An Open Invitation to Purchase of one (FM-200) Filling Station for Ras Lanuf

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Business News

Business News
Released:  13/11/20152015-11-13
Word count:  592

Brega Petroleum Marketing Co. intends to tendering construction of a new L.P.G sphere capacity (4200 m³) at Tobruk Depot as per )API & ASTM( according to scope of work and requirements which are summarized in the following essential items:

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NOC

•           Supply and installation of steel plates, and conduct welding tests in accordance with international specification standards.

•           Supply and installation of instruments accessories, fittings,

cables and accessories, to be connected to existing systems in

the depot.

•           Carry out pipelines connection works for LPG and fire fighting lines to existing systems.

•           Carry out hydrostatic tests.

•           Carry out cleaning and painting works for the tank, accessories and pipeline interconnections and start up tests and handover.

 

So Companies possessing relevant experience, and has technical and financial capabilities are invited to express their interest in participation to execute this project, to submit their files for Pre-Qualification according to the following terms and conditions:

 

1.Fill the PQQ available via  WWW.BREGA.LY/APP_FORM.XLSX and return via email  HIGHERTENDERS@BREGA.LY also hard copy of PQQ Document to be enclosed with the company’s file.

2. Provide organisation's articles of incorporation a cover letter expressing of interest to participate in the tender, its chart, official evidence attesting registration at the commerce registration office, valid business license , valid tax clearance certificate.

3. Provide the financial status for the last) 3( years (20112-213-2014) authenticated by legal auditor.

4. Provide your previous experience of similar scope of work.

5. Provide list of technical crew and company’s equipment.

6. Full address of company headquarter and its branches, telephone, fax numbers, email & website address.

 

 

•           Important Notes:

-           Only officially assigned representative will be dealt with.

-           Documents shall be submitted to the Secretary of the High Tenders Committee in a sealed envelope addressed to Brega Petroleum Marketing Co. High Tenders Committee office, located at Tripoli International Airport Road, Brega’s Finance department building, Tripoli, near Tripoli Oil Terminal.

-           The invitation to tender and handing over specification and general terms & conditions documents only to companies that found qualified by pre-qualification evaluation final result.

-           The closing date for submission of documents is on Tuesday 01/12/2015.

-           Any file is not included the required documents will be rejected.

For any quarries please contact High Tenders Committee:

Tel. 021 362 0110   fax  :021 361 9870 Email: highertenders@brega.ly

Comments:

Oil & Gas News

Oil & Gas News
Released:  13/11/20152015-11-13
Word count:  451

LONDON, Nov 12 OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut.

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Reuters
In a monthly report, the Organization of the Petroleum Exporting Countries said it pumped 31.38 million barrels per day (bpd) last month, down 256,000 bpd from September. That is the first decline since March, according to OPEC figures.

The forecast of a decline in supply outside OPEC, if realised, would be a further indication the group's strategy is working. OPEC last year abandoned a longstanding policy of propping up prices and instead raised output, seeking to recover market share taken by higher-cost rival production. Oil is trading at around $45 a barrel, more than 50 percent below its price in June 2014.

"The recent decline in oil prices has encouraged additional oil demand," OPEC said in the report. "It has also provided a challenging market environment for some higher-cost crude oil production, which has already shown a slowdown."

The group expects non-OPEC supply next year to fall by about 130,000 bpd, following growth of 720,000 bpd this year, "as nearly $200 billion of capex cutbacks this year and next create a gaping supply hole".

Oil companies have cancelled or put on hold projects around the world and OPEC expects output in the United States, the biggest source of non-OPEC supply growth in recent years due to the shale boom, to be hit by reduced drilling activity.

OPEC production, which has surged since the policy shift of November 2014 led by record Saudi Arabian and Iraqi output, fell in October on export delays in Iraq and lower supply from Saudi Arabia and Kuwait, said the report, citing secondary sources.

The report points to a 560,000-bpd supply surplus in the market next year if the group keeps pumping at October's rate, down from 750,000 bpd indicated in last month's report.

For 2015 though, the report implies a much larger surplus of almost 1.8 million bpd due to high OPEC production and the still-growing rival supplies that have boosted inventories.

