الشركة العامة للكهرباء - تمديد فترة تقديم العروض

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Released:  26/01/20152015-01-26
Word count:  157

To all Suppliers Please be advised that the date of receiving Pre-Qualification Documents is extended to 28/02/2015. However, any supply company who did not participated before can still send their documents before the end of extension date.

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NOC

Any supply company who do not participate in this Pre-qualification will not be considered on our List of Suppliers and it will not be allowed to participate in any bidding after the 28th of February 2015.

 

Courier address as follows:

Head-Tender Committee (NWD)

National Oil Well Drilling & Work Over Company

Omar El Mukthar Street, Besides Libya Hotel,

Tripoli, Libya PO Box 1106 Tripoli.

Tel. 00218 3368740 – 42 connecting all dept.

Fax No. 00218 4446743

www//http: NWD-LY.COM

 

 Chairman of Bidding Committee (NWD) 

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Released:  26/01/20152015-01-26
Word count:  463

Oil prices will rebound rather than extend their decline to as low as $20 a barrel because a collapse since June isn’t merited by global supply and demand, OPEC’s Secretary-General said.

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Producers outside the Organization of Petroleum Exporting Countries should be first to reduce their output amid a surplus that’s pushed crude below $50 a barrel, Abdalla El-Badri said in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland on Wednesday. Iraq, OPEC’s fastest-growing supplier, said it needs to boost output to compensate for revenues eroded by the price slump.

“The price will not go to $20 or $25, I think the price will stay at where we are now,” El-Badri said. “We have seen this before -- prices coming down very fast and go up very slow. But prices will rebound.”

Oil slumped almost 60 percent since June as OPEC nations continued pumping amid the highest U.S. production in more than three decades. The 12-nation group’s decision on Nov. 27 to maintain output was based on economics, and wasn’t intended to target U.S. shale drillers, Russia or any other country, El-Badri said.

Brent slid 16 cents, or 0.3 percent, to $48.87 a barrel on the London-based ICE Futures Europe exchange at 12:28 p.m. Singapore time. West Texas Intermediate lost 33 cents to $47.45.

First Movers

Non-OPEC nations, some of which require prices of $100 a barrel to sustain output, should be first to pull back as their production has expanded over the past decade while OPEC’s remained stable, El-Badri said. OPEC decided in November that, if it cut supply, rising non-OPEC output would have required it to make successive reductions through to 2016, he said.

Iraq, OPEC’s second-biggest member, has lost about 50 percent of its revenues because of the slump in oil and consequently needs to bolster output, Deputy Prime Minister Rowsch Nuri Shaways said Wednesday at the WEF in Davos.

“Because of the new challenges, especially the price of oil, Iraq has to try its best to raise it oil production and exports,” Shaways said.

An agreement last month between the country’s federal government and the semi-autonomous Kurdish region will boost exports by more than 550,000 barrels a day, he said. The nation is pumping at about 4 million barrels a day, already a record, Oil Minister Adel Abdul Mahdi said Jan. 19.

OPEC and non-OPEC producers must keep investing in new supplies despite the price plunge, El-Badri said. Without sufficient spending in additional capacity over the next five years, oil prices could rebound above $100 a barrel.

OPEC’s crude output rose by 80,000 barrels a day last month to 30.48 million as additional oil from Iraqi fields more than offset a collapse in Libyan production, the International Energy Agency said in its monthly market report Jan. 16.

To contact the reporters on this story: Francine Lacqua in London at flacqua@bloomberg.net; Grant Smith in London at gsmith52@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net James Herron
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Released:  26/01/20152015-01-26
Word count:  261

(Reuters) - Commercial flights from Libya to mainland Europe resumed after more than six months on Saturday with a Libyan carrier taking off to Germany, the airline said.

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Reuters
Foreign airlines stopped flying to Libya in July when a faction called Libya Dawn attacked a rival group controlling Tripoli's main airport, taking control of the capital after a month of fighting.

Libya Dawn has set up a rival government and forced the internationally recognized Prime Minister Abdullah al-Thinni to the east.

The airport and some 20 planes were damaged during the fighting, officials have said.

