الشركة العامة للكهرباء - تمديد فترة تقديم العروض

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Business News

Business News
Released:  11/02/20162016-02-11
Word count:  296

The Central Bank of Libya (CBL) announced today that it is reducing the annual hard currency transfer limit for individuals to the equivalent of US$ 7,500. The decision was published today but was dated 21 January 2016.

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Libya herald
The new reduced hard currency limit at the official exchange rate between LD 1.30 to 1.50 to the US dollar applies to all hard currency requests by every individual Libyan for purposes of personal use. It does not apply to companies. Libyans are still able to buy hard currency on the black market at the inflated rate of over LD 3 per US dollar.

The new reduced CBL transfer limit for individuals is a 50 percent reduction from the previous maximum annual transfer limit of US$ 15,000 and is usually used by Libyans for the import of various personal use for goods and services, including medical and education bills and needs.

The 50 percent reduction will hit many Libyans seeking medical treatment abroad, but it will most affect those who have family members studying abroad.

Speaking to a number of families, Libya Herald has learnt that the new US$ 7,500 maximum annual transfer ceiling would not meet the annual living costs let alone the tuition fees of their family members abroad.

It will be recalled that the CBL had been, all be it with much delay, transferring hard currency at the official exchange rate for genuine tuition bills presented to up to the annual maximum limit of US$ 15,000.

The new reduced CBL maximum limit will also hit many members of the Libyan diaspora currently forced to live abroad for a variety of reasons during the troubled times Libya is now going through.

From the point of view of the CBL, the reduction further reflects Libya’s dire economic situation with the fast depletion of Libya’s hard currency reserves as a result of reduced oil production and the crash in international crude oil prices.

The move is also part of a wider effort by the CBL and Audit Bureau to fight financial corruption.
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Oil & Gas News

Oil & Gas News
Released:  10/02/20162016-02-10
Word count:  295

Crude oil prices pushed higher on Wednesday after Iran said it was open to cooperation with Saudi Arabia, partly recovering from an 8 percent fall in the previous session led by concerns over demand and weak equities.

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Reuters
Prices were supported by comments from Iran's oil minister that Tehran is ready to negotiate with Saudi Arabia over the current conditions in global oil markets.

The International Energy Agency (IEA), meanwhile, said the Organization of Petroleum Exporting Countries (OPEC) is unlikely to cut a deal with other producers to reduce ballooning output. It predicted the world will store unwanted oil for most of 2016 as declines in U.S. oil output take time.

"Another day of heightened volatility is expected as concerns over global growth prospects remain elevated," analysts at ANZ said in a note.

The front-month Brent contract LCOc1 was 75 cents, or 2.5 percent, higher at $31.07 a barrel by 0219 GMT (9.19 a.m. EDT). The contract fel for a fourth straight session on Tuesday to end down $2.56, or 7.8 percent.

U.S. crude for March delivery CLc1 was 58 cents higher at $28.52 a barrel. The contract fell 5.9 percent on Tuesday to settle $1.75 lower.

Further weighing on prices on Tuesday, the U.S. Energy Information Administration (EIA) lowered its 2016 oil demand growth forecast to 110,000 barrels per day (bpd) from a growth of 160,000 bpd previously.

"Oil remains susceptible to further weakness as the market digests (Tuesday's) data," ANZ said.

Oil investors will turn to weekly inventory data by U.S. Energy Information Administration (EIA) later on Wednesday, with analysts surveyed by Reuters predicting a 3.6 million-barrel rise in crude stocks last week.

The American Petroleum Institute (API), an industry group, reported a build of 2.4 million barrels in U.S. crude stockpiles for last week.

Seeking additional protection against wild swings in prices, oil traders have scrambled to scoop up options, sending a key index to its highest level since the worst of the global economic crisis in 2008, data showed.

(Reporting By Jacob Gronholt-Pedersen; Editing by Richard Pullin)
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Business News

Business News
Released:  10/02/20162016-02-10
Word count:  48

Tripoli, 09.02.2016(lana) Al-Buraq Airlines has announced the change of its destination to Tunisia from Safex to to Al-Munastir airport as of next Saturday.