Underlining the current glut, OPEC said the market is in the midst of only the second period in a decade when inventories in developed economies have exceeded the five-year average by more than an "excessive" level of 150 million barrels. The first followed the 2008 financial crisis.

Inventories in OECD economies are currently 210 million barrels above the five-year average, OPEC said, more than the 180 million barrels above that average they stood at in early 2009.

"The build in global inventories is mainly the result of the increase in total supply outpacing growth in world oil demand over the first nine months of this year," OPEC said.

OPEC left its 2016 oil demand forecasts unchanged, predicting the world would need 30.82 million bpd of OPEC crude and global demand would grow by 1.25 million bpd, marking a slowdown from 1.50 million bpd in 2015.

(Reporting by Alex Lawler; Editing by Dale Hudson and David Evans)
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News Releases

News Releases
Released:  13/11/20152015-11-13
Word count:  748

The Tripoli-based Central Bank of Libya (CBL) defended its performance as a financial institution during Libya’s current financial crises caused mainly by the fall in oil production and the crash in international crude oil prices.

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Libya herald
In a lengthy response to criticism on social media the CBL responded to accusations that it has not been effective in defending the FX rate of the Libyan dinar nor that it had taken action against the currency black market.

The CBL rejected claims that the loss of value of the LD were caused mainly by a loss of confidence in the LD. It maintained that the strength of a state’s currency comes from its foreign currency reserves. It pointed to the fact that the LD – US$ rate up to the 1970’s was about US$ 1 – LD 0.30 and at the end of the 1980’s and the beginning of the 1990’s it had peaked at about US$ 1 – LD 3.50 and furthermore, during the revolution in 2011 it had reached US$ 1 – LD 1.90.

After liberation in October 2011 the exchange rate came down to US$ 1 – LD 1.30 within a week which was nearly the equivalent to the official exchange rate. This, the CBL maintained, shows that it was not as a result of confidence but as a result of the availability of hard currency.

Countering another accusation, the CBL denied that it has been forever turning a blind eye to the currency black market. It pointed out that it had acted forcefully against the black market in the week after liberation (from Qaddafi) in 2011.

This action proves that the LD exchange rate was based on foreign reserves and not on confidence. This is especially so for Libya, the CBL argued, a country that depends on 95 percent of its GDP from oil revenues and depends on more than 70 percent of its daily consumption on imports.

With regards to the CBL’s failure to allow official foreign exchange bureaux to start operating despite the law for such FX bureaux having been passed, the CBL revealed that it could not activate the bureaux because there has been a ban in place prohibiting the export of foreign currency to Libya since December 2013.

The CBL also countered the accusation that it had failed to prevent the unprecedented ballooning of the state budget and failed to control the expansion of state-sector salaries within it as well as running an annual budget deficit.

It highlighted the fact that the drafting of the budget was the responsibility of the executive (the government) and its approval is the responsibility of the legislature (parliament).

Its role, it points out, is advisory and consultative, pointing out to a number of official financial statements and warnings including its latest statement on the country’s finances up to 30/09/2015.

The CBL also strongly denied any responsibility to the accusation that it had contributed to the opening of a large number of corrupt documentary letters of credits (LCs). It countered that its role and powers together with commercial banks are defined and limited by existing laws and byelaws.

Nevertheless, in its effort to counter corruption in LCs it had referred to the Public Prosecutor’s Office cases totalling more than LD 4 billion in value for the years 2012-2015. The CBL also claimed that it had stopped money to successive governments from 2011 until today in the billions of dinars.

The CBL also countered that the accusation that the current low rate of oil production of around 300,000 b/d does not reflect on the FX rate of the Libyan dinar. It also refuted the accusation that it is unwilling to use its foreign currency reserves to bolster the LD FX rate.

The CBL pointed out that Libyan oil production had peaked at 1.6 million bpd in 2012 and that at a price of about US$ 100 / b that used to earn Libya around US$ 58 billion per year. However, with Libya’s oil production at around only 300,000 b/d this (at US$ 100 / b) would only earn Libya around US$ 11 bn still leaving a shortfall of US$ 47 bn.

