الشركة العامة للكهرباء - تمديد فترة تقديم العروض

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Oil & Gas News

Oil & Gas News
Released:  31/08/20152015-08-31
Word count:  468

Libya's National Oil Company and Central Bank chairmen engaged in another round of blitz meetings with oil majors in London in a renewed effort to stop its rival wooing its clients.

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Reuters
The head of the Tripoli-based NOC, Mustafa Sanallah, said he and Tripoli-based Central Bank Chairman Saddek El-Kaber held meetings with 26 oil firms over the course of three days in London, including Britain's BP and U.S. major ExxonMobil, as well as OMV, Motor Oil Hellas, Hellenic Petroleum and Vitol.

"We got the response from the oil sector that they are committed to all contractual terms" with us, Sanallah said. Rival NOC and central bank leaders appointed by internationally-recognised premier Abdullah al-Thinni, seeking to gain control over Libya's oil sales, hope to discuss contracts with oil majors at a conference in Dubai next month.

"We don't expect (our partners) will go there," said Sanallah. "They are committed to working with the NOC" in Tripoli.

The internationally-recognised eastern government said in March it wanted oil buyers to pay through a new Dubai-based bank account, replacing a decades-old payment system via NOC Tripoli. Oil customers have thus far eschewed such discussions due to legal concerns.

Libya, which relies on oil revenue for nearly all of its income, has been battered by the oil price drop of around 60 percent over the past year, coupled with production losses from fighting and protests from various local factions since a group called Libya Dawn seized control of the capital last year.

The fighting has depleted oil revenue to just over $5 billion in the first six months of the year, compared with some $50 billion in total during peak production and higher oil prices in 2012. Current production of 360,000 barrels per day (bpd) is less than a quarter of the peak.

This has also raised questions about the solvency of the central bank and its access to foreign currency.

Sanallah said the NOC is working to switch the country’s power grid in the coming months from gasoil, which it is currently forced to import, to natural gas it produces itself.

He added that Kaber has more than 30 other “austerity” measures aimed at stemming the loss of currency reserves. Sanallah is also working to reopen certain fields, such as El Sharara, which is currently closed as a result of protests from local community leaders.

The field accounts for nearly 20 percent of Libya’s production, and has been open for just four months in the past year; the lost revenue during that time has approached $10 billion.

"We're trying to open the valves and keep the dialogue going," Sanallah said.

While the NOC and central bank have fastidiously avoided politics to keep the country’s oil lifeline flowing to the Libyan people, Sanallah said successful talks between the two factions could provide a salve to the beleaguered oil industry. "If they reach a conclusion, I think immediately we could go back to full production," Sanallah said, adding the "atmosphere itself" would change.

(Reporting by Libby George; Editing by Ruth Pitchford)  
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Oil & Gas News

Oil & Gas News
Released:  31/08/20152015-08-31
Word count:  362

BENGHAZI, Libya Aug 29 (Reuters) - A state oil firm loyal to Libya's official government based in the east of the country has postponed a conference in Dubai to discuss oil majors' existing contracts with the OPEC member country.

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Reuters
The conference is a fresh attempt by Libya's internationally recognised government to control state oil firm NOC, which is at the centre of a conflict between two rival administrations four years after the ousting of leader Muammar Gaddafi.

The event will now be held on Sept. 16, two weeks later than originally planned, the organisers said in a statement late on Friday.

"We have been requested by many clients and companies to postpone the event by two more weeks to allow their senior managers to attend," the statement said.

The eastern government, which lost the capital Tripoli a year ago to a rival administration, has set up new management for NOC, based in the city of Benghazi, but oil buyers still deal only with the established state firm NOC in Tripoli, which has processed oil sales for decades.

In a separate statement, NOC in Tripoli, in an apparent reference to the conference invitation, said that only statements posted on its website were reflecting the views of the state oil firm. It did not elaborate. The eastern NOC entity had said in its original invitation it wanted to "discuss legally signed agreements and contracts" with foreign oil buyers and service firms in Dubai.

The conference will take place three months after NOC in Tripoli held a similar event in London to show it was in charge of Libya's oil reserves and to reassure customers that the political conflict would not affect the state oil firm.

The eastern government said in March it wanted oil buyers to pay through a new bank account in Dubai to replace a decades-old payment systems via NOC in Tripoli.

But oil customers have refused to sign any deal with the eastern entity due to legal concerns as geological data to prove ownership of oil reserves is stored at NOC in Tripoli.

Libya's conflict has reduced output to less than 400,000 barrels a day, a quarter of Libya's production before an uprising toppled Gaddafi.

The United Nations has urged the warring parties not to touch the state oil firm or the central bank, which processes oil revenues, Libya's lifeline.

(Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by Alison Williams)
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Business News

Business News
Released:  31/08/20152015-08-31
Word count:  158

Tunis — The Tunisian-Libyan business council called on the Tunisian government to shortly hold in a southern Tunisian city a conference on investment that will bring together Tunisian and Libyan businessmen.

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All Africa
The recommendation was presented Thursday by the council headed by its President Abdelhafidh Essakroufi from Tunisia and its Vice-President Foued Al Awem from Libya at their meeting with Minister of Investment and International Co-operation Yassine Brahim.

The meeting was an opportunity for the council, which brings together a large number of investors from both countries, to express their commitment to increase the Libyan investments in Tunisia, particularly in the southern regions, according to a press release from the Ministry.

The council members also emphasised the need to ease project creation procedures and provide information on the legislative and regulatory framework.

Brahim said the five-year plan will focus on boosting investment and partnership with Libya and Algeria. This component will be a strategic choice to strengthen the economic relations, he also pointed out.

The minister also reviewed the outlines of the investment code, reiterating the willingness of his department to provide support to developers wishing to creation investment projects.
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Oil & Gas News

Oil & Gas News
Released:  28/08/20152015-08-28
Word count:  376

Crude oil futures rose on Friday, adding to their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished crude supplies.

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Reuters
U.S. crude CLc1 futures are on track for their first weekly gains in 11 weeks, ending the longest losing streak since 1986. Brent crude LCOc1 is set for its first weekly gain in two weeks.

Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week.

Front-month October Brent crude was up 11 cents at $47.67 per barrel as of 0257 GMT. It settled $4.42 higher at $47.56 per barrel in the previous session.

U.S. crude was 39 cents higher at $42.95 per barrel, after ending up $3.96 at $42.56 per barrel, its biggest one-day percentage gain since March 2009.

"A short covering rally, led by crude oil pushed commodities higher across the board. Better than expected U.S. GDP numbers was the main spark, although the force majeure on BP's exports from Nigeria extended the gains," ANZ said in a note on Friday.

"The recovery in commodity prices looks fragile with concerns over China's growth still weighing on market activity."

The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand. Gross domestic product expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department said on Thursday in its second GDP estimate for the April-June period.

Shell's Nigerian unit, Shell Petroleum Development Company (SPDC), declared force majeure on Bonny Light crude oil exports on Thursday after shutting down two key pipelines in the country due to a leak and theft.

China's falling auto sales have been at the forefront of concerns that its economy is slowing much faster than expected, weighing on oil prices.

"We have long held below consensus price forecasts for most commodities ... we have already made some downward revisions to key price forecasts in August, such as oil, and will be making further adjustments across metals, energy and agriculture," said BMI Research, part of the Fitch ratings agency.

Venezuela has been contacting other members of the Organization of the Petroleum Exporting Countries (OPEC), pushing for an emergency meeting with Russia to come up with a plan to stop the global oil price rout, the Wall Street Journal reported.

(Reporting by Meeyoung Cho and Aaron Sheldrick; Editing by Joseph Radford)
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22 hours ago

Oil & Gas News

Oil & Gas News
Released:  28/08/20152015-08-28
Word count:  216

CAIRO Aug 27 (Reuters) - Libya's state oil firm NOC will keep buying fuel products from refineries in the Mediterranean region to satisfy local demand, it said on Thursday, denying it had signed a deal to swap crude for gasoil.

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Reuters
Traders had said NOC reached an agreement with Glencore under which the Swiss-based trader would supply Libya with gasoil as a swap for its monthly exports of Sarir and Messla crude oil grades, beginning in September.

Tripoli-based NOC said in a statement on its website there was no truth to reports it had signed such a swap deal. "NOC wants to reassure customers that it will honour all contracts ... Contracting with international refineries ... is continuing," it said.

Traders said a swap arrangement with an international trading house made sense for Libya, given its cash flow problems stemming from lower crude oil production and continued unrest across the country.

Libya relies on gasoil for power generation and is typically able to produce most of its own locally. But with the Ras Lanuf refinery not running, and the Zawiya refinery estimated to run at roughly half capacity, it has been forced to import most of its oil products, a process that can be complicated to do on the spot market if countries are struggling with financial or insurance issues.

Libya's oil production has fallen to less than 400,000 barrels a day, a quarter of what the OPEC member used to pump before an uprising toppled Muammar Gaddafi in 2011.

(Reporting by Ulf Laessing and Libby George; Editing by David Holmes)
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22 hours ago

Business News

Business News
Released:  28/08/20152015-08-28
Word count:  912

The Libyan Post Telecommunications and Information Technology Company (LPTIC), the Libyan state telecoms holding company has announced that it has ‘‘purchased’’ the African telecoms investments of the Libya Africa Portfolio (LAP) owned by LAP GreenN.