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LANA - Libyan News Agency
Commercial director of the company, Ala Abubaidha said that the company will run a weekly flight from Amaitiqa International Airport to Al-Munastir Airport.

After two weeks the company will increase its flight to two weekly and three flights from Misrata one to Al-Munastir and two to Istanbul.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  09/02/20162016-02-09
Word count:  386

Oil prices were down 2 percent on Monday as supply overhang concerns grew after a Saudi-Venezuela meeting at the weekend showed few signs of coordination to boost prices.

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Reuters
No tangible signs emerged from a meeting on Sunday between Saudi Arabia's oil minister Ali al-Naimi and his Venezuelan counterpart that OPEC and non-OPEC suppliers were ready to meet to discuss the price slump.

After a flurry of diplomacy over the last two weeks about a possible production cut roiled oil markets, Sunday's meeting between cash-strapped Venezuela and the kingpin of the Organization of the Petroleum Exporting Countries was seen as "make or break" for a possible deal to boost prices that have slumped 70 percent since mid-2014.

Venezuela's oil minister Eulogio Del Pino, who was on a tour of oil producers to lobby for action to prop up prices, said his meeting with Naimi was "productive."

"But does 'productive' mean less production? The market thinks not, at least right now," said Phil Flynn, an analyst at Price Futures Group in Chicago.

By noon (1800 GMT), Brent crude was down 53 cents, or 1.6 percent, at $33.53 a barrel, paring a fall of more than 3 percent earlier in the session.

U.S. crude slid 62 cents, or 2 percent, to $30.27 a barrel, also trimming losses after a drop of more than 4 percent earlier.

"With the possibility of a production cutting deal quickly fading into the sunset, market participants are once again left to focus on the reality of the oversupplied global market," Energy Management Institute analyst Dominick Chirichella wrote in a note.

Morgan Stanley warned the global supply overhang was unlikely to start clearing before 2017.

"We see limited upside for Brent (and range-bound) pricing over the next 12 months as the supply overhang is worked off," the bank said.

However, investors in Brent crude now hold more futures and options contracts that bet on the price rising than at any time since the InterContinental Exchange's records began in 2011, data from the exchange showed.

Money managers raised their net long position in Brent crude futures and options by 31,346 contracts to 292,300 lots in the week to Feb. 2. France's Total has, meanwhile, agreed to buy 160,000 barrels per day (bpd) of Iranian crude for delivery in Europe, official news agency SHANA quoted Iranian Oil Minister Bijan Zanganeh as saying, showing Tehran's determination to claw back lost market share after the lifting of nuclear sanctions against the OPEC producer.

(Additional reporting by Barani Krishnan in New York and Ahmad Ghaddar in London; Editing by Marguerita Choy and W Simon)
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Business News

Business News
Released:  09/02/20162016-02-09
Word count:  433

National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country, while the company’s counterpart in the east acknowledged it’s signed 10 contracts to export crude from the terminal.

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Bloomberg
Six or seven foreign companies signed oil-purchase contracts with people who say they represent the government based in eastern Libya and “have no authority to sell Libyan oil,” the Tripoli-based NOC said in a statement, citing Ahmad Shawki, general manager for international marketing. It identified Loyd Capital and Netoil as among buyers attempting to load crude at Hariga. “The only authority legally empowered to sell Libyan crude oil is the National Oil Corporation, with its seat in Tripoli,” NOC said.

Libya, which holds Africa’s largest proven oil reserves, has two administrations, one in the west and an internationally recognized government in the east. The NOC in the west is recognized by traders such as Glencore Plc and Vitol Group as the official marketer of Libyan oil. The eastern government has set up a separate NOC administration, which represents Libya in matters relating to oil including OPEC. The eastern National Oil Corp. said Friday it was seeking to hire a U.K. law firm to sue the NOC in Tripoli.

