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Business News

Business News
Released:  02/11/20122012-11-02
Word count:  127

In his first speech after the National Conference’s approval of his new cabinet, the new Prime Minister Ali Zidan has called an enhancement of Libyan partnerships with Europe and the United States for the purpose of rebuilding his country.

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Mina Monir
Ali Zidan, whose cabinet has now been finalised after earlier difficulties, told Libyans that Libya urgently needs the full participation of those who made the revolution in rebuilding this new democracy. He confirmed that Libya’s commitments to international agreements will be preserved and that it will prove that Libya can be a good neighbour and a productive member of the international community.. Mr. Zidan emphasised the importance of the Libyan economic partnerships with Europe and the United States, which should be based on mutual respect and equivalence. Mr. Zidan said that his government will seek to support this partnership to achieve what had been dreamt of by revolutionists in February 2011. This revolution, according to him, happened with the help of “western friends” until it gained victory.
Comments:

West needs this partnership as much as Libya does. Thanks

Hend Al-jaberie
5 yearss ago

Mr. Zidan emphasised the importance of the Libyan economic partnerships with Europe and the United States, which should be based on mutual respect and equivalence.

Khaled Montasir
5 yearss ago

Political News

Political News
Released:  02/11/20122012-11-02

It's been a year since Gaddafi's death and the collapse of his regime, and now the nascent democracy faces its own challenges. Security has improved in the capital and people are enjoying life, but not all of Libya is stable and not all former rebels have disarmed. Al Jazeera's Omar Al Saleh speaks to people in Libya about how they are rebuilding their lives in the post-Gaddafi era.

Play
Aljazeera
Comments:

I am UK based have been working in/out of Libya for many years and have partners there. I am planning a visit to Tripoli and then onto Benghazi - my partner in Benghazi assures me that the area it is now safe - whilst he would never willingly put me in danger,he may not be fully aware of the overall security situation. Comments please on what you think is the real situation. David Jackson

Anonymous
5 yearss ago

security is the most important now for economic growth.

Hend Al-jaberie
5 yearss ago

Security has improved in the capital and people are enjoying life, but not all of Libya is stable and not all former rebels have disarmed.

Khaled Montasir
5 yearss ago

Oil & Gas News

Oil & Gas News
Released:  01/11/20122012-11-01
Word count:  146

(Reuters) - BP (BP.L) will drill 17 new exploration wells in Libya, both onshore and offshore, the first since a "force majeure" was lifted in May this year following disruption caused by the 2011 war, a senior official said on Thursday.

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Peter Middleton (News)
"We have lifted force majeure and started the exploration programme in Libya," Jasper Peijs, the company's exploration manager-eastern hemisphere, told an African oil conference.

He said BP had continued to pay its Libyan national staff during the uprising and kept the operations base on standby.

Peijs did not give a timeline for the drilling, although officials at Libya's National Oil Co indicated in September BP would start drilling in 2013.

"Offshore we have acquired 17,000 square kilometres of 3-D seismic in the Sirte Basin, another commitment to five exploration wells and onshore we've acquired 14,000 square kilometres of 3-D in the Ghadames Basin and have a commitment of 12 exploration wells," Peijs said.

OPEC member Libya, which has Africa's largest crude reserves, aims to raise its oil production to 1.8 million barrels per day in 2013, even though security in the country remains precarious.

(Reporting by Wendell Roelf; Editing by David Holmes)
Comments:

welcome back again :)

Hend Al-jaberie
5 yearss ago

"We have lifted force majeure and started the exploration programme in Libya,"

Khaled Montasir
5 yearss ago

good news , thanks!

Osama Al Rawaf
5 yearss ago

Business News

Business News
Released:  31/10/20122012-10-31
Word count:  61

TORONTO — The Libyan government has formally claimed a stake in a $1.6-million Toronto penthouse owned by late dictator Colonel Muammar Gaddafi’s son, who bought it in 2008 but seldom ever used it.

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National Post
Lawyers representing the Libyan embassy in Ottawa filed an application with the Ontario government land registry office on Oct. 10 asserting an interest in Saadi Gaddafi’s luxury condo near the Toronto waterfront.

The notice said the government of Libya was claiming a right to the property under United Nations Security Council resolutions that froze the worldwide assets of the Gaddafi family.
Comments:

nice step.

Hend Al-jaberie
5 yearss ago

good message

Khaled Montasir
5 yearss ago

Political News

Political News
Released:  30/10/20122012-10-30
Word count:  268

(Reuters) - Libyan Prime Minister Ali Zeidan presented his government line-up to the national congress for approval on Tuesday, saying he had formed a "coalition government" which included representatives from the country's two major political parties.