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Libya herald
The move had been flagged by Libya Herald back in July and involve LAP GreenN’s telecoms investments in Cote d’Ivoire, South Sudan and Uganda.

LAP, with investments valued at US$ 5 billion, is a subsidiary of the Libyan Investment Authority (LIA), Libya’s main sovereign wealth entity, with investments valued at US$ 67 billion.

LPTIC owns all the main state telecommunications companies in Libya including the two main state mobile operators Libyana and Al-Madar, the main state internet provider Libya Telecom and Technology (LTT), Aljeel, International Telecommunications Company, Hatef Libya and the real estate investment company Alboniya.

LPTIC and LIA say that the reasons behind the strategic transfer of ownership and control of LAP’s telecoms investments in Africa are to consolidate and achieve synergies, taking advantage of LPTIC’s specialist know-how in the telecoms sector. This is true to a great extent. Today LAP owns a plethora of varied investments it has inherited since the Qaddafi regime. However, the telecoms sector has moved on and LAP’s telecoms investments were struggling to keep up with the competition. The telecoms subsidiaries were in need of new technologies which needed new investments.

However, the UN asset freeze imposed on all Libyan Sovereign Wealth Fund investments during the 2011 Libyan revolution has meant that LAP’s LAP GreenN telecoms investments have been operating without any access to new funds. LAP GreenN was also operating in challenging African environments.

In July, sources had informed this publication that the shareholders of LAP GreenN were indeed working on a restructuring plan. The plan would find solutions for the company to ensure its continuity and its ability to deliver better service and value for money for businesses and individuals across the countries where LAP GreenN has investments in the African market.

Moreover, this competitiveness would also include the capability of LAP GreenN to invest in new technology and grow in the years to come. It was feared that LAP and the LIA might have been tempted to take a decision to disinvest from LAP GreenN in view of the difficulties it has faced in Africa.

It will be recalled that in 2012, Zambia seized LAP GreenN’s telecoms investments (Zamtel), a move that Libya is appealing at the Zambian High Court. LAP GreenN also succeeded in regaining control of its telecoms investment in Uganda (Utl) in March 2012 after it paid its outstanding debts accrued during the 2011 revolution.

Meanwhile, earlier this month the Ivorian government agreed to a LAP GreenN plan to consolidate the four weakest operators – including LAP GreenN Ivory Coast – into one company in return for an increased shareholding to the Ivorian government. The increased shares would compensate the money owed by LAP GreenN Ivory Coast to the Ivorian government in licence and other fees.

LAP GreenN had been working on a review of its operations and investments objectives in Africa under challenging conditions both back home in Libya and in the African states where it owns and operates investments.

It will be recalled that LAP’s management team has claimed that since taking over the management of the portfolio after the revolution in 2011, they have successively stabilised and asserted control over all its assets and re- built values close to levels prior to the revolution. LAP now feels it has obtained a clearer picture.

However, it is clear that the Libyan shareholders feel that there is value to be obtained from LAP GreenN’s African telecoms investments, and since the only internationally-recognized Libyan government and Prime Minister Abdullah Thinni are the ultimate head of Libya’s Sovereign Wealth Funds, this move has the government’s support.

The takeover by LPTIC also implies that LPTIC has access to funds that are needed by LAP GreenN for its telecoms subsidiaries. Commenting on the move, LPTIC Chairman, Faisal Gergab said “I believe that our talented LPTIC management team will enable us to provide enhanced services in key markets and to bring with it significant benefits to our customers. Our priority is to ensure that the asset base is operating effectively and sustainably. Once we have achieved this we will look to explore new opportunities for growth and demonstrate our value to both the Libyan economy as well as other growing economies in the region’’.

“We see this as an important opportunity to optimise these exciting African assets and work together with our new stakeholders to capitalise on the opportunity before us, by providing important services, skills and technology transfer’’.

“We look forward to bringing in such a diverse talented pool of employees, who will play an important role in driving the success of LPTIC across all markets going forward.”

Meanwhile, Hassan Bouhadi, Chairman of the Libyan Investment Authority said that “the LIA has a responsibility to the Libyan people to ensure that it has the best means to deliver value and revenue. This consolidation of key telecommunication assets under one management team creates synergies and new opportunities for investment which the LIA believes are right for the Libyan people and the African holdings’’.

‘‘As these assets have developed, they have now reached a point in their life cycle that will require a more focused telecommunications and information technology company to oversee the next stage of development and unlock their full potential. We believe that LPTIC is best qualified to manage the transformation of Libya’s telecommunications assets in Africa, and I have every confidence in the team’s ability to realise value for all stakeholders and in particular the Libyan people.”
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22 hours ago

Oil & Gas News

Oil & Gas News
Released:  27/08/20152015-08-27
Word count:  312

Oil prices climbed by around $1 a barrel on Thursday on an unexpected fall in U.S. crude inventories and a rally in global equity markets, although ongoing oversupply capped gains.