Moreover, with the price of international crude oil prices crashing to around US$ 40 / b Libya would only earn US$ 23 bn per year even if it were to produce its peak production capability of 1.6 million b/d.

However, in reality Libya is only exporting around 300,000 b/d which would earn it around US$ 4 bn, whereas it is consuming around US$ 25 bn. To this the CBL asks the rhetorical question: Where does the power of the Libyan dinar lie, in market confidence or in Libya’s hard currency reserves?

In concluding, the CBL maintained that it is one of the very few Libyan institutions to maintain its professional performance with transparency, responsibility and courage, despite the difficult circumstances it operates in.
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Oil & Gas News

Oil & Gas News
Released:  12/11/20152015-11-12
Word count:  288

Crude oil prices edged away from over two-month lows in early Thursday trading, after a sharp slide on concerns the market would take much longer than many anticipated to rebalance as supplies far outstrip demand.

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Reuters
Benchmark U.S. crude futures were at $43.25 a barrel at 0242 GMT, up 32 cents from Wednesday when prices tumbled 3 percent on the back of high production, rising U.S. stocks and an economic slowdown in Asia.

Internationally traded Brent crude futures were at $46.18 a barrel, up 37 cents following a 3.4-percent fall the previous day.

"Rising U.S. inventories continue to remain a major theme driving crude oil prices ... Iraq is also increasing pressure on U.S. shale producers. Iraq has loaded around 10 tankers in recent weeks to deliver crude to U.S. ports in November," ANZ said on Thursday.

Trading data in Reuters showed there seemed to be shift in sentiment towards an expectation of lower oil prices, with 90,000 contracts having been sold down since the beginning of November, pulling open interest off a historic high, as traders sell out of oil.

At the same time, oil producers have hiked their short positions in Brent futures to record highs of almost 1.3 million in a sign that they are increasingly hedging their production in expectation of falling prices.

Beyond high production and brimming storage tanks, sentiment was also hit by a growing sense that the region's two biggest economies were slowing sharply after China's factory output growth eased further.

The slowdown in China has pulled down the entire commodity sector, with products like crude, copper, liquefied natural gas (LNG), coal and iron ore all down between 20 and 30 percent this year, on a re-based basis valued at 100 points on January 1.

Adding to demand worries are fears that Japan's economy may have fallen into recession.

At the same time, emerging markets across the world are struggling with a soaring debt mountain that threatens growth.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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Business News

Business News

Libyan Wings launches to help with Libya's aviation reconstruction. A320neos and A350s on order

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Centre for Aviation
Launching a new airline in Libya brings all the challenges that would be expected, and then others. Libyan Wings’ home base is at Tripoli; its base at the local airport has been destroyed, there are essentially no private banks or credit cards, and Libyan Wings must be designated by the government as a local carrier. A key challenge is that foreign governments may not recognise the Libyan government that authorises Libyan Wings.

Still, Libyan Wings persisted with an inaugural flight from Tripoli to Istanbul on 21-Sep-2015, only to be told that day Libyans would need a visa before their arrival; yet there is no Turkish embassy or consulate at Tripoli.

Libyan Wings has its challenges set out, but the privately-owned carrier’s investors retain a long-term view, assessing the carrier as meeting air travel demand in the country, and facilitating many reconstruction efforts.

Full-service Libyan Wings' single A319 will be joined by another in Nov-2015, and then one or two more A320 family aircraft over a year. Libyan Wings already has an order with Airbus for A320neos and A350s, placed in 2013.

Signs of recovery in Libya in 2012 were short-lived. Now there is a cautious optimism. Libya showed signs of a recovery in 2012 , with local and foreign airlines temporarily restoring their presence, but the situation deteriorated. Incumbents in aviation had their aircraft destroyed. Libyan Wings had no impact on its aircraft since it did not have any in the country.

See more at http://centreforaviation.com/analysis/libyan-wings-launches-to-help-with-libyas-aviation-reconstruction-a320neos-and-a350s-on-order-252063
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Construction News

Construction News Contract News
Released:  11/11/20152015-11-11
Word count:  37

Al-Baidha, 10.11.2015(Lana) Projects office at Al-Baidha Municipal council announced that it contracted for infrastructure projects in the city.