Turkish Airlines briefly returned last year to fly to Misrata, east of Tripoli, before halting flights this month due to repeated air strikes on the airport, part of a struggle between Libya's two governments.

On Saturday, a Libyan state carrier Afriqiyah plane flew from Tripoli's Matiga airport to Duesseldorf, the airline and the German airport said. The airline also plans to fly to Rome in the coming days, it said.

To circumvent a flight ban by the European Union, Libyan carriers need to contract firms operating planes registered in the EU.

With no foreign carriers serving Libya, state carriers operating a depleted fleet struggle to meet demand for tickets. Connections are limited to Turkey and neighboring countries, some of which like Egypt do not allow flights to Tripoli, which is under control of the rival government.

The main eastern airport Benghazi has been closed since May due to fighting in the city.

The United Nations and most Western and Arab countries evacuated their diplomats in the summer during fighting between factions who are battling for control of the oil-producing state four years after the fall of Muammar Gaddafi.

(Reporting by Ulf Laessing; Editing by Rosalind Russell)  
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Released:  23/01/20152015-01-23
Word count:  91

Jan 22 (Reuters) - Oil prices will not fall to $20 or $25 a barrel, OPEC Secretary-General Abdullah al-Badri said in an interview with Bloomberg.

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Reuters
"The price will not go to $20 or $25, I think the price will stay at where we are now," Badri said, Bloomberg reported.

Producers outside the Organization of Petroleum Exporting Countries (OPEC) should be first to reduce their output to remove a global surplus, Badri said, rather than OPEC.

OPEC decided against cutting its own output at a meeting in November, a move that helped to extend a slide in oil prices.

Oil on Wednesday was trading below $50 a barrel, down almost 60 percent since June.

(London energy desk; Editing by Mark Potter)
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Released:  23/01/20152015-01-23
Word count:  390

(Reuters) - Oil prices jumped in Asian trading on Friday as news of the death of Saudi Arabia's King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades.

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Reuters
Abdullah died early on Friday and his brother Salman became king, the royal court in the world's top oil exporter and birthplace of Islam said in a statement carried by state television. U.S. benchmark WTI crude futures rose more than 2 percent to a high of $47.76 a barrel, but had eased back to $47.09 by 0135 GMT. International Brent crude futures rose to a high of $49.80 a barrel shortly after opening before easing back to $49.35 a barrel by 0152 GMT, up 1.71 percent.

"The fear of the unknown is going to be supportive to crude oil prices," said John Kilduff, partner, Again Capital LLC in New York.

"King Abdullah was the architect of the current strategy to keep production high and force out smaller players instead of cutting," he added.

Kilduff also said that the new king was known as a defender of Saudi Arabia's interests and that the market would expect him to keep production high.

The Saudi King's death comes amid some of the biggest shifts in oil markets in decades.

Oil prices have more than halved since peaking in June last year as soaring supplies clash with cooling demand, due to economic slowdown in Europe and Asia as well as improvements in energy efficiency, made during times of high prices.

Booming U.S. shale production has turned the United States from the world's biggest oil importer into one of the biggest producers, producing more than 9 million barrel per day. To combat soaring output and falling prices, many oil exporters, such as Venezuela, wanted the 13-member Organization of the Petroleum Exporting Countries (OPEC) to cut output in order to support prices and revenues.

Yet, led by Saudi Arabia, OPEC announced last November it was keeping output steady at 30 million barrels per day.

Brent, which had already fallen to $77 per barrel by the time of the OPEC meeting, dropped another quarter over the next month as the market digested the fact OPEC would not come to the rescue.

OPEC's decision not to act, led by Saudi Arabia, was aimed at defending market share against U.S. shale producers as well as other non-OPEC exporters such as Brazil or Russia.

(This story was corrected to say the United States is one of the top oil producers in paragraph 8, and not the biggest)

(Additional reporting by Robert Gibbons in New York; Editing by Ed Davies)  
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Released:  23/01/20152015-01-23
Word count:  457

AS Solution and Damasec Global Group have established a new joint venture in Libya to provide a wide range of personal protection, security and travel logistics services for multinational corporations, governmental organizations and NGOs.

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AS Solution and Damasec have joined forces on the ground in Libya to provide a wide range of security services and travel logistics solutions to the corporations, governmental organizations and NGOs who continue to operate in Libya despite the country’s current complex security situation.