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Reuters
Asian stocks rose on Thursday as a sharp rebound on Wall Street and gains in battered Chinese shares eased fears of a deep and protracted global market rout, while the dollar also rallied as risk aversion eased.

Oil markets moved away from 2009 lows reached earlier this week, although high production around the world and a weakening Asian demand outlook still dragged on prices.

Front-month Brent LCOc1, the global oil benchmark, was up $1.16, or 2.67 percent, at $44.30 a barrel by 0636 GMT. U.S. crude's front-month contract CLc1 was up $1.11 at $39.71 a barrel.

U.S. crude inventories USOILC=ECI fell 5.5 million barrels in the week to Aug. 21, the biggest one-week decline since early June, data from the Energy Information Administration showed on Wednesday. That was in line with the industry group the American Petroleum Institute's late-Tuesday report.

Analysts had expected an increase of 1 million barrels.

Yet some said the inventory fall may not mark the start of a trend. "This sudden drop in inventories should be the result of drops in U.S. crude imports, suggesting that this week could be an anomaly," said Daniel Ang of Singapore-based brokerage Phillip Futures.

And despite a pick-up in markets across Asia on Thursday, the overall economic outlook in the region remained weak.

In a move to support auto sales in China, which have dropped for four straight months in their longest downturn on record, the Beijing government this week cut reserve requirements for auto and financial leasing companies.

But the measures may not be enough to boost car sales or oil demand, which has also been hit by the weakening auto sector.

Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said that while the reserve rate cut would make it easier to finance car sales, the move offered largely "psychological support" as most Chinese car-buyers still made their purchases in cash, without financing.

(Editing by Joseph Radford)
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22 hours ago

Oil & Gas News

Oil & Gas News
Released:  27/08/20152015-08-27
Word count:  59

Benghazi, 26 August 2105(Lana) A spokesman for the Arab Gulf Oil Company AGOCO has announced that the company's current oil production stood at 220000 bpd, unchanged level from last week.

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LANA news agency
The company operates Al Hreiga Oil Terminal and Alsarir oil fields. Another oil official said a 400.000 barrel tanker was being loaded with crude at Al Hreiga today, and a second was waiting to dock at the terminal to be loaded with 570000 barrels.

A tanker bound for Italy has left the terminal with 600000 barrels of oil, a third said. =Lana=  
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22 hours ago

News Releases

News Releases
Released:  27/08/20152015-08-27
Word count:  97

Afriqiyah Airways has announced an expanded schedule of flights to Tunis and Sfax from Tripoli, Misrata and Labraq.

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Libya herald
As of today the airline will be flying from Tripoli to Tunis five days of the week excluding Fridays and Sundays. It is also starting a service from the capital to Sfax on Sundays and Wednesdays.

From Misrata, the airline is running flights to Tunis on Mondays, Tuesdays and Thursdays and to Sfax on Saturdays and Wednesdays.

Afriqiyah also now has a service from Labraq to Tunis every day of the week except Saturday.

Most Libyan carriers have resumed flying to Tunisia following the Tunisian government’s lifting of a ban on Libyan aircraft from its airspace.
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22 hours ago

News Releases

News Releases
Released:  26/08/20152015-08-26
Word count:  327

Turkey is introducing visa requirements for Libyans, Libyan officials said on Tuesday, pushing the North African country deeper into isolation.

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Reuters
Turkey had been one of the few countries which Libyans could without a visa and became a major holiday destination for Libyans seeking to escape the chaos and violence gripping the oil producer four years after the ousting of Muammar Gaddafi.

Libyans have struggled to get visas for European or Arab countries since most embassies left Tripoli a year ago when a rival faction to the recognised government seized the capital, Tripoli, expelling the official prime minister to eastern Libya.

Mohamed Tawil, a Foreign Ministry official from Libya's Tripoli administration, said Turkey had notified the Libyan embassy in Ankara that Libyans needed a visa from Sept 25.

"We don't know the reason," he told local al-Nabaa TV, adding that Libya would now also require Turks to get a visa.

The Turkish Foreign Ministry told the embassy it was cancelling an agreement from 2009 waiving visas for nationals of both countries, according to copy of the memorandum dated Aug. 25 seen by Reuters.

There was no immediate comment from officials in Turkey.

Libya's official government has accused Turkey of shipping weapons to the Tripoli government, charges denied by Ankara. Top army commander Khalifa Haftar said on Monday Qatar and Sudan were also supplying arms to the Tripoli side, charges previously denied by both countries.