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LANA - Libyan News Agency
It explained that it signed a contract with Wahat Al-Baidha company to construct a sewages network due to deteriorating conditions of the old system.

It said it contracted a local company to promote Libyan local companies

. =Lana=
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Oil & Gas News

Oil & Gas News
Released:  11/11/20152015-11-11
Word count:  329

SINGAPORE, Nov 11 (Reuters) - U.S. crude oil prices fell in Asian trading on Wednesday after industry data showed an increase in U.S. stockpiles, while fears that Japan's economy may have fallen into recession added to demand woes.

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Reuters
Benchmark U.S. crude futures slipped to a two-week low at $43.55 a barrel in early trading before edging back up to $43.73 a barrel at 0233 GMT, still down almost half a dollar from their last close.

Internationally traded Brent crude futures were down 28 cents at $47.16 a barrel.

The price drop came on the back of rising stocks in North America and slowing economies in Asia.

U.S. crude stocks jumped by 6.3 million barrels in the week to Nov. 6 to 486.1 million, data from industry group the American Petroleum Institute showed late on Tuesday, compared with analyst expectations for an increase of 1 million barrels.

On the demand side, confidence among Japanese manufacturers fell in November for a third straight month to levels unseen in more than two years, a Reuters poll showed on Wednesday, reflecting fears that a China-led slowdown in overseas demand may have pushed Asia's second-biggest economy into recession.

"The weakness of global manufacturing activity is ... putting pressure on energy demand," JBC Energy said, adding that it expected a significant drop in oil demand growth in 2016.

The oil market is also looking for any indicators from the Organization of the Petroleum Exporting Countries (OPEC) over its production policy.

Since oil prices began falling in June 2014, OPEC has followed a Saudi-led policy of keeping production high in order to defend market share against other producers like Russia and North America, but there are calls from within the group, like Venezuela and Algeria, to cut output to prop up prices.

But BNP Paribas said that it expected OPEC and its policy leaders in the Middle East to continue pumping for market share. "As the next OPEC meeting on Dec. 4 looms closer, speculation over what the cartel will do next will rise. We do not expect any surprises from the next OPEC meeting, and OPEC's experiment in letting price bring adjustments to the world's oil balance has yet to run its full course," the bank said.

(Editing by Richard Pullin and Joseph Radford)
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Business News

Business News
Released:  10/11/20152015-11-10
Word count:  50

Bariqa, 09.11.2015 - (Lana) - The maritime Bariqa port , had received two ships , which were loaded with '27500' tons of wheat , and the other one with '10000' tons of gasoline.

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LANA - Libyan News Agency
Deputy director of the port 'Adul-A'adeem Bu-Khamada' said , that the two ships unloaded their two shipments of fuel and wheat ,in the company reservoirs for oil marketing in Bariqa city.

As the wheat is for the 'al-Jawda al-Fayiqa' the outstanding quality company in 'Saloq' for wheat industry ; 'Bu-Khamada' added.

=Lana=  
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Oil & Gas News

Oil & Gas News
Released:  10/11/20152015-11-10
Word count:  301

Oil prices rose on Tuesday after the head of OPEC forecast a more balanced market next year and the U.S. energy department said domestic output is likely to fall further, though gains were limited as the overall picture of a market in glut remains.

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Reuters
U.S. crude rose 28 cents to $44.06 (29 pounds) a barrel by 0409 GMT (5:09 a.m. BST), after falling about 1 percent on Monday to $44.15 for a fourth consecutive decline.

Brent crude, the global benchmark, was up 21 cents at $47.40 a barrel. The contract slipped 0.5 percent on Monday to $47.19 a barrel, also falling for four trading days in a row.

Oil is trending a little higher in the Asian period but still very much under pressure, said Ben le Brun, market analyst at OptionsXpress.

"There's just nothing fundamental in the news flow over the past 24 hours or longer that makes us think there could be a fundamental turnaround anytime soon," he said.