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In a televised session of congress, Zeidan said he had nominated Ali Aujali, Libya's ambassador to the United States, to be foreign minister, and Abdelbari al-Arusi to be oil minister.

In a country where regional rivalries are rife, he said no area had been favoured more than any other.

"No region has been favoured over any other, the whole nation has been favoured," he told congress.

His government was made up of 27 ministers, he said, saying it would be replaced if it did not perform. Zeidan appointed three deputy prime ministers.

Mohammed al-Barghathi was named defence minister, while Ashur Shuwail was named interior minister. Zeidan named Ali al-Fasi as finance minister.

He said those posts - as well as the foreign and justice minister portfolios - would be filled by independents who were not affiliated to any party.

Zeidan said the liberal National Forces Alliance and the Muslim Brotherhood's political wing, the Justice and Construction Party, the two biggest parties in congress, were both represented in the putative government.

Zeidan was elected prime minister by the congress earlier this month after his predecessor, Mustafa Abushagur, was dismissed in a vote of no confidence after his choice of government ministers ran into opposition inside and outside the assembly.

A former career diplomat who defected in the 1980s to become an outspoken critic of Muammar Gaddafi, Zeidan had been tight-lipped about the composition of his cabinet as he faced the daunting challenge of forming a government that would be acceptable to the country's many factions.

Congress will vote on the proposed line-up.

(Reporting by Ghaith Shennib; Editing by Andrew Osborn)
Comments:

almost there!!!

Khaled Montasir
5 yearss ago

he almost did it!

Osama Al Rawaf
5 yearss ago

Libyan Prime Minister Ali Zeidan presents his new government for the congress to vote in for service. He says the new government will "favor all of Libya". I applaud this attitude. Democratic government is about sending your representatives to the central government, in Libya's case the National Assembly. The Government that the Foreign Minister forms is a subset of those representatives. These must be trusted advisors who can do the job for all Libyans regardless of origin. The Prime Minister has made the best promise of all today. He has made a promise of "pay for performance". I wish we had that in the US. If so, the entire US congress would be gone as their approval rating has been under 25% for quite some time.

Anonymous
5 yearss ago

Mr. Ali Zeidan can make it.

Hend Al-jaberie
5 yearss ago

we hope Mr. Zidan do it this time..

Khaled Montasir
5 yearss ago

Oil & Gas News

Oil & Gas News
Released:  30/10/20122012-10-30
Word count:  76

MILAN -- Eni SpA, Italy's largest natural gas and oil company, says third quarter earnings have risen on the back of higher production in Libya. Eni said Tuesday that net profit for the quarter that ended Sept. 30 was (EURO)2.5 billion ($3.2 billion), compared with (EURO)1.77 billion a year earlier. Profit was higher than the $1.58 billion expected in the markets.

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The Associated Press
Eni said Tuesday that net profit for the quarter that ended Sept. 30 was (EURO)2.5 billion ($3.2 billion), compared with (EURO)1.77 billion a year earlier. Profit was higher than the $1.58 billion expected in the markets.

Sales were (EURO)31.49 billion, more or less in line with market expectations.

Eni says oil and natural gas production was up 16 percent to 1.72 million barrels of oil equivalent a day.

CEO Paolo Scaroni called the results "strong" with continued improvement in Libyan output.
Comments:

more steps on the way :)

Hend Al-jaberie
5 yearss ago

CEO Paolo Scaroni called the results "strong" with continued improvement in Libyan output.

Khaled Montasir
5 yearss ago

Business News

Business News
Released:  26/10/20122012-10-26
Word count:  218

(ANSAmed) - ROME, OCTOBER 25 - A delegation of seven Libyan women entrepreneurs, in the Italian capital for a week of training alongside Italian women, on Thursday participated in a conference on gender equality in the Italian Senate.

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Meeting with MPs, journalists and civil rights organizations, the women said that ''unlike in the Gaddafi regime, there is more room for women in Libya today. There's still a lot to be done, but we women are power.'' Organized by Pari e Dispare, an association for gender equality, with the support of the Italian Ministry of Foreign Affairs and Italian state-owned oil and industrial giant, ENI, the women are here for a week of training on equal opportunities and the inclusion of women in society.

''We Libyan women want to achieve what Italian women have achieved,'' fashion designer Raja Nagiat Rayes, who just opened a Libyan-Italian fashion academy in Tripoli, said at the end of today's conference, titled Reforms for Equality, in which keynote speaker Rita Ghedini, a Democratic Party MP, took participants through the history of Italian women in politics. ''Our daily life is normal now. Foreign media have a distorted view of what is happening in our country,'' said Maram Elgeblawi, president of an IT company.