Impoundment Threat

“Tripoli isn’t internationally recognized and so they don’t have the power to say who is and isn’t authorized to sell crude,” Loyd Capital Management LP Chief Executive Officer Edward Loyd said Friday in a phone interview. Loyd plans to send oil to refiners in two “western-leaning governments,” and three shipping companies have agreed to lift crude for Loyd on condition that it provides necessary documentation, he said.

NOC with headquarters in Tripoli advised shipowners to “verify whether charterers’ contracts are legitimate, or run the risk of having their ships impounded,” it said in the statement on Sunday.

Libya produced about 1.6 million barrels a day of crude before the 2011 rebellion that ended Moammar Al Qaddafi’s 42-year rule. It’s now the smallest producer in the Organization of Petroleum Exporting Countries, pumping 370,000 barrels a day, data compiled by Bloomberg show. Since Qaddafi’s ouster and death, various armed militias are also competing for control of oil facilities.

The eastern NOC is seeking to hire a U.K. law firm to sue NOC in Tripoli, Nagi Elmagrabi, chairman of the NOC in east, said by phone on Friday. It has signed 10 contracts, with exports to start in two weeks from Hariga, he said.

Netoil “always follows commercial opportunities within the boundaries of the law,” the company said in an e-mailed statement on Friday. Eastern Libya “is under the control of the legitimate government in Tobruk,” it said. “We therefore shall not experience any issues with the continuity of the flow of supply and the exporting of the oil.”
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Oil & Gas News

Oil & Gas News
Released:  08/02/20162016-02-08
Word count:  249

Crude oil futures inched up on Monday in thin trade as many Asian markets were on holiday for Lunar New Year, with few trading cues expected until Federal Reserve Chair Janet Yellen gives testimony to lawmakers later in the week.

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Reuters
Global benchmark Brent futures LCOc1 were up 9 cents at $34.157 at 0403 GMT. They fell 40 cents to $34.06 a barrel on Friday.

U.S. crude futures CLc1 were also up 9 cents at $30.98, after falling 83 cents to $30.89 on Friday.

Both contracts had dropped slightly earlier on Monday in see-saw trade on low volumes.

"The strength we saw in the middle of last week has not been completely overturned but the direction has reversed," said Ric Spooner, chief market analyst at CMC Markets in Sydney.

The market is looking forward to Yellen's testimony on Wednesday along with U.S. crude inventory levels the same day, Spooner said.

"We are on hold, waiting for that with a nervous tone."

A meeting between OPEC producers Saudi Arabia and Venezuela on Sunday to discuss coordination on prices ended with few signs there would be steps taken to boost prices.

Saudi Arabia's oil minister Ali al-Naimi talked about cooperation between Organisation of Petroleum Exporting Countries members and other oil producers to stabilise the global oil market with his Venezuelan counterpart, but there was no agreement to hold an early meeting of suppliers.

Venezuela's Oil Minister Eulogio Del Pino, who is on a tour of oil producers to lobby for action to prop up prices, said his meeting with Naimi was "productive".

The prospect of a supply restraint helped oil prices rise from 12-year lows last month, even though there was widespread scepticism that a deal would happen.

(Reporting by Aaron Sheldrick; Editing by Miral Fahmy and Joseph Radford)
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News Releases

News Releases
Released:  08/02/20162016-02-08
Word count:  87

Tripoli, 07.02.2016(Lana) The Central Bank of Libya decided to approve foreign currency financial cover requests as of Sunday provided that the requests are consistent with the bank's instructions, controls and its electronic system.

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LANA - Libyan News Agency
This came in a letter circulated by the director of Banks and monetary control of the CBoL, Abdulhafiz Ashur Tribal to directors of the commercial banks Thursday.

The accounts dept of the CBoL decided December 20, 2015 halting foreign currency financial cover requests until further notice.

The decision led to suffering of Libyans staying abroad for treatment and studying as their credit cards were rendered unoperational and dollar price in the black-market skyrocketed to 3.6 LD per dollar, whereas the official rate of exchange is 1.4 LD per one dollar.