It was not immediately clear whether those comments may have had an impact on the decision, or whether the move might be linked to Turkey's growing crackdown on Islamic State, which has gained a foothold in Libya by exploiting the security vacuum.

Turkey and Libya have strong trade ties. Thousands of Turks work in Libya, importing food and running supermarkets and restaurants. Many Libyan businessmen have bank accounts in Istanbul as local Libyan banks have few foreign ties.

Libya's internationally recognised government said in February it would ban Turkish firms from doing business in territory under its control but the move was never enforced, residents say.

(Reporting by Ahmed Elumami and Ulf Laessing; Editing by Alison Williams)
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22 hours ago

Business News

Business News
Released:  26/08/20152015-08-26
Word count:  185

Libya's state electricity firm is in talks with Turkish firms to get them to return to carry out badly-needed maintenance work at power plants in the North African nation, a senior official with the Libyan company said.

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Today's zaman
Libya has been hit hard by power outages as fighting between rival factions damaged plants, interrupted the grid and made the import of spare parts more difficult.

A delegation from Tripoli just visited Turkey for talks with Turkish companies to discuss security measures so they can return to Libya, Ayad Suleiman al-Ghnaidi, acting executive manager at state power firm GECOL, told Reuters in Tripoli. "Hopefully there will be good results," he said, without giving the names of the Turkish firms.

Turkish and Western firms that used to import spare parts and help with power generation in Libya have largely left the country due to the poor security. In November, APR Energy Plc said it had suspended its Libyan operations, citing unfinished paperwork by local authorities regarding renewal of a 450-megawatt power contract.

Libya's turmoil has been worsened by a conflict between two governments fighting for control. Tripoli is held by a faction that expelled the country's official premier to eastern Libya a year ago and which is not recognized by world powers.

Turkey is one of the few countries which has received officials form Tripoli.

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22 hours ago

News Releases

News Releases
Released:  26/08/20152015-08-26
Word count:  155

Amman, Aug 24 (IANS) Jordan will increase military cooperation with Libya, including helping to train Libyan army forces, commander of the Libyan army Khalifa Haftar said on Monday.

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Yahoo news
Haftar, who arrived in Jordan on Friday, made the remarks after meeting several Jordanian officials and military officers, Xinhua reported.

Jordan and Libya agreed to increase military cooperation and to treat injured members of the Libyan army in Jordan, Haftar said, adding that Libyan army members will be trained in Jordan benefiting from Jordan' expertise in countering terrorism.

Haftar also called for giving weapons to the Libyan army as they were fighting the Islamic State (IS) and other terrorist groups.

Haftar said a political solution in Libya will help to end the crisis in the country, but putting an end to the IS can be only through force and power.

"The Libyan army has military capabilities, but we need more weapons and more military support to defeat the IS," he said.

Haftar has visited Jordan several times over the past few months, seeking to gain help to advance the capabilities of the internationally-recognized Libyan army.
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22 hours ago

Oil & Gas News

Oil & Gas News
Released:  25/08/20152015-08-25
Word count:  358

SINGAPORE, Aug 25 (Reuters) - Crude oil markets edged up but remained near 6-1/2-year lows on Tuesday, following a session that saw prices fall as much as 6 percent after a Chinese equities rout sent global markets into a tailspin.

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Reuters
Asian stocks looked vulnerable to another sell-off on Tuesday, with investors gripped by fears of a hard landing for the Chinese economy, the world's most important growth engine.

Japan's Nikkei index fell 3.8 percent to six-month lows, while the MSCI's broadest index of Asia-Pacific shares outside Japan hit fresh three-year lows.

Crude oil markets reacted cautiously in early trading, staying at levels comparable to the peak of the global financial crisis in 2009 and suggesting that fears over the economic outlook in China, the world's second-largest oil consumer, are now at least equally as big as previous concerns of oversupply that has plagued the market for over a year.

U.S. crude futures were trading up 24 cents at $38.48 per barrel at 0113 GMT, while Brent was up 26 cents at $42.95.

"There was a sea of red across the commodities space," ANZ bank said on Tuesday morning. For crude oil, the bank said that "the sharp decline was driven by concerns around slowing Chinese demand just as OPEC and the U.S. expand a global glut".

Output from the Organization of the Petroleum Exporting Countries (OPEC) has hit records in a bid to squeeze out competition especially from U.S. shale producers. But they have so far been resilient to the resulting price plunges and kept pumping oil.

ANZ noted that hedge funds had reduced their net-long position in WTI to a five-year low last week, and other indicators also helped fuel bearish sentiment.

Since the beginning of August, traders have taken up huge options to sell WTI, known as puts, once it falls to $35 and $30 per barrel.

The value of these puts has soared by 440 percent and 345 percent respectively for $35 and $30 per barrel, with each now worth $1.56 and 67 cents.