Further evidence of stockpiling, expectations of a hike in U.S. rates and anaemic economic growth figures have helped push down prices in the last week.

Still, the comments from OPEC Secretary-General Abdullah al-Badri on Monday did provide a little bullish relief to the market.

"The expectation is that the market will return to more balance in 2016," al-Badri said in a speech in the Qatari capital Doha.

"We see global oil demand maintaining its recent healthy growth. We see less non-OPEC supply. And we see an increase in the demand for OPEC crude," Badri said.

Most of the oil supply increases in recent years have come from high-cost production, Badri said, in a reference to supply sources such as U.S. shale oil.

Shale production is expected to fall for an eighth consecutive month in December, according to a forecast on Monday from the U.S. Energy Information Administration (EIA).

Total output is set to decline by 118,000 barrels per day (bpd) in December, the biggest monthly decline on record, to 4.95 million bpd, the least since September 2014, according to EIA data going back to 2007.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Gopakumar Warrier)
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Oil & Gas News

Oil & Gas News
Released:  10/11/20152015-11-10
Word count:  256

The oil market is expected to become more balanced in 2016 as demand continues to grow, OPEC Secretary-General Abdullah al-Badri said on Monday ahead of the producer group's policy meeting next month.

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Reuters
"The expectation is that the market will return to more balance in 2016," he said in a speech at an Asian ministerial energy roundtable in the Qatari capital Doha.

"We see global oil demand maintaining its recent healthy growth. We see less non-OPEC supply. And we see an increase in the demand for OPEC crude," Badri said, according to the text of the speech published on the OPEC website.

Most of the oil supply increases in recent years have come from high-cost production, Badri said, in a clear reference to supply sources such as U.S. shale oil.

"The market is now taking on board this new reality and gradually resetting itself, as we can see with falling non-OPEC supply growth and stronger demand," he said.

The Organization of the Petroleum Exporting Countries, which decided late last year to focus on maintaining market share instead of propping up oil prices, holds its next policy-setting meeting at its Vienna headquarters on Dec. 4.

Saudi Arabia's vice oil minister said on Monday that long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike.

The comments from Prince Abdulaziz bin Salman suggest the OPEC heavyweight is satisfied with its strategy of not cutting production and allowing low prices to reduce supplies.

Brent crude was trading at $47.64 a barrel at 0908 GMT (4.08 a.m. ET), compared with levels around $115 in June last year. [O/R]

(Reporting by Rania El Gamal and Tom Finn, Editing by Dale Hudson and Louise Heavens)
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Business News

Business News
Released:  09/11/20152015-11-09
Word count:  86

Tripoli, 08.11.2015(Lana) Central Bank of Libya granted 81 companies documentary credits to import flour at the cost of 875 million Libyan dinars.

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LANA - Libyan News Agency
Deputy minister of Economy Ali Al-Mahjoub has underlined that the National Salvation Government decided to continue subsidizing flour until the CBoL puts in place a mechanism to disburse the subsidy in cash directly to the citizens instead of food stuff subsidy.

The Libyan bakeries are currently facing difficulties obtaining flour from the traditional channels and forced to resort to buy flour from the mills at the cost of 790 LD per 100 Kg besides other cost and in turn rising the price of a loaf of bread.

=Lana=
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News Releases

News Releases
Released:  09/11/20152015-11-09
Word count:  187

TRIPOLI (Reuters) - Libya's oil partners and the international community fully back keeping the National Oil Corporation united, rejecting attempts at a parallel oil revenue system by Libya's recognized government, the NOC chief in Tripoli said.

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Reuters
The North African OPEC producer is caught in a conflict between its recognized government in the east and a self-declared one controlling Tripoli. Each has appointed rival oil ministers and National Oil Corporation chairmen.

The original NOC headquarters remain in Tripoli, and the state oil company and central bank have until now been kept on the sidelines of the conflict, making payments according to the usual national system of distributing oil revenues.

NOC Chairman Mustafa Sanalla told Reuters current national production was at around 415,000 barrels per day with exports at 320,000-330,000 bpd, with output mainly from AGOCO and Sirte oil units, Mellitah complex and an offshore field.