The joint venture integrates two sets of competencies into one security solution: Damasec’s extensive, on-the-ground experience and security knowhow in Libya, and AS Solution’s global expertise in executive protection and secure travel services for multinational corporations.

Al Aman is part of the Damasec Global Group, and is a key element of the joint venture. Al Aman is one of only two companies licensed to operate with armed protection services in Libya. Given the situation in Libya, Al Aman’s capacities in understanding the country’s complex security scenarios, managing information and developing professional networks are crucial to successful security operations.

The joint venture combines the use of internationally trained and vetted Libyan nationals with expat security management to provide security solutions that are comprehensive, flexible and scalable. Services include work force protection, site protection, personal/VIP protection, transport/convoy protection and all forms of secure travel logistics, including cars, drivers, handling visas and work permits, hotel security, threat assessments and other supportive operations.

“We are very pleased to be part of this comprehensive setup,” says Damasec CEO Henrik Faerch. “AS Solution brings a unique approach to this security concept, which builds on their years of experience working for Fortune 500 companies. AS Solution’s ability to think ahead while maintaining a low profile and adapting to corporate as well as local cultures is unsurpassed. And their staff’s real-world experience in so many security areas – including operations, training and consulting – means that we have been able to provide world-class security solutions in Libya extremely quickly.”

AS Solution also sees great potential in this setup. According to CEO Christian West, Damasec is a perfect match for this type of operation in Libya.

“Everyone who has been following developments in Libya over the last few years knows what a difficult place it is to do business,” explains Christian West. “Damasec has the Libyan experience, local knowhow, local capacity and network to get things done – even when the situation is incredibly difficult. With this cooperation, we can meet the clients at their plane, help them through immigration, get them where they need to go, and protect them where they work and live – and anywhere in between. For us, it’s all about keeping people safe, productive and happy wherever their jobs take them.”

For more information please contact:

AS Solution: Christian West, CEO; Phone +1 425 296-3017; Email: cw(at)assolution(dot)com

Damasec Global Group: Henrik Faerch, CEO; Phone: +45 7023 0093; Email: hf(at)damasec(dot)com
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Released:  22/01/20152015-01-22
Word count:  241

DAVOS, Switzerland, Jan 21 (Reuters) - The head of Italian energy company Eni Spa urged OPEC on Wednesday to act to restore stability in oil prices, which he warned could overshoot to $200 per barrel several years down the road because of low investment now.

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Claudio Descalzi told Reuters Television he expected prices to stay low for 12-18 months but then start a gradual recovery as U.S. shale oil production began falling.

Oil prices have sunk by almost 60 percent since June to below $50 a barrel due to a large supply glut. The price slide accelerated after the Organization for Petroleum Exporting Countries (OPEC) decided in November not to cut production.

Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, Descalzi said the oil industry will cut capital spending by 10-13 percent this year as a result of the oil price collapse.

However, he said the world should avoid a further massive drop in investment in oil exploration and production as it would create oil shortages in the future, leading to price spikes.

"A lot of our projects are long term to have production in five or six years. And that is a problem. If you are cutting capex (capital expenditure) drastically now - we can have a lack of production in four or five years creating a new increased oil price at $200 maybe," Descalzi said.

"What we need is stability... OPEC is like the central bank for oil which must give stability to the oil prices to be able to invest in a regular way."

The chief executive of French oil major Total echoed Descalzi's warnings earlier on Wednesday.

(Writing by Dmitry Zhdannikov and Ron Bousso in London; editing by David Evans)  
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Released:  21/01/20152015-01-21
Word count:  229

(Reuters) - Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts fretted that the outlook for the next six months remained bleak due to oversupply.

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Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action. Prices stabilised on Wednesday, with traders pointing to buying this week whenever benchmark Brent crude oil LCOc1 dropped towards $48 a barrel. Brent was trading at $48.44 a barrel at 0413 GMT, up 45 cents from its last settlement, while U.S. crude CLc1 was up 48 cents at $46.95 a barrel.

But analysts said they expected low prices to continue for the next half-year.