Yet following the spike in their value, open interest in their trading started to fall late last week, and while some traders said this could imply that short-sellers are closing positions and trigger a short-lived price rise, technical indicators remain bearish.

Reuters analyst Wang Tao said that U.S. crude could drop to $37.05 per barrel, based on a Fibonacci analysis, and that Brent could target $40.29.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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5 days ago

Business News

Business News
Released:  25/08/20152015-08-25
Word count:  707

LPTIC, Libya's leading postal, telecommunications and information technology company, today announces the strategic consolidation of several Libyan owned shareholdings in mobile and fixed-line network operating companies in sub-Saharan Africa.

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Prnewswire
This restructuring will enable LPTIC, which through its subsidiaries has over 15,000 employees, to safeguard and stabilise important African telecommunications investments through the implementation of a renewed management strategy drawing on the skills, procurement and funding synergies of a wider group business.

The restructuring further expands LPTIC's international footprint as it strategically extends its operations into West and East Africa. The assets were previously managed as part of the much wider investment portfolio of the Libyan Investment Authority, whose board of trustees has confirmed their support for the strategic consolidation of these assets within LPTIC.

The consolidation of the African telecommunications asset portfolio, which took effect following a directive issued by the interim Government of Libya, involves the aggregation of assets in Cote d'Ivoire, South Sudan and Uganda, previously managed by LAP GreenN. Consolidating the African interests within Libya's primary telecommunications and information technology company will allow them to benefit by having access and support from LPTIC's leadership, which has a first rate track record and strong management team, as well as gain from the consolidation of expertise and growth opportunities offered within the LPTIC portfolio.

LPTIC has played a prominent role in the broader restructuring of the telecommunications sector in Libya, making it more efficient, competitive and open to foreign direct investment. The LPTIC management team will now focus on securing, optimising and transforming the broader African asset portfolio, drawing on its skills and expertise to bring benefits to its new assets. The African assets will be able to gain from LPTIC's extensive knowledge transfer capabilities, the provision of critical skills as well as develop local talent, which will help the assets to build capacity in each respective country.

As outlined in a recent World Economic Forum report, the development and reform of telecommunications and information technology is very often critical to improved economic development. Across Africa, there exists significant market opportunities for the delivery of vital world-class telecommunications and information technology services and capabilities.

LPTIC has already begun to play a significant role in transforming Libya into a knowledge based economy, bringing with it both social and economic benefits, and demonstrating the market leading capabilities of the company. The integration of the African telecommunications assets, under LPTIC management, provides LPTIC with access to new, rapidly developing, growth markets. Furthermore, it provides a platform from which it can leverage its well-established presence and technical expertise to enhance services as well as enable the assets to reach their full potential, and in turn play a vital role in supporting economic development in these countries.

LPTIC Chairman, Faisal Gergab commented: "I believe that our talented LPTIC management team will enable us to provide enhanced services in key markets and to bring with it significant benefits to our customers. Our priority is to ensure that the asset base is operating effectively and sustainably. Once we have achieved this we will look to explore new opportunities for growth and demonstrate our value to both the Libyan economy as well as other growing economies in the region.

"We see this as an important opportunity to optimise these exciting African assets and work together with our new stakeholders to capitalise on the opportunity before us, by providing important services, skills and technology transfer.

"We look forward to bringing in such a diverse talented pool of employees, who will play an important role in driving the success of LPTIC across all markets going forward."

Hassan Bouhadi, Chairman of the Libyan Investment Authority said: "The LIA has a responsibility to the Libyan people to ensure that it has the best means to deliver value and revenue. This consolidation of key telecommunication assets under one management team creates synergies and new opportunities for investment which the LIA believes are right for the Libyan people and the African holdings. As these assets have developed, they have now reached a point in their life cycle that will require a more focused telecommunications and information technology company to oversee the next stage of development and unlock their full potential. We believe that LPTIC is best qualified to manage the transformation of Libya's telecommunications assets in Africa, and I have every confidence in the team's ability to realise value for all stakeholders and in particular the Libyan people."
Comments:

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Petrovic Dorde
5 days ago

News Releases

News Releases
Released:  25/08/20152015-08-25
Word count:  79

Libyan Airlines, which took delivery of a new Airbus 330 on Wednesday, has announced the start of a twice-weekly service between Tripoli’s Mitiga airport and Sfax.

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Libya herald
The flights on Monday and Wednesday are in addition its daily service to Tunis which began after Tunisia lifted its ban on Libyan carriers earlier this month. Libyan Airlines is in addition running two flights a week to Tunis from Misrata.

Afriqiyah also has two Tunis flights each week from Misrata to in addition to two from Mitiga. Ghadames Air is now flying twice a week from Mitiga to Tunis. Buraq Air has yet to announce any Tunisian plans.
Comments:

We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.