''The Libyan people have a single aim: whatever city you go to, everyone wants a great economy, a transparent democratic system, and the opportunity to give their lives a new outlook,'' explained Alaa Murabit, president of The Voice of Libyan Women NGO. (ANSAmed).

[source: ansamed.info]
Comments:

Lovely to hear that Libyan women put her feet in a stable base. This is a combination of both the power of education and power of wisdom let you reaching your target gradually as well as built a strong base that no one could interfere or intervening your aim and desire to achieve your rights. We have to fight for our rights and dignity that is given with full of respect by our GOD/ALLAH. In most of societies rely on women cause the only one who build our new generation mentality, behaviorally, and spiritually. Just one request please try to involve women from different regions this give you the ability to gather info and opinions from different points of view...

Najla Ben
5 yearss ago

half of the society have to share in re-building Libya.

Khaled Montasir
5 yearss ago

It is wonderful to see the women of Libya out and about fulfilling their destiny. In April, I wrote in my blog The Global Attitude "I have been impressed by the organizing power of Libyan women to march in the street or gather at women's conferences that have been pulled together fairly quickly to discuss women's issues and election training. Women rise up! This is your time to show Libya that you are bright, capable, and have something important to say! THIS IS THE POWER OF WOMEN!"

http://www.theglobalattitude.com/2012/04/why-should-libya-put-more-focus-on.html

The Global Attitude
5 yearss ago

It is wonderful to see the women of Libya out and about fulfilling their destiny. In April, I wrote in my blog The Global Attitude "I have been impressed by the organizing power of Libyan women to march in the street or gather at women's conferences that have been pulled together fairly quickly to discuss women's issues and election training. Women rise up! This is your time to show Libya that you are bright, capable, and have something important to say! THIS IS THE POWER OF WOMEN!"

http://www.theglobalattitude.com/2012/04/why-should-libya-put-more-focus-on.html

The Global Attitude
5 yearss ago

Yes, It's time now to take place positive action in building our country.

Hend Al-jaberie
5 yearss ago

Business News

Business News
Released:  25/10/20122012-10-25

Libya Business TV is pleased to offer its users a special 10% discount on annual subscriptions to The Libya Report. The Libya Report (www.thelibyareport.com) was launched in May 2012 to help companies and other institutions monitor and navigate the Libyan market. It features: • Business news and analysis • Listings of local and international events on Libya • Stock market data • Economic and financial data from local and...

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Comments:

Political News

Political News

Libyans celebrated the end of Muammar Gaddafi's rule a year ago but its transition to democracy has been far from easy. The country is now facing profound challenges, most notably the threat from armed militias. Guests: Abdel Moneim al-Yasser, Jason Pack, Faraj Najem.

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Aljazeera
Comments:

yes khaled, the long way starts with one step that we already have done

Hend Al-jaberie
5 yearss ago

democracy has been far from easy. . .. but the thousand mile long way, starts by one step.

Khaled Montasir
5 yearss ago

Business News

Business News
Released:  25/10/20122012-10-25
Word count:  149

Manama: Oct. 23 -- (BNA) The Bahrain Chamber of Commerce and Industry (BCCI)'s chairman, Dr. Essam Abdullah Fakhroo, met this morning with the Libyan charge d'Affaires, Mr. Mohammed Khalifa Al-Akroot, and discussed with him ways to increase the volume bilateral economic cooperation between the two brotherly countries.

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Bahrain News Agency
Dr. Essam Fakhroo invited the encouraging of business delegations and representatives from various commercial and industrial sectors from Libya to visit the Kingdom of Bahrain and asserted aspirations of the Bahraini private sector to open cooperation channels with the Libyan Embassy pointing out that the Bahraini private sector welcomes various economic development projects with the Republic of Libya and the formation of a joint Bahrain-Libya Business Council to boost economic cooperation and find investment opportunities in the near future.

The Libyan chargé d'Affaires highly praised the atmospheres of peaceful co-existence and stability in the Kingdom and hoped that efforts of the Libyan Embassy would culminate in developing and boosting Bahraini-Libyan economic cooperation, citing the significance of exchanging mutual visits by businessmen from both countries, and expressed the Embassy's readiness to coordinate with the BCCI in various matters in order to develop the private sector in both brotherly countries. (IY)
Comments:

formation of a joint Bahrain-Libya Business Council to boost economic cooperation and find investment opportunities in the near future.