"We see little scope for avoiding a large stock build in 1H15 and therefore anticipate weak prices ... Commodity price strength is inversely related to the dollar. With the U.S. in monetary tightening mode and Europe and Japan in an expansive phase, an expected stronger dollar will create headwinds for any upward oil price improvement," BNP Paribas said in a note overnight.

Lower oil prices are bringing down inflation in many countries, especially Asian and European economies that have to import to meet a lot of their demand.

"Headline inflation rates have come down sharply in developed economies because of low oil prices ... The global low-inflation environment has created room for policy easing in key economies, most notably in the euro area," U.S.-based Pira Energy Group said in an overnight note.

(Editing by Joseph Radford)  
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Released:  21/01/20152015-01-21
Word count:  199

The Maltese branch of FCM Travel Solutions has announced flights to Tripoli, beginning today, the Libya Herald has announced.

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The company has been flying a Medavia 19-seater plane on charter flights between Malta and Tripoli's Mitiga Airport for two months on an ad-hoc basis.

A company working in the oil and gas sector in Libya has recently chartered FCM for several flights a week. Because the client does not need all 19 seats, the flights will have several seats available for sale to others. Tickets for all additional seats on Monday's flight have already been sold.

An official with the company's Malta office told the Libya Herald that the flights will be announced weekly, dependent on conditions in Tripoli and at Mitiga Airport, which has seen some shelling during recent conflict.

Flights originating in Libya have been banned from flying to Europe or even entering European airspace. When asked about this the company official told the Libya Herald that this does not apply to charter flights.

Meanwhile, Afriqiyah Airways also announced that it will resume direct flights between Mitiga and Dusseldorf, Germany, on 24 January, operating one flight a week. There has been no announcement that the EU ban has been lifted, so it is unclear how this will be allowed. Afriqiyah Airways could not be reached for a comment.
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Released:  21/01/20152015-01-21
Word count:  697

The U.S. benchmark crude price, down more than $60 since June to below $45 yesterday, is on the way to this next threshold, said Societe Generale SA and Bank of America Corp. And Goldman Sachs Group Inc. says that West Texas Intermediate needs to remain near $40 during the first half to deter investment in new supplies that would add to the glut.

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“The markets are continuing to price in huge oversupply in the first half of 2015,” Mike Wittner, head of research at Societe Generale SA in New York, said by phone on Jan. 12. “We’re going to go below $40.”

Oil is seeking a “new equilibrium” as the Organization of Petroleum Exporting Countries abandons its role of keeping supply and demand aligned, according to Goldman. Prices are poised to drop further, testing the ability of U.S. shale drillers to keep pumping.

WTI fell as low as $44.20 a barrel on the New York Mercantile Exchange yesterday and closed today at $48.48. The U.S. benchmark has dropped 10 percent this month, extending a 46 percent plunge last year that was the worst since the 2008 financial crisis.

OPEC Strategy

OPEC is trying to maintain its share of the global oil market against the rise of U.S. output. United Arab Emirates Energy Minister Suhail Al Mazrouei reiterated yesterday that shale producers will capitulate before OPEC to lower prices, the latest in more than a dozen comments from Gulf members aimed at hastening oil’s slide and lowering non-OPEC supply. The group upheld its target of 30 million barrels a day at a meeting in Vienna on Nov. 27.

The rout may continue to $35 a barrel in the “near term” because both oil supply and demand will have a delayed reaction to falling prices, Francisco Blanch, head of commodities research at Bank of America in New York, said in a report on Jan. 6.

The U.S. is pumping oil at the fastest pace in more than three decades, helped by a drilling boom that’s unlocked supplies from shale formations including the Eagle Ford in Texas and the Bakken in North Dakota. U.S. output expanded to 9.14 million barrels a day in the week ended Dec. 12, the most since at least 1983, according to the U.S. Energy Information Administration.

Reducing Investment

With Saudi Arabia and other OPEC nations no longer fine-tuning supply, reductions in investment in new production will be the instrument for removing excess output, Jeffrey Currie, head of commodities research in New York at Goldman said in a report on Jan. 11. This means the collapse will be deeper and the recovery slower than in previous slumps, he said.