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Petrovic Dorde
5 days ago

News Releases

News Releases Oil & Gas News
Released:  25/08/20152015-08-25
Word count:  317

BENGHAZI, Libya (Reuters) - Libya is producing between 350,000 and 400,000 barrels of oil per day (bpd), roughly half the level it was a year ago, the chairman of a state oil firm loyal to the country's internationally recognised government said on Monday.

Play
Reuters
Naji al-Maraghi also told Reuters his management was working to lift the force majeure on the closed oil ports of Es Sider and Ras Lanuf, the country's biggest, but no decision had made.

Both ports have been shut since December when fighting broke out between factions allied to Libya's rival administrations. The clashes have ended, but Islamic State has attacked oilfields linked to the ports, part of chaos in the OPEC member four years after the ousting of Muammar Gaddafi.

Mirroring the divide in the country, the state oil firm NOC has split into two managements. Foreign buyers of Libyan oil deal with the established state firm based in Tripoli which has processed oil exports for decades.

But the recognised administration, which has been based in the east since losing the capital a year ago, has appointed Maragahi as its own NOC head, working out of a new eastern headquarters and challenging the Tripoli management.

The eastern government said in March it wanted oil buyers to pay through a new bank account in Dubai, bypassing Tripoli.

To hammer home its message of change, the eastern NOC is staging an oil conference in Dubai on Sept. 2 to discuss existing oil deals with foreign oil buyers and service firms.

Maghrabi declined to elaborate on his planned discussions with oil firms in Dubai. Mohamed El Harari, a spokesman for NOC Tripoli, also declined to comment on the conference.

The United Nations has urged the warring parties not to touch the state oil firm or the central bank, which processes oil revenues, Libya's lifeline.

Marghabi also said the eastern Zueitina port remained closed due to a pipeline blockage by locals demanding state jobs.

Libya's conflict has reduced output to less than a quarter of production before an uprising toppled Gaddafi in 2011.

Most foreign oil companies have moved expatriate staff out of Libya or closed major fields due to insecurity or protests.

Comments:

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All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Petrovic Dorde
5 days ago

Oil & Gas News

Oil & Gas News
Released:  24/08/20152015-08-24
Word count:  407

Brent and U.S. crude futures hit fresh 6-1/2-year lows on Monday to drop below the latest supports of $45 a barrel and $40 a barrel respectively as investors fretted that a slowing Chinese economy will lead to weaker demand amid a global supply surplus.

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Reuters
Other commodities also hit fresh lows in early Asian trading as fears spread that a more severe slowdown in the world's second-largest economy China would pull down other economies in the region, denting energy and raw material consumption.

Brent oil LCOc1 was trading down $1.08 a barrel at $44.38 as of 0542 GMT (0142 EDT), after hitting an intraday low of $44.24, its lowest since March 2009. On Friday it ended $1.16, or 2.5 percent, lower at $45.46 a barrel.

U.S. October crude CLc1 fell $1.00 to $39.45 after hitting a low of $39.00, its lowest since February 2009. In the previous session it settled 87 cents, or 2.1 percent, lower at $40.45 a barrel.

U.S. crude lost 13 percent compared with its close on Aug 3.

"Supply-side news continues to dominate the market ... Fears of surging Iranian oil are likely to increase further after Iran's oil minister stated the country had plans to raise oil production at any cost," ANZ said in a note on Monday.

Iran's Oil Minister Bijan Zanganeh said on Sunday that holding an emergency OPEC meeting may be "effective" in stabilizing the oil prices, Iran's oil ministry news agency Shana reported. There was a similar call by Algeria earlier this month, but other OPEC delegates said no meeting was planned. Separately, Zanganeh was quoted by Shana on Sunday that South Korea had agreed to increase its Iranian oil purchases after a nuclear deal with world powers cleared the way for an easing of international sanctions on Tehran. South Korean government and business officials visited Iran seeking possible deals in oil and gas.

COMMODITIES, EQUITY PLUNGING

Besides oil, other commodities tumbled. Asian stocks dived to 3-year lows on Monday as a rout in Chinese equities gathered pace, hastening an exodus from riskier assets. Safe-haven government bonds and the yen rallied on the widespread unrest in the financial markets.[MKTS/GLOB]

"Heading into September, deep uncertainties surround the global oil markets, including the strength of China's crude demand, the resilience of U.S. shale producers and the depth and pace of the seasonal downswing in global refinery throughput," said BMI Research, part of the Fitch ratings agency.

Daniel Ang at Phillip Futures said: "Considering how prices have been moving, we do not have much hope for prices to stay afloat."