Khaled Montasir
5 yearss ago

Oil & Gas News

Oil & Gas News
Released:  25/10/20122012-10-25
Word count:  207

(Reuters) - Libyan oil and demand for pesticides will help Germany's BASF (BASFn.DE) achieve its target of higher operating profit this year, offsetting a downturn at its main industrial chemicals and plastics business.

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Ludwig Burger - Frankfurt
"The outlook is clouded by continued uncertainty, especially in the euro zone, and by slower growth in Asia. Nevertheless, we still aim to exceed the 2011 record levels in sales and income from operations before special items," the world's largest chemical maker by sales said.

It added that third-quarter earnings before interest and tax (EBIT), adjusted for one-off items, rose by 5 percent to almost 2.1 billion euros ($2.7 billion), just surpassing the 2.0 billion euro average estimate in a Reuters poll of analysts.

The shares were indicated to rise 0.5 percent in pre-market trading while Germany's blue chip index DAX .GDAXI was seen edging up 0.1 percent.

BASF remains a tale of two industries with quarterly operating profit at its Wintershall fossil fuel unit more than tripling on resumed oil output in its main sourcing country Libya, while the remainder of the company saw operating earnings decline almost 40 percent.

BASF, whose products range from catalytic converters and car coatings to insulation foams, refrained from the type of job cutting programs, however, announced by its two largest U.S. competitors.

DuPont (DD.N) on Tuesday slashed its earnings forecast, and announced 1,500 job cuts while Dow Chemical (DOW.N) this month said it plans to cut 5 percent of its workforce as it reported lower-than-expected sales.
Comments:

welcome to the german technology .

Hend Al-jaberie
5 yearss ago

welcome to the german technology .

Hend Al-jaberie
5 yearss ago

Libyan oil and demand for pesticides will help Germany's BASF (BASFn.DE) achieve its target of higher operating profit this year, offsetting a downturn at its main industrial chemicals and plastics business.

Khaled Montasir
5 yearss ago

Libyan oil and demand for pesticides will help Germany's BASF (BASFn.DE) achieve its target of higher operating profit this year, offsetting a downturn at its main industrial chemicals and plastics business.

Khaled Montasir
5 yearss ago

Business News

Business News

After obtaining freedom and democracy in their country, Libyans are now on the road to progression and prosperity. Libya already offers a wide range of opportunities to businesses and with this step; it has generated the potential to become a stable and thriving economy. Fleming Gulf Conferences has organized The Libya Summit which will be held from the 20th to 22nd November in Tripoli, Libya to discuss the transformation of Libya as a model...

Play
Mina Monir
The summit will bring together business leaders, global policy makers, diplomats and other stakeholders of Libya on a single platform to explore enhanced opportunities for Libya as a thriving economy. The summit will see discussions on subjects such as the emerging trends in the Libyan economy, newer avenues for Libya, strategies to rebuild the economy, re-developing the healthcare and educational system and rebuilding the public and private sectors.

A special pre-conference session will be held on 19th November, where Mathew VanDyke will share his experience story. U.S born Matthew VanDyke holds an MA degree in Security Studies and was a journalist and documentary film maker. VanDyke was captured, along with three Libyans, by Gaddafi’s forces in March 2011. After spending 166 days in solitary confinement he escaped prison in August - 2011.VanDyke chose to return to the front lines of battle and remained in Libya until freedom was assured, only returning to the U.S. in November 2011. He is the author of an award-winning blog (The Freedom Fighter blog), writes for The Huffington Post, is a TV/radio commentator, documentary filmmaker, founder of the NGO - After the Revolution, and an advocate for freedom. His session will be followed by a networking and cocktail reception for all the delegates.

The keynote speech on 20th November will be presented by Dr. Abdulmonem Alyaseer, Member, General National Congress – Libya. Lionel C. Johnson, Vice President - Middle East Affairs from U.S. Chamber of Commerce will be presenting a special session on supporting Libyan-US relations. Vladislav Kulakovsky, Project Risk Manager from Lukoil will throw some light on the role of foreign companies investing in restoring oil production. Panel discussions will centre on topics including transforming Libya as a model of stability and economic excellence’, rebuilding the strategies for conducive business and opportunities for the oil and gas sector.