=Lana=
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Business News

Business News
Released:  08/02/20162016-02-08
Word count:  118

Tripoli, 07.02.2016 - Lana - The civil affairs authority and 'Aman' bank , have agreed on activating the bank's E-cards , and to connect the bank system with the national number system.

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LANA - Libyan News Agency
The authority said through its page on the social network 'FaceBook' , that reaching the agreement between the authority president 'Mohamed Boker' , and 'Aman' bank manager 'Mokhtar S'hili' , came as an execution to the central Libya bank 'CLB' resolution , not to make any transaction without the national number , and to make sure of the correct data of E-cards holders as quick as possible , without any delay in the procedures , in order to secure the citizens data from forgery.

Its noteworthy , that the civil affairs authority had modernized an application for android and ios on I-phones , to facilitate communication among its employees and citizens all the same , and to provide its services in a fast time and lesser effort.

=Lana=
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Business News

Business News

Brega Petroleum Marketing Co. announcingPre- qualification for construction of new two fuel tanks project, at Ras Al-Mungar terminal / Benghazi.According to the scope of work and the requirements which are summarized in the following essential items:

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NOC
  • Prepare engineering works & design drawings.
  • Supply & install all civil and electrical works.
  • Supply and install the steel plates for the tanks.
  • Supply & install cathodic production.
  • Supply & install all required pipes in  various diameters and fittings.
  • Connect the new tanks with the existing piping networks.
  • All the necessary connects are to be connected to the  control rooms.
  • Supply & install the earthing system.
  • Supply & install the fire fighting system.
  • Supply & install the cooling system.
  • Cleaning & painting works.
  • Calibration works as needed.
  • Supply & install the required equipments included the accessories.
  • Hydrostatic and NDT tests are essential.

Therefore, companies possessing relevant experience and registered in Libya with technical and financial capabilities are invited to express their interest in participation to execute this project by submitting their file for the pre-qualification according to the following terms and conditions:

  1. Fill the PQQ available via WWW.BREGA.LY/APP_FORM.XLSXand return via email HIGHERTENDERS@BREGA.LYand enclosed a hard copy with the company’s file.
  2. Provide organisation's articles of incorporationa cover letter expressing of interest to participate in the tender and the documents for the registration in Libya (Official evidence attesting registration at the commerce registration office, valid business license, and valid tax clearance certificate).
  3. Provide the financial status for the last) 3( years (20112-013-2014) in Arabic language and authenticated by legal auditor.
  4. Provide previous experience of similar scope of work.
  5. Provide list of technical crew and company’s equipment.
  6. Full address of company headquarter and its branches, telephone, Fax numbers, email and website address.
    • Important Notes:
  7. Only officially assigned representative will be dealt with.
  8. 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 .
  9. The invitation to participation in the tender and handing over specification and general terms and conditions documents only to companies that found qualified by pre-qualification evaluation final result.

The closing date for submission is at 12:00 pm on Monday15/02/2016

 

Anysubmitted file without the required documents will be rejected. 

For any quarries please contact High Tenders Committee /

/Tel:0213620110 Fax/:  021 3619870  E-mail address / : highertenders@brega.ly 

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Oil & Gas News

Oil & Gas News
Released:  05/02/20162016-02-05
Word count:  333

Crude oil futures were steady in lacklustre trading on Friday as Asian liquidity faded ahead of the Lunar New Year holiday across large parts of the region.

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Reuters
International benchmark Brent crude futures LCOc1 were trading at $34.41 per barrel at 0539 GMT, a notch below their last settlement while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 6 cents at 31.78 a barrel.

Traders said liquidity was low due to the Lunar New Year holiday which will last for most of next week.

Oil prices have been extremely volatile since the start of the year, and in particular this week, as a string of bullish indicators like a slump in the dollar .DXY and potential talks on output cuts clashed with bearish reports of record U.S. crude inventories, higher output and a slowing global economy.