U.S. energy firms added two oil rigs last week, the fifth increase in a row, signaling further pressure on a market awash with crude. [RIG/U]

(Reporting by Meeyoung Cho; Editing by Richard Pullin, Michael Perry and Gopakumar Warrier)  
Comments:

We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.

We are RWA ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact us via email:

All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Petrovic Dorde
5 days ago

Business News

Business News
Released:  24/08/20152015-08-24
Word count:  196

TRIPOLI Aug 23 (Reuters) - Libya's state electricity firm is in talks with Turkish firms to get them to return to carry out badly-needed maintenance work at power plants in the North African nation, a senior official with the Libyan company said.

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Reuters
Libya has been hit hard by power outages as fighting between rival factions damaged plants, interrupted the grid and made the import of spare parts more difficult.

A delegation from Tripoli just visited Turkey for talks with Turkish companies to discuss security measures so they can return to Libya, Ayad Suleiman al-Ghnaidi, acting executive manager at state power firm GECOL, told Reuters in Tripoli.

"Hopefully there will be good results," he said, without giving the names of the Turkish firms.

Turkish and Western firms that used to import spare parts and help with power generation in Libya have largely left the country due to the poor security.

In November, APR Energy Plc said it had suspended its Libyan operations, citing unfinished paperwork by local authorities regarding renewal of a 450-megawatt power contract.

Libya's turmoil has been worsened by a conflict between two governments fighting for control. Tripoli is held by a faction that expelled the country's official premier to eastern Libya a year ago and which is not recognized by world powers.

Turkey is one of the few countries which has received officials form Tripoli.

(Writing by Ahmed Elumami and Ulf Laessing; Editing by Paul Simao)

Comments:

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All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Petrovic Dorde
5 days ago

Business News

Business News
Released:  24/08/20152015-08-24
Word count:  65

Mellitah Oil and Gas is looking to charter three helicopters largely to support its offshore operations.

Play
Libya herald
The company says that one of the 18-seater aircraft will work out of Tripoli’s Mitiga airport, with the others, one a back-up machine, will be based in Malta. When the security situation permits, it is intended that all three helicopters will located in Tripoli.

Mellitah has invited foreign companies to pre-qualify and stipulated that they will need to work with a Libyan corporate partner.  
Comments:

We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.

We are RWA ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact us via email:

All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Petrovic Dorde
5 days ago

We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.

We are RWA ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact us via email:

All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Petrovic Dorde
5 days ago

We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.

We are RWA ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact us via email:

All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Petrovic Dorde
5 days ago

Oil & Gas News

Oil & Gas News Business News

Aug 23 A state oil firm loyal to Libya's official government based in the east of the country has invited foreign oil firms to discuss existing oil purchase contracts at a conference in Dubai next month, it said in a statement.

Play
Reuters
The move is a fresh attempt by Libya's internationally recognised government to control state oil firm NOC, which is at the centre of a conflict between two rival administrations four years after the ousting of Muammar Gaddafi.

The eastern government, which lost the capital Tripoli a year ago to a rival administration, has set up a new oil entity, which it calls NOC east, based in the city of Benghazi, but oil buyers still only deal with the established state firm NOC based in Tripoli, which has processed oil sales for decades.

The new NOC east wants to "discuss legally signed agreements and contracts" with foreign oil buyers and service firms at a conference in Dubai on Sept. 2, it said in the statement, which it released jointly with the official government.

The invitation was issued by Naji al-Maghrabi, who was appointed chairman of NOC east by the eastern government a week ago.

The conference will take place three months after NOC Tripoli held a similar event in London to show it was in charge of Libya's oil reserves and to reassure customers that the political conflict would not affect the state oil firm.

The eastern government said in March it wanted oil buyers to pay through a new bank account in Dubai to replace a decades-old payment systems via NOC Tripoli.

But oil customers have refused to sign any deal with the eastern entity due to legal concerns as geological data to prove ownership of oil reserves are stored at NOC Tripoli.

Maghrabi said in the invitation that his team was honouring oil contracts but pointed out that the headquarters of NOC was based in Benghazi, not Tripoli.

The eastern city is a war zone where forces loyal to the eastern government have been fighting Islamist groups.

Libya's conflict has reduced output to less than 400,000 barrels a day, a quarter of Libya's production before an uprising toppled Gaddafi.

Most foreign oil companies have moved expatriate staff out of Libya or closed major fields due to insecurity or protests.

But the eastern NOC said Libya "has been regarded in recent years as one of the hottest opportunities available to both independent and large international oil companies."

The United Nations has urged the warring parties not to touch the state oil firm or the central bank, which processes oil revenues, Libya's lifeline.

(Editing by Susan Fenton)
Comments:

We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.

We are RWA ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact us via email:

All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Petrovic Dorde
5 days ago
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