Osama F Elguile, Head of Foreign Affairs Committee at the Ministry of Finance – Libya; Richard H Griffiths, President of American Chamber of Commerce in Libya; Khwaja Aftab Ahmed, Director Financial Markets & PE Funds for Europe, Central Asia & MENA at International Finance Corporation - World Bank Group; Princess Alia Al- Senussi, Art Patron, Libyan Heritage Trust, Global Heritage Fund; Ahmed Shebani, Founder of Democratic Party of Libya; Prof Dr. S.P Bindra, Chief Advisor & Founder of Libyan Sustainable Business Council; Meb Somani, Head of Oil & Gas Investments, Barclays Natural Resource Investments (Barclays Capital); Dr. Filiz Katman, Expert – BBC News and Dr. Ahmed M. Shembesh, Founder of Libyan Foundation for Rehabilitation are some of the eminent speakers who will talk at the three day summit.

LibyaBusiness.tv, Libya Business News and Libya Herald are the lead media partners who will play a key role in supporting the event in creating national awareness. Julphar, Wabag, Medavia, CfBT – Education Trust, Green Libya Inc., PETROSAS Oil and Gas Services, Talia, Privatization and Investment Board (PIB) and Think Global Consultancy are among the leading sponsors for the three day summit.

About Fleming Gulf Conferences

Founded in 2005, Fleming Gulf is young, dynamic and has fast become one of the leading providers of business intelligence through industry specific conferences, webinars and skills enhancement training courses. Our goal is to link professionals and provide them with commercial acumen, business investment contacts and a world of opportunities. Our reach is global-spanning serving organisations in the Middle East, Asia, Africa, Europe, and as far as Latin America. Fleming Gulf delivers the most comprehensive business events by leveraging our network of industry influencers with specialist knowledge to provide organisations the winning edge that makes a difference in their decision making in today's competitive business landscape. Through our live and on-demand webinars, class-sized intensive certification courses, highly focused niche conferences and large scale summits, Fleming Gulf has brought together nearly 100,000 professionals representing industries including HSE, oil & gas, utilities, life sciences, mining, construction, HR, transport & logistics, finance, telecom & IT, aviation and marketing. We are committed to provide our partners - speakers, delegates, exhibitors, sponsors and supporters - a unique learning experience where they can find stimulating topics, engaging conversations and meet the biggest names within their field.
Comments:

Business News

Business News
Released:  22/10/20122012-10-22
Word count:  369

Libya has come to the forefront in the U.S. presidential election campaign. The attack on the U.S. consulate in Benghazi last month has turned the deaths of the American ambassador, Chris Stevens, and the three other U.S. officials into a political football.

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Samuel Burke & Claire Calzonetti, CNN
Ali Tarhouni served as Libya’s interim prime minister after playing a key role in marshaling international support and funding for the revolution that overthrew Moammar Gadhafi last year.

But he says he refused to run for prime minister in the recent election because he doubted the new leaders wanted to swallow the tough security medicine that he was prescribing in order to confront and rein in the militants.

“When I outlined what I wanted to do, the National Transitional Council at the time said that that's too tough of a medicine.”

Libya challenges International Criminal Court's order to hand over Saif Gadhafi

He not only wanted to speed up the process of building the national army and border control, but also wanted to increase the internal security.

Tarhouni says he also wanted to take on the revolutionary groups that are still roaming around Libya.

“A lot of these revolutionaries are good. They are the ones who actually liberated the country.” But, he says, these post-revolutionary groups aren’t under anybody’s control and are getting involved in smuggling.

“We're still in a transition period. And the country's armed to the teeth. We don't have border guards. So in this setup, what you call a government is still a very weak structure.”

Tarhouni says the government must do deeper investigation into the death of his friend, Ambassador Stevens.

“He was a friend of this country. He really believed in this revolution. And I believe that we owe it to him. We owe it to the United States to investigate and find who committed this murder.”

He says he’s not sure the government is doing enough, in part, because the country is still in flux. Tarhouni says there’s no national army and the internal security apparatus still has hazards.

But he does believes Libya has made great strides in a short amount of time.

“Yes, we are in a transition period. But Gadhafi is dead. In a very short period of time, we formed something, a resemblance to political parties. We have an elected parliament.”

“I wish that Chris were around to see, at least, that transition.”

to watch the whole interview: http://amanpour.blogs.cnn.com/2012/10/18/the-libyan-who-knew-too-much/
Comments:

Mr. Ali did a good work during hard time in libya

Hend Al-jaberie
5 yearss ago

Is there any relation of Mr Aly Tarhouni to Mr Aly Tarhouni that his father had a grocery shop in sharia Isticlal in Benghazi, as it joint Berka street, just before the old train station, oposit Adventist hospital?

Stelios
5 yearss ago

Any knowledgeable person who watched the recent events in Libya would fully agree with Mr.Ali Tarbouni whom I feel,should be retained in the Libyan administration to lead the country in right direction.