Investment bank Jefferies said on Friday that U.S. crude prices had traded within a 19 percent band over the last week and with inter-day moves approaching 11 percent.

"We expect that volatility could remain elevated especially on upward moves from short covering; net length in WTI is at its lowest level since 08/01/2013 implying a large short position," Jefferies said.

BMI Research, a unit of rating agency Fitch Group, said that "bloated crude inventories in the U.S. pose rising risk to WTI" and that "a continued build in storage over the coming six to eight weeks could collapse the price of WTI, driving a sharp reopening of the spread to Brent."

U.S. crude inventories USOILC=ECI climbed 7.8 million barrels in the week to Jan. 29 to 502.7 million barrels. Gasoline inventories USOILG=ECI rose to a record high, soaring 5.9 million barrels to 254.4 million barrels.

Brimming storage is contributing to an overall bearish market outlook as long as major producers don't reach an agreement on output, with China's economic slowdown now showing signs of spreading across the world.

Commodities brokerage Marex Spectron said that "the macroeconomic environment is bearish. Global industrial production, manufacturing and automotive demand indices all point towards weakening demand."

"Rebalancing will take longer, keeping prices low ... We see the low price regime persisting until 2Q17," Morgan Stanley said.

(Editing by Anand Basu and Biju Dwarakanath)
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Oil & Gas News

Oil & Gas News
Released:  04/02/20162016-02-04
Word count:  330

Crude oil futures extended gains from the previous session on Thursday as a weaker dollar and unconfirmed talk of producers potentially meeting to discuss output cuts lifted the market despite record U.S. stocks due to overproduction.

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Reuters
Despite the rise, analysts said prices would remain low in 2016 and 2017 as global demand slows and inventories swell.

U.S. crude futures were trading at $32.46 per barrel at 0456 GMT on Thursday, up 18 cents from the previous session's close when they rallied 8 percent from below $30 per barrel.

Brent crude was up 12 cents at $35.16 per barrel.

Analysts said prices had recovered on a sliding dollar and from ongoing, yet unconfirmed, talk of a potential meeting of oil producers to cut output in support of prices, which have fallen around 70 percent since mid-2014.

But the main feature of recent oil trading has been volatility, with price swings of more than 10 percent within two trading sessions frequently occurring since mid-January.

"The weaker U.S. dollar provided some interim support to the commodity complex, but volatility in crude oil remains extreme. Climbing U.S. crude stocks remain an ongoing threat to further price weakness," ANZ bank said.

U.S. crude inventories climbed 7.8 million barrels in the week to Jan. 29 to 502.7 million barrels, compared with analyst expectations for an increase of 4.8 million barrels. U.S. gasoline inventories rose to a record high of 254.4 million barrels.

Analysts remain largely bearish in their outlook, pointing towards persistent oversupply and slowing demand.

Morgan Stanley on Thursday lowered its average 2016 Brent price forecast to $30 per barrel, down from $49 previously. The bank only expects an average price of $40 per barrel in 2017 as oversupply persists.

"With demand slowing, rebalancing may not occur until mid-2017 or later," it said, adding that "global supply should grow in 2016 despite low prices."

Morgan Stanley also said that an emerging willingness of producers to forward hedge at prices not much above $40 per barrel was also capping prices.

National Australia Bank (NAB) said on Thursday that it expected "oil prices to recover mildly to $40 per barrel by end-2016 and $50 per barrel by end-17."

ANZ bank said it saw "oil and iron ore markets as the commodities most susceptible to further weakness."

(Editing by Richard Pullin and Sunil Nair)
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News Releases

News Releases
Released:  04/02/20162016-02-04
Word count:  55

Tripoli, 3 February 2016(Lana) Libya's oil production still stands at 370,000 bpd, a spokesman for the National Oil Company Mohamed Al Hrari said.

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LANA - Libyan News Agency
Oil producing fields have not been affected by fire which broke out in oil pipeline linking the field of Amal and station 108 near Al Wahat belonging to Zweitina oil company, Al Hrari said.