Operating cash costs for many non-OPEC projects are below $40 a barrel and some producers will be able to keep going because they have locked in forward prices, or are supported by tax breaks or weaker domestic currencies, said Blanch, who on Nov. 27 predicted that WTI, then above $70 a barrel, could plunge to $50. An increase in demand in response to lower prices will take about six months, he said.

“An impatient oil market, wanting to see production adjustments as soon as possible, could push WTI oil prices to $40 a barrel,” Giovanni Staunovo, an analyst at UBS AG in Zurich, said by e-mail yesterday. Investment “cutbacks and less drilling activity are required to see a stall in North American supply growth. This is unlikely to happen in a meaningful way before the second half,” he said.

Cutting Supply

While U.S. drilling activity has slowed down in response to the price plunge, it will take months for that to translate into lower supplies, according to Societe Generale’s Wittner. Rigs seeking oil in the U.S. decreased by 61 to 1,421, Baker Hughes Inc. said Jan. 9. That’s the largest drop since February 1991.

“Rig counts are coming down, so it is happening the way it’s supposed to happen,” Wittner said. “But it’s going to take a while to see an impact on shale oil.”

A seasonal lull in demand this quarter will add to the downward pressure from brimming inventories, pushing down prices as much as another $10 a barrel, Amrita Sen, chief analyst at London-based consultant Energy Aspects Ltd. said in an interview on Bloomberg Radio’s “Surveillance” on Jan. 12.

“There is likely to be another leg lower for prices,” said Sen. “I wouldn’t rule out a peek into the $30s.”

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net; Dan Stets at dstets@bloomberg.net Dan Stets  
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Released:  20/01/20152015-01-20
Word count:  344

(Reuters) - Oil markets dipped on Tuesday as China's economic growth for 2014 undershot a government target and hit its weakest annual expansion in 24 years, adding to worries in energy markets already suffering from slowing demand and oversupply.

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The world's second-largest economy grew 7.4 percent last year, China's National Bureau of Statistics said, less than the target of 7.5 percent. Growth in the fourth quarter held at its weakest in nearly six years, although coming in slightly better than expected at 7.3 percent.

Brent crude was trading at $48.80 per barrel at 11.03 p.m. ET, down just four cents since their last settlement, while U.S. crude was trading down $1.24 at $47.45 a barrel.

China's GDP figures brought about mixed sentiment as slower growth indicated a negative outlook for oil demand in the short-term, said Daniel Ang, investment analyst at PhillipCapital in Singapore. However, he added that industrial production seemed better, showing a potential improvement in the long-run.

"Moving forward, EU and Germany economic sentiment survey, which is due to be released later (on Tuesday), may have a greater impact on oil prices," he said.

Germany's leading ZEW economic sentiment survey is scheduled to be published at 5.00 a.m. ET.

Shortly after China's economic data, the International Monetary Fund lowered its forecast for global economic growth in 2015 and called for governments and central banks to pursue accommodative monetary policies and structural reforms to support growth.

Recent price falls have steepened the price difference between oil for immediate delivery and for barrels for supply at a later stage, known as a contango.

"Producers globally are struggling to find buyers for their crude, which is reflected in the contangos in the Brent and WTI futures curves," Barclays said in a note.

Brent's contango between deliveries in March this year and a year later is currently around $10 per barrel.

"Refiners will run any crude that is economically and technically possible to make a margin while margins are attractive (although product stocks are piling up)," Barclays said. Additional crude is going into storage to be sold at higher prices in the future, the bank added.

Credit rating agency Moody's said on Tuesday that the low oil prices could negatively affect Southeast Asian exploration and production companies.

(Additional reporting by Lee Rou Urn; Editing by Joseph Radford, Tom Hogue and Gopakumar Warrier)  
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Released:  20/01/20152015-01-20
Word count:  118

The government in Beida has announced that small Kheroba airbase south of Marj is to become an international airport.

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The move should ease congestion at Labraq which now serves as the main international airport not only for Cyrenaica but for much of Libya, with people even travelling from Tripoli to catch flights to Jordan and Egypt.

The move is likely to be welcomed in Benghazi, just 85 kilometres away, where Benina airport remains shut because of continuing clashes. It is thought that even when sthe fighting is over it will take many months before it can again start operating.