The Libayan who knew too much
5 yearss ago

Oil & Gas News

Oil & Gas News
Released:  19/10/20122012-10-19
Word count:  769

The North African country's energy sector has seen a swift revival after last year's civil war, but ongoing insecurity is hampering redevelopment

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AFP
Libya's economy has made a swift recovery after the 2011 conflict, with oil production returning to near normal levels: but insecurity is holding up reconstruction and keeping foreign companies at bay.

The economy nose-dived after the 17 February 2011 uprising against Muammar Gaddafi, which escalated into a full civil war that ended with the long-time dictator's ouster and death in October. Oil production, which was more than 1.6 million barrels per day before the war, came to a virtual halt by the summer of 2011, after foreign companies and workers their workers fled en masse. But the oil sector, which accounts for 80 per cent of Gross Domestic Product and 97 per cent of exports, bounced back quickly after Gaddafi's fall, and production returned to near pre-conflict levels in May. "In one year (since October 2011), average oil production has surpassed 1.4 mbpd and sometimes reaches 1.6 mbpd," Oil Minister Abdelrahman ben Yezza told AFP. "We were able to resume production quickly and generate income for the country," he said, stressing that oil "was and remains virtually the only source of income" for the authorities. Only a few international companies rushed back after the interim authorities announced the "liberation of the country" on 23 October 2011, three days after Gaddafi was captured and killed. "The resumption of production was made possible thanks to the quick return of major Western companies, like Total (France), ENI (Italy), Repsol (Spain), Wintershall (Germany) and Occidental (USA)," said a Tripoli-based economist working for an international financial institution. Such companies, he added on condition of anonymity, are providing their own security on production sites, some of which are in remote desert areas beyond the grip of nascent security forces. In 2013, Tripoli hopes to lure back more oil companies, many of which have been waiting for greater stability to return, and encourage local enterprises to resume, said the minister. In its October economic forecasts, the International Monetary Fund (IMF) estimated that real GDP growth in Libya will be 122 per cent this year and 16.7 per cent in 2013 after plunging by 60 per cent last year. The Tripoli-based economist said "performance of the post-conflict economy is undeniably positive," noting in particular a gradual decrease in the inflation rate and the stable exchange rate of the Libyan dinar against other currencies. He said inflation has been hovering around 15 per cent in recent months after hitting record highs in 2011, when it touched nearly 30 per cent in October. The IMF said inflation for all of 2012 should be down to 10 per cent and to an almost negligible 0.9 per cent next year. The economist also noted some "persistent gaps" in the economy, including a "weak banking sector," which offers absolutely no financing options for companies and where there are also still problems with international transactions. Even such a basic thing as cash is a problem. Many banks do not issue bank cards and, even in major cities like Tripoli and Benghazi, there are only a handful of ATMs. In the absence of strong control by the transitional authorities, who are struggling to build up state institution and rein in the militias who were the backbone of the anti-Gaddafi war, the "informal sector takes precedence over the formal sector," he added. "But this is completely normal in a post-conflict situation," he explained. Imports, which had come to a virtual halt due to an embargo slapped on Libya by the United Nations and Western powers, have boomed thanks to the lifting of restrictions and lowering of taxes. This change has been heartening for Libyan merchants like Khaled al-Fallah. "Today we have the freedom to take part in any activity," he told AFP, noting that the market before was monopolised by only a few people. But businessman Anas al-Maghrabi would like better regulation of imports. He says small traders are flooding the market with imported products and overwhelming the ports, causing significant delays in delivery. With its oil wealth and vast reserves, the largest in Africa, Libya is a natural magnet for foreign companies looking to profit from the reconstruction of a country destroyed by war and 42 years of corruption and mismanagement. But construction sites are at a standstill, with most foreign construction companies still not having resumed work. Hotel and housing projects that pre-dated the conflict are in limbo while the cities worst damaged by the fighting, including Sirte and Misrata, are crying out for reconstruction. The onus is now on the new authorities to persuade foreign companies that the North African nation offers enough political stability and security for them to resume their activities. "Before asking foreign companies to come back, we must first guarantee their security," outgoing deputy prime minister Mustafa Abu Shagur told AFP recently.
Comments:

With its oil wealth and vast reserves, the largest in Africa, Libya is a natural magnet for foreign companies looking to profit from the reconstruction of a country destroyed by war and 42 years of corruption and mismanagement.