Fire broke out in 5 reservoirs of crude oil at Ras Lanouf terminal after being targeted by so called Islamic State group.

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Oil & Gas News

Oil & Gas News
Released:  04/02/20162016-02-04
Word count:  67

Tripoli, 3 February 2106(Lana) The Fires that broke out at the oil field 103 known as Al Entisar field which triggered by an explosion in the pipeline linking the field to Al Zweitina terminal on Sunday night have been put out, a spokesman for the National Oil Company said.

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LANA - Libyan News Agency
The explosion was caused by explosives planted at the linking point at Amal Ras Lanouf pipeline 75 km north of the city of Oujala near Ajdabiya, Mohamed Al Harari said.

Al Harari pointed out that the companies working in the area including Al Harouj and Agip, have worked together to put out the fires, after the valve leading to Al Zweitina was shut down to minimize damage.

=Lana=
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Cultural News

Cultural News
Released:  04/02/20162016-02-04
Word count:  157

Tajoura, 03.02.2016 (Lana) The first Tajoura -Tamzeen heritage exhibition was opened Wednesday. The exhibition is the first between the two towns and themed " originality, and reaching out".

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LANA - Libyan News Agency
The exhibition held at Murad Agha mosque down town tajoura covers several cultural and heritage aspects that highlight in stands traditional clothes, popular food, artifacts and dates besides wooden, copper and poetry engravings, old documents and poems from various parts of the country.

A member of Tamzeen Future Society for heritage said that the fair was in response to an invitation extended by Tajoura Municipal Council to exhibit collections and traditional industry and food of Tamzeen to show unity of the social fabric of Libya and that there is no difference between Amazigh and Arabs.

He told Lana that the society is trying to introduce Tamzeen town and what has to offer in terms of its characteristics at the level of heritage or culture or other aspects of life. He said the society participated in many other fairs including Tripoli International fair and that Tamzeen got second place in the competition of the national custom "jerd".

=Lana=
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News Releases

News Releases
Released:  03/02/20162016-02-03
Word count:  378

NEW YORK/LONDON, Feb 2 Gold steadied after touching three-month highs on Tuesday, underpinned by global growth concerns and as another sharp drop in the oil price pushed investors toward safe-haven assets.

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Reuters
Weak Chinese manufacturing data on Monday underscored the challenges for the world economy, while volatility in oil and other assets fueled interest in gold as a haven from market turmoil.

Spot gold touched $1,130.30 an ounce early on Tuesday, its strongest since Nov. 3, and was little changed at $1,128.31 at 3:10 p.m. EST (2010 GMT). U.S. gold for April delivery settled down 0.07 percent at $1,127.20 an ounce.

Traders noted some long liquidation pushed spot prices to a session low of $1,122.04 an ounce after failing to hold above the 200-day moving average at $1,129.49.

"In the near term gold is finding some support in the dovish tone from central banks last week, notably the Fed and the Bank of Japan," said Jens Pedersen, senior analyst at Danske Bank.

Gold, which as a non-yielding asset tends to rise on ultra-low rates, benefited from the Bank of Japan's introduction last week of negative interest rates and increasing expectations that the U.S. Federal Reserve will not raise rates as many times as previously expected in 2016.

However, gold prices have been capped to the upside as the Fed has kept the door open for a rate increase in March. "It is perfectly possible that it will move towards $1,150 (in coming weeks) and then it will depend on the equity markets," said Carsten Menke, an analyst at Julius Baer. "Clearly this is an environment that is supportive for gold in the short term."

Reflecting growing confidence in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 21.9 million ounces on Monday, the most since Nov. 3.

For palladium, more ETF outflows are likely in the coming months after subdued industrial activity globally caused liquidation, taking holdings to the lowest since mid-2014, UBS Wealth Management Research said in a note.

In a London Bullion Market Association (LBMA) survey, analysts were bullish the four precious metals, calling for the average price of gold in 2016 to be up 1.1 percent from 2015 at $1,103 an ounce. In silver and platinum they forecast 5.4 percent rises to $14.74 and $911 respectively, and a 12.7 percent increase in palladium to $568.