The only problem is Kheroba’s size. The runway is just 1,400 metres long which limits the type of aircraft that can use it. It is too short for an Airbus 320 or a Boeing 737 with a full payload taking off.  
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Released:  19/01/20152015-01-19
Word count:  317

(Reuters) - Oil prices fell in early Asian trade on Monday, with markets expecting gloomy Chinese economic data to be published this week.

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Chinese new home prices fell an average 4.3 percent year-on-year in 68 of the 70 major cities monitored. That was an appetizer to Tuesday's report on gross domestic product which is expected to show China's annual growth slowed to 7.2 percent in the last quarter, meaning full-year growth would undershoot Beijing's 7.5-percent target and would be the weakest in 24 years.

In Europe, the main event of the week will be Thursday's meeting of the European Central Bank (ECB), which is considered almost certain to see the launch of a government bond-buying campaign, pointing to further euro falls against the dollar as well as to downward pressure on oil prices.

"Commodity markets to be driven by currency markets and expectations of ECB quantitative easing this week," ANZ bank said in a note on Monday.

Benchmark Brent crude futures were trading at $49.75 per barrel at 0225 GMT, down 42 cents since their last settlement. U.S. crude was trading down 37 cents at $48.32 a barrel.

Oil prices have dropped by more than half since last June as production around the world has soared while demand slows. Although the International Energy Agency (IEA) said that a reversal in trend was possible this year, it added that prices may fall further before the market begins to rise again.

Analysts said that prices would likely rise away from levels below $50 per barrel, but many noted that the longer-term outlook was for oil prices to remain at lower levels than in recent years.

"We do not subscribe to the theory of US$20/bbl (barrel) oil. The price may go down to the US$30/bbl level for a short while, but it will bounce back," research firm Facts Global Energy (FGE) said in its January note to clients.

"We will be in the US$60-80/bbl price range till end of the decade," it added.

U.S. markets will be shut on Monday for a public holiday.

(Editing by Joseph Radford)
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Released:  19/01/20152015-01-19
Word count:  186

Dubai-based aircraft charter and leasing specialist Aerovista has placed four aircraft with two Libyan carriers.

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It has placed a Boeing 737-300 and -500 with Air Libya, which specializes in charters for the North African nation’s oil and gas sector. It also undertakes a number of scheduled and ad hoc charters.

Aerovista said the 737-300 “is on an ACMI project … operating scheduled flights within the region.” The 737-500, meanwhile, is based in the eastern Libyan city of Tobruk as part of a joint venture with Air Libya and is available for charters.

Aerovista is also supplying Afriqiyah Airways with two Airbus A320-200s. The A320s are operating under the air operator’s certificate (AOC) and operational control of Aerovista’s subsidiary Vista Georgia.

One aircraft will operate flights for Afriqiyah from Turkey, the second from Jordan. The latter aircraft will initially operate in the Middle East region, but may extend its field of operations to European destinations.

Like all Libyan carriers, Afriqiyah is banned from European Union (EU) airspace. Using an aircraft under a Georgian AOC would allow it to operate into EU airports.

Aerovista declined to provide further details of the operations being undertaken by the four aircraft.  
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Released:  16/01/20152015-01-16
Word count:  372

LONDON (Reuters) - The collapse in oil prices is starting to slow growth in U.S. output, OPEC said on Thursday, although the slowdown will not prevent an increasing global surplus in 2015 and demand for the exporter group's oil falling to its lowest in a decade.

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In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group's oil would drop to 28.78 million barrels per day (bpd) in 2015, down 140,000 bpd from its prior estimate and well over 1 million bpd less than it is currently producing.

Oil (LCOc1) prices have fallen almost 60 percent since June, partly because OPEC in November decided against cutting output to retain market share against rival suppliers. The rout has put forecasts for the boom in U.S. output in the spotlight.

"The steep drop in global oil prices could endanger the marginal barrel's output from unconventional sources," OPEC said in the report, written by its economists at the group's Vienna headquarters.

"As drilling subsides due to high costs and a potentially sustained low oil price, production could be expected to follow, possibly late in 2015."

At OPEC's meeting, top exporter Saudi Arabia urged fellow members to combat the growth in supply from competing sources including U.S. shale, which needs relatively high prices to be economic and has been eroding OPEC's market share.

