Hardy)
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
5 days ago

We Offer Financial service around the world to companies that need financial service for their business grounesh.advisory1@gmail.com Skype:grounesh.advisory

Mr Ronald Rajnesh Gounder
1 week ago
Find out what contracts are on offer in Libya
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