Spot silver was down 0.3 percent at $14.28, platinum was down 1.7 percent at $855.11 an ounce, and palladium was down 2.3 percent at $488.62.

(Additional reporting by Manolo Serapio Jr. in Manila; Editing by Susan Thomas, Jan Harvey and Bill T)
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Oil & Gas News

Oil & Gas News
Released:  03/02/20162016-02-03
Word count:  494

Oil slumped for the second straight day, with U.S. crude ending 5.5 percent lower on Tuesday, as hopes of a deal to curb one of the worst supply gluts in history continued to fade amid concerns that mild winter weather in the U.S. will dampen demand.

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Reuters
The oil markets erased most of last week's four-day rally, when it soared almost 20 percent from the lows touched in mid-January, after Russia's Energy Minister said OPEC kingpin Saudi Arabia suggested a production cut.

Hopes dimmed this week as no deal has emerged and talks between Russia's energy minister and Venezuela's oil minister on Monday failed to result in any clear plan to reduce output.

U.S. investment bank Goldman Sachs said it was "highly unlikely" the Organization of the Petroleum Exporting Countries would cooperate with Russia to cut output, saying the move would also be self-defeating as stronger prices would bring previously shelved production back to the market.

"As they (producers) continue to disappoint, we're going to trade lower, until the market forces them to do something and I think that's at a much lower price than here," said analyst John Kilduff, partner at Again Capital LLC in New York. Brent crude LCOc1 closed down $1.52, or 4.4 percent, at $32.72 a barrel. It fell as much as 5.9 percent to $32.23 in the session.

U.S. West Texas Intermediate crude (WTI) CLc1 settled 5.5 percent, or $1.74 lower at $29.88 per barrel, after falling as low as $29.81.

The contract fell further in post-settlement trade to $29.57 after data from the American Petroleum Institute, an industry group, showed 3.8 million-barrel build in U.S. crude stocks last week.

U.S. government energy data is due on Wednesday.

With forecasters projecting the weather in the United States will moderate during the last eight weeks of the November-March winter heating season, U.S. heating oil futures HOc1 were down 2 percent and gasoline RBc1 7 percent lower.

The selloff in gasoline futures deepened to more than 9 percent in post-settlement trade after API data showed gasoline inventories soared 6.6 million barrels last week.

Oil stockpiles have been on the rise even outside the United States, with Russian output hitting a post-Soviet high in January.

Crude prices are in danger of returning to the $20s unless there was concrete reaction on the supply side, said Thomas Saal, analyst at INTL FC Stone in Miami, Florida.

Economic data due later in the week, including U.S. non-farm payroll, unemployment figures and producer prices from the euro zone, could pressure oil prices further, Again Capital's Kilduff said.

"I think it's in the cards to re-test the lows from mid-January," he said, referring to Brent's low of $27.10 and WTI's $26.19.

Still, Citi called a bottom on prices on Tuesday, saying that even while a deal may not materialize, the current lows will be short lived.

Meanwhile, the prolonged downturn in prices has crushed the oil majors' results.

Exxon Mobil Corp (XOM.N), the world's largest publicly traded oil company, reported its smallest quarterly profit in more than a decade and planned to cut 2016 spending by a quarter, while BP (BP.L) announced its biggest annual loss and thousands more job cuts.

(Additional reporting by Simon Falush in London, Keith Wallis in Singapore and Felix Bate in Paris; Editing by Chris Reese and Marguerita Choy)
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Business News

Business News
Released:  03/02/20162016-02-03
Word count:  94

CBoL meets on controls and measures organizing opening of documentary credits.

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LANA - Libyan News Agency
Tripoli, 02.02.2016(Lana) The Central Bank of Libya's Committee on Covering Bank Accounts in Foreign Currency held a meeting with Directors of commercial banks during which it discussed CBoL circulation No 2/2016 on controls and measures organizing opening of documentary credits.