In the report, OPEC forecast total U.S. oil supply will average 13.81 million bpd in 2015, up 950,000 bpd from 2014. The growth rate is slower than the 1.05 million bpd expected last month, but the United States is still by far the largest contributor to non-OPEC supply expansion.

OPEC is not the only oil forecaster to see a slowdown in U.S. supplies. The U.S. government said on Tuesday it expects domestic oil output in 2016 to grow by only 2.2 percent, the slowest pace in years.

Even so, this year's average demand for OPEC crude is expected to be the lowest since 28.15 million bpd in 2004, using the December reports published on OPEC's website each year as a comparison.

The lower OPEC demand forecast for 2015, plus a rise in OPEC output in December led by Iraq, means the report projects a larger global supply surplus in 2015, without output cuts by OPEC or other producers.

With OPEC pumping 30.20 million bpd in December, according to secondary sources cited by the report, the report indicates there will be a supply surplus of 1.42 million bpd in 2015 and 2.41 million bpd in the first half - more than last month.

(Editing by Dale Hudson and David Evans)
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Released:  16/01/20152015-01-16
Word count:  261

(Reuters) - Oil prices edged up in early Asian trading on Friday benefiting from positive technical price momentum, but analysts said it was too early for a trend reversal of steep recent price falls as structural oversupply remains in place.

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While the fundamental outlook for oil remains bearish due to oversupply, technical price indicators seem to allow space for some short-term price increases.

"Brent oil may break a resistance at $48.80 per barrel and rise more to $49.53, as indicated by its wave pattern and a Fibonacci projection analysis," said Wang Tao, Reuters market analyst for commodities and energy technicals.

"Support is at $47.51, the 61.8 percent Fibonacci retracement on the rise from $45.59 to $50.62, a break below which will lead to a further loss to $46.78, the 76.4 percent retracement," he added.

Benchmark Brent crude futures were trading at $48.47 per barrel at 0206 GMT, up 20 cents since their last settlement. U.S. crude was trading at $46.55 a barrel, up 30 cents.

Despite the slight price gains, oil opened up into a wobbly market after Switzerland's unexpected move on Thursday to abandon its currency cap jolted markets already roiled by plunging commodities prices, triggering the euro's biggest one-day drop fall against the Swiss franc in history and an 11-year low against the U.S. dollar.

Investors took this as a sign that the European Central Bank would launch large-scale bond buying next week, as many had already expected.

The overall situation in oil markets remains dominated by oversupply, created by soaring U.S. shale output as well as high production from OPEC members, as well as Russia.

"We believe OPEC is playing a long game by creating a lower oil price environment that will lead to cancellation/postponement of investment in non-OPEC countries outside the U.S.," French bank BNP Paribas said in an overnight statement.

(Editing by Michael Perry)  
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News Releases

News Releases
Released:  15/01/20152015-01-15
Word count:  245

New Tripoli-based airline Libyan Wings has taken possession of its first two Airbus A319s at Malta’s Luqa International Airport as investors prepare to announce an official launch of services “soon.” Executives expect the airplanes to remain in Malta until they obtain final clearances and approvals to fly out of Tripoli’s Mitiga International Airport.

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Aviation International News
Privately funded by Libyan investors, the airline plans to operate as a full-service carrier, flying the pair of Airbuses configured for 12 business class passengers and 108 economy seats. It intends initially to serve “a number” of destinations in the Middle East and North African region (MENA); future ambitions include service into Europe and markets on the Arabian Gulf once it inducts additional aircraft into its fleet.

“We have invested in modern aircraft that further demonstrates a commitment to innovation and technology while endeavoring to exceed customer expectations in terms of comfort and safety,” said Libyan Wings chairman Wesam Al Masri. “As we scale, this will be supported on the ground by investments and infrastructure and services at Mitiga in order to enhance all stages of the customers’ travel experience.”

A newly signed agreement with Lufthansa Technik calls for the German MRO giant to provide engineering and planning services, including preparation of a comprehensive maintenance program, compliance assessment and airworthiness directives and service bulletins.