Khaled Montasir
5 yearss ago

Business News

Business News
Released:  18/10/20122012-10-18
Word count:  138

The Chief Executive of Arab Petroleum Investments Corporation (APICORP), al-Nu’imi, has declared that this financial giant plans to start business activity in Libya that could expand to cover Africa

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Mina Monir - Chief Editor of Libya Business TV
In a televised interview with Al-Arabiya TV, Mr. al-Nu’imi declared that the company intends to resume its plans to develop energy and oil projects that it began in the MENA region in 1975. al-Nu’imi announced the APICORP’s plan to increase its share in the Libyan market, with a view to expanding into the African Continent. He stated that APICORP already has shares in the capital of two companies in Libya and there are plans to enhance its presence in the oil-rich country. The plan comes after the Multilateral Development Bank of the Organisation of Arab Petroleum Exporting Countries (OAPEC) announced that Moody's has upgraded APICORP issuer and senior unsecured rating from A1 to Aa3, while maintaining a stable outlook. APICORP has increased its capital to reach 2.4 billion dollars, with shares in private companies reaching 150 million dollars
Comments:

Libya can be the link between west and Africa.

Hend Al-jaberie
5 yearss ago

Libya can be the link between west and Africa.

Hend Al-jaberie
5 yearss ago

Political News

Political News
Released:  17/10/20122012-10-17
Word count:  182

Libya's new Prime Minister Ali Zeidan, a career diplomat has strong India connections. 62-year old Zeidan shot into prominence when he was sent to work in Libyan embassy in India in the late 1970s alongside the Ambassador Mohamed Yousef el-Magariaf, Al Jazeera reported.

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Business Standard
Both Zeidan and el-Magariaf hit the headlines when they defected in 1980 to form the National Front for the Salvation of Libya.

Zeidan a local council member of the city of Tripoli and a member of Libya's National Assembly was elected the new Prime Minister in a televised count, just a week after the last PM was dismissed in a vote of no-confidence. The career diplomat shot into prominence as the revolt against late former dictator Muammar Gaddafi gained ground. Then based in exile in Geneva, Zeidan played a prominent role in seeking support for the rebels from the west.

After Gaddafi's ouster and death at the hands of the rebels, Zeidan was elected as a member of Libya's General National Congress (GNC) in the country's first ever elections in July 2012.

Elected as an independent, Zeidan is known to be close to transition leader Jibril's National Force Alliance.

However, Zeidan can only assume office if GMC approves the government team proposed by him. If his cabinet is accepted, Zeidan will take over from Abdel Rahim al-Kib, who has held the post since November 2011.
Comments:

We need to make connections with India as well as west.

Khaled Montasir
5 yearss ago

Business News

Business News

All companies with an existing contract or order with GECOL must contact GECOL by 27 October 2012 to resolve legal situation of their contracts.

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Adrian Creed - Mondaq
On 27 September 2012, the General Electricity Company of Libya (GECOL) published a statement on its website requesting all firms with existing contracts or orders to contact the GECOL within 30 days "to resolve the legal situation of their contracts".

According to the statement, the requirement to contact GECOL also applies to those projects which had not yet started, or which had been halted due events leading to the fall of the Gaddafi regime in October 2011.

Failure to contacting GECOL may result in cancellation of contracts or allocation of previously-awarded work to other companies.

It is extremely important for foreign companies that are subject to this requirement to:

review the background to the negotiation and conclusion of their contracts with GECOL; have a clear understanding of their rights and obligations under the existing contracts prior to contacting GECOL; contact GECOL prior to the deadline; and interact with GECOL during the contract review process with utmost transparency and honesty. The GECOL review appears to be part of the Libyan Government's corruption probe which officially began after the National Transitional Council (the predecessor to the Libyan General National Congress) announced the inception of an Oil Committee in October last year with the aim of reviewing oil contracts concluded under the previous regime. The expressed mandate of the Oil Committee was to identify malpractice in deals struck under the Gaddafi regime, with the Committee having the power to end, amend or renegotiate current contracts if corruption was discovered. Subsequently, in December 2011, Mr Abu Shagur, the Prime Minister of Libya (then the deputy Prime Minister) stated that Libya would review all contracts signed with foreign companies by the Gaddafi regime "to ensure its best interests are guaranteed".

Considering that the terms of reference of the GECOL review have not been published as at the date of this article, and that the GECOL statement does not specify what is involved in the review process, it is unclear whether the scope of investigation will be limited to corrupt transactions, or it will entail a wider review of the general suitability of the contracts to the political and economic policies of the new Libyan Government.