Director of Banks and Monetary Monitoring who is deputy chairman of Credits Covering Committee underlined at the meeting the importance of complying with all items of the circulation and forwarding the required reports with full data about all opened documentary credits that are approved to be covered by the CBoL at their due time.

=Lana=
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Construction News

Construction News Business News
Released:  02/02/20162016-02-02
Word count:  57

The signing of service contracts to execute infrastructure projects in Khoms.

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LANA - Libyan News Agency
Khoms, 01.02 2016 - Lana - The municipal council in Khoms city , had signed a number of service contracts with several related companies , to start implementing number of infrastructure projects , within the current projects running in the municipality.

The projects include , widening and paving some roads and squares , as well as establishing several sewage and rain water drainers.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  02/02/20162016-02-02
Word count:  424

Oil prices fell for a second session in Asian trade on Tuesday as worries about top energy consumer China and rising oil supply weighed on markets, although possible talks between OPEC and Russia on output cuts offered some support.

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Reuters
Brent for April delivery had dropped 56 cents to $33.68 a barrel as of 0358 GMT, after settling down $1.75, or 4.9 percent, in the previous session.

The front month contract for West Texas Intermediate (WTI) was down 67 cents at $30.95 after falling $2.00, or 5.9 percent, the session before.

Despite the declines, U.S. crude is still nearly 19 percent above the more than 12-year low of $26.19 hit in mid-January.

"(Prices) have just come back to reality a bit, although they are holding water above $30 a barrel," said Ben Le Brun, market analyst at Sydney's OptionsXpress, pointing to concern over rising oil supplies and weaker economic data.

Oil prices could nudge below $30 a barrel again if investors saw hopes fading of a deal between members of oil producers cartel OPEC and Russia on production cuts, he said.

Russia's energy minister and Venezuela's oil minister discussed the possibility of holding joint consultations between OPEC and non-OPEC countries in the near future, the Russian Energy Ministry said on Monday.

But Goldman Sachs said it was "highly unlikely" OPEC producers would co-operate with Russia to cut output, while also being self-defeating as stronger prices would bring previously shelved production back to the market.

Crude prices fell after China's purchasing managers index dropped to a three-year low in January, coupled with climbing oil supplies, ANZ said in a note on Tuesday.

"Rising supply also suggests further downside risk to short-term prices. Output from OPEC rose to 33.1 million barrels per day last month as Indonesia's membership to the group was reactivated," the note added.

Investors are waiting on a slew of economic data, including U.S. non-farm payroll and unemployment figures and producer prices from the euro zone, to give oil markets further direction, Le Brun added.

That came as U.S. commercial crude oil inventories likely rose by 4.7 million barrels last week to a new record high of 499.6 million barrels, a preliminary Reuters survey taken ahead of industry and official data showed on Monday.

Gasoline stocks likely rose 1.3 million barrels last week, while distillate inventories, which include heating oil and diesel fuel, were seen falling 1.7 million barrels.

The Reuters poll was taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API), due out later on Tuesday, and the U.S. Department of Energy's Energy Information Administration (EIA), due for release on Wednesday.

Elsewhere, production from Iraq's southern fields dropped to an average 3.9 million barrels per day (bpd) in January from a record 4.13 million bpd the previous month, the oil ministry said.

(Reporting by Keith Wallis; Editing by Richard Pullin and Joseph Radford)
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News Releases

News Releases
Released:  01/02/20162016-02-01
Word count:  88

Tripoli, 31 January 2106(Lana) A data base centre has been opened at the headquarters of the Audit Office, the Head of the Office announced.

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LANA - Libyan News Agency
The step is a milestone in the Office's effort to modernize, using the latest technology to link the main state network to Miadan Al Jazayer and Zawiyat Al Dihmani exchanges using the optical fiber technology which will connect Office's branches across the country, Khalid Shekshek said at the data base centre opening ceremony.

The new centre will upgrade public administrations and offices and branches by allowing a flow of data through internal networks, linking public institutions, sectors, banks and the National Number project and others, he said.

=Lana=
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