Libyan Wings maintains a wet lease deal with Dubai Aerospace Enterprise (DAE) to operate the pair of seven-year-old A319s. During the 2013 Dubai Air Show, Libyan Wings signed a memorandum of understanding covering three A350-900s and four A320neos and announced plans to launch passenger charter and freight services in early 2014. However, due to political instability in Libya and that country’s stalled banking system, it had to delay its plans until it secured Islamic financing from local and international institutions.  
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News Releases

News Releases
Released:  15/01/20152015-01-15
Word count:  172

The government is looking at the idea of creating a free trade zone in the Gulf of Bomba, between Torbuk and Derna. A presentation proposing the idea was made to the cabinet yesterday at its meeting in Beida by the Ministry of Economy and Industry.

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Libya herald
The creation of free trade zones in the east has been circulating and generally approved by succeeding governments since the revolution. In April 2012, the project for the Meresa Free Trade Zone in of Benghazi was actively discussed by the Ministry of Economy. A year ago it was still being discussed.

Although the latest proposal may not undermine the Meresa project, the ministry now says that Bomba is the best location for a free trade zone in eastern Libya. It points out that Maturba airport is nearby, that the sheltered bay would make a good harbour, is just 285 kilometers from Crete, and the area, being open, could be easily developed.

In fact, the Bomba area already possesses a major airbase. During the Qaddafi era the whole zone was restricted. This base and the well-protected port nearby could become the core of the proposed free trade zone.

Currently the only functioning free trade zone in the country is that at Misrata. There is another at Zuwara but it is still in the project stage.
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News Releases

News Releases Oil & Gas News
Released:  14/01/20152015-01-14
Word count:  346

(Reuters) - Oil prices slid in early Asian trade on Wednesday after touching their lowest in nearly six years the previous session, with analysts predicting further falls as oversupply plagues the market.

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Reuters
Oil tumbled 5 percent to near six-year lows on Tuesday, with the Brent crude international benchmark briefly trading at par to U.S. prices for the first time in three months as some traders moved to take advantage of ample U.S. storage space.

February Brent crude LCOc1 had dropped 40 cents since its last settlement to $46.19 a barrel by 0238 GMT. U.S. crude for February CLc1 was trading at $45.60 a barrel, down 29 cents. [O/R]

Analysts said prices would stay under pressure as oversupply hurts both the American WTI contract and globally traded Brent, with some traders beginning to book ships for oil storage.

"Our latest forecast calls for Brent oil to average $45 per barrel during 1Q15 (the first quarter of 2015)," Nomura bank said on Wednesday.

Oil storage trends also imply further price falls, with U.S. stocks possibly approaching 80 percent of capacity by the upcoming spring season, according to U.S.-based PIRA Energy Group.

"The last time the United States built inventories in December was in the middle of the financial crisis in 2008," the firm said.

Outside the United States, some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. "Once floating storage starts, there is very little support on the downside for Brent spreads," Energy Aspects said.

U.S. crude prices have been cheaper than Brent almost without interruption as soaring North American shale oil production pulled down prices while the rest of the world market remained more tightly supplied.

But with oil producer club OPEC deciding late last year to maintain its output despite slowing Asian and European economic growth and to defend its market share, including against surging U.S. competition, a glut has also appeared outside the United States, pulling down Brent prices close to U.S. levels.

"The closing gap looks to be solidifying Saudi Arabia's strategy to curb shale production and protect market share," ANZ bank said.

(Editing by Joseph Radford)
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News Releases

News Releases Contract News
Released:  14/01/20152015-01-14
Word count:  120

Libya and Turkey have agreed to set up a power station in the eastern Libyan city of Tobruk, with a production capacity of 250 megawatts, according to official sources here.

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African manager
They said that the project is aimed at solving the current power shortage in that part of the country.

An agreement to that effect was signed between the chairman of a crisis committee in the area, Idriss Ali Triki, and leaders of the Turkish company -- The Holding of the Black Sea -- which specializes in the generation and production of electric energy source.

The agreement was signed when Triki visited Turkey recently.

The Libyan official did not disclose the cost of the project but said that the Turkish company had asked for security and financial guarantees to enable it complete its work.

He said a team of engineers and technicians from the Turkish company will be in Libya shortly.

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