In the past, under the Gaddafi regime, oil companies in Libya were forced to renegotiate extensions to their oil deals with the NOC in 2008 and to agree to taking lower revenue shares and committing to large upfront costs. While the intention and purpose of the current review seems to be different to those in 2008, it would be advisable for foreign energy companies to approach GECOL with a practical strategy to ensure that both parties can (depending on the circumstances of each contract) maintain the benefits arising from an existing agreement and at the same time reach a fair balance between their respective rights and obligations under the existing arrangements and the political incentives of the Libyan Government in carrying out the contract reviews.

The deadline for contacting GECOL head office in Tripoli or its regional branches is 27 October 2012.
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Business News

Business News
Released:  16/10/20122012-10-16
Word count:  168

The Chinese communications giant ZTE has uncovered its initiative to support the Libyan communications sector on several different levels.

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Mina Monir
The deputy manager of ZTE, Malik Shaaban, told the Chinese news agency Xinhua that the company, “managed, especially during the war and its aftermath, to provide communication services as well as maintenance of the communication networks in Misrata and the Western Mountain.” “In the beginning of 2011, the Chinese company started maintaining networks and therefore it preceded all other companies in the country”, added Shaaban. Although ZTE is the first Chinese communications company in Libya, there is a growing interest in increasing the number of Chinese companies in the Libyan communications market. ZTE is now competing with five foreign companies operating in Libya and racing to win the contract to provide the G4 and HSPA4 technology for Libyan mobile networks. Mr. Shaban stated that Libya needs companies specialized in developing the communications sector more than ever, and the company’s chances are good.

ZTE is a Chinese international company that provides network solutions and advanced technological services. It was established in 1985 and provides its services all over the world.
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Construction News

Construction News
Released:  15/10/20122012-10-15
Word count:  275

The giant Egyptian company Arab Contractors has declared that they will establish two large projects in Libya.

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Mina Monir - Chief Editor of Libya Business TV
The first project is called “Papyrus Project – Mesaad”. The project wil open a ‘service centre’ along Egypt-Libya International highway in Mesaad near to the Egyptian border. The centre consists of a number of hospitality buildings, a hotel and car parks. The value of the project is 45 million Egyptian Pounds ( 7.4 million USD). The project should serve in facilitating the increasing amount of commercial and industrial transfers across the Egyptian-Libyan borders after the signing of the Cairo Declaration agreement between the two neighbouring countries.

The second project is the “Sulfuric Baths – Tagoraa.” The project consists of : 1- completion of the current Hamam El Kabrety 2- the building of a newphysical therapy building ( 1110m2) restaurant, café and kitchen (1580m2), commercial offices building (370m2), residential units (820m2), fences, entrances,and security rooms. This is in addition to the infrastructure, such as roads, electricity and a water andsewerage network. The project is worth 3.4 million Libyan dinars. The project aims to improve environmental tourism in Libya by supporting the facilities that could help tourists to relax during their stay. The Egyptian state-owned company declared, in July, its intention to establish a new independent company in Libya with the name “The Libyan Arab Contractors for Development and Contracts.” The new company will be established with capital of two million Libyan dinars. The president of the new company, Mr. Ibrahim Muhlib, stated that the new company will be the first fruits of cooperation between the Egyptian and Libyan governments, which will be realised in the near future. The Egypt-based parent company will provide its experience and capabilities for the rebuilding of Libya’s infrastructure and will offer its services based on international standards.
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Political News

Political News
Released:  15/10/20122012-10-15
Word count:  243

(Reuters) - Libya's national assembly elected a new prime minister on Sunday, the second within a month to face the daunting challenge of forming a government acceptable to the country's many factions.

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Reuters
Ali Zeidan, a former career diplomat who had defected in the 1980s to become an outspoken critic of Muammar Gaddafi, was elected in a televised count just a week after the last prime minister was dismissed in a vote of no confidence.

Mustafa Abushagur was dismissed after his choice of ministers ran into protests both from within the assembly and from outside.

Libya desperately needs a viable government so that it can focus on reconstruction and healing divisions opened up by the war which toppled Gaddafi last year.

Zeidan told a news conference he would focus on restoring security to Libya.

"The security file will be my top most priority because all the problems that Libya suffers from stems from security issues. The government will be an emergency government to solve the crises that the country is going through."

Zeidan, who had support from the leading liberal coalition, the National Forces Alliance, also suggested, however, that he was ready to take into account the views of the Islamist Muslim Brotherhood in his government.

"Islam is our belief system and the source for any jurisprudence, and anything against sharia is refused," he said.

Gaddafi kept Libya broadly secular, but the uprising which toppled him has paved the way for the emergence of both Islamist and more secular factions, as well as opening up tribal and regional divisions in the North African country.

(Reporting by Ali Shuaib; Writing by Myra MacDonald; Editing by Rosalind Russell)
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