He said negotiations to reopen El Sharara oilfield - closed for a year -- were in their "last stages" as well as talks to restart El Feel oilfield. Bringing those two back to production would add 450,000 bpd to national output.

Zueitina oil port is still closed because of a force majeure in place after oil guards there ordered the terminal shut. He said a force majeure was also still on 11 oilfields in Sirte basin after attacks there earlier this year.
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Business News

Business News
Released:  06/11/20152015-11-06
Word count:  854

Libya's post-revolution civil war has crippled the country's aviation sector, with airports and aircraft damaged by fighting and all international carriers forced to withdraw from the Libyan market.

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African aerospace
A year after intense clashes destroyed Tripoli International Airport, the Airports Authority is planning to build a semi-permanent terminal and get international flights back up and running. Tom Westcott reports from Tripoli.

It is one year after Tripoli International Airport was caught up in a battle between rival militias, which saw Libya’s embryonic civil war spread across the country. Planes still lie in charred pieces on the runway, the air traffic control tower is riddled with holes from heavy artillery fire and the burnt-out terminal building has become a haven for birds.

After the 2011 revolution, which overthrew long-term dictator Muammar Qaddafi, armed groups that had fought in the uprising were tasked with providing security across the country.

Militias from the town of Zintan controlled the airport and some parts of the capital, while groups from the city of Misrata were in charge of securing other areas of Tripoli. However, during three years of post-revolutionary instability, tensions mounted between these former allies.

In July 2014, Misrata militias led an attack on the airport to expel the Zintan forces, and five days of intense fighting at the airport and three weeks of clashes in the surrounding area resulted in devastating losses for the aviation sector. The Zintan forces withdrew allowing the Misrata militias to advance on the capital 30 kilometres away, resurrecting the former parliament and creating a new government in opposition to the internationally recognised institutions.

While flames engulfed the terminal building, hangers were bombarded with heavy weaponry and aircraft worth millions of dollars were assaulted – sprayed with bullets, set ablaze or climbed over by fighters who posed for photos on the fuselage. Ten aircraft were completely destroyed and a further 10 damaged severely, with others sustaining minor damage.

A year later, on the fringes of the ravaged airport, engineers are now hard at work patching up the aircraft bullet holes. The Airports Authority has been working on plans to rebuild the ruins of the former terminal to create a semi-permanent replacement that could enable international operations to resume.

“We have signed a memorandum of understanding (MoU) for rebuilding the terminal and work is expected to start at the end of this year,” said Libya Airports Authority director of air transport affairs Ibrahim Wali. The MoU is between the ministry of transport and Libya’s state-run Organisation for the Development of Administrative Centres (ODAC).

“They are still negotiating, so the final contract has not yet been signed but its value will be a minimum of LYD 100 million ($72 million),” he explained, adding that this could extend to as much as LYD 300 million ($216 million).

“As well as the terminal buildings, there is a lot of maintenance work to be completed and we will have to meet the minimum international requirements and regulations.” The airport’s air traffic control system and tower – riddled with holes from artillery fire – also requires a complete overhaul, as does the fire-fighting area and equipment. The airport’s two runways, however, were not damaged by the fighting and remain intact, needing only modest maintenance.

After discussing three different options, ODAC has decided on a two-floored semi-permanent terminal, with the capacity to handle around three million passengers. “The concrete sections of the terminal were not damaged so the new design will fit around these, incorporating some of the old structure,” Wali said. “The departure lounge will be new but the arrivals hall will be the same because this was not badly damaged.”

The work will be subcontracted to foreign partners, he explained. With European companies still reluctant to work in Libya, not least because no European embassies have missions in the country at present, Wali predicted that the partner companies were likely to be either Turkish or Egyptian.

“This will be a temporary terminal that could last between five and eight years, basically until the French company working on the new airport can return,” Wali explained.

In 2007, a contract with an estimated value of LYD2.54 billion ($1.8 billion) for the expansion of Tripoli International Airport was awarded to French company Aeroport de Paris International (ADPI), with works undertaken by Brazilian firm Odebrecht in a joint venture with Turkish and Greek companies. “The new airport should have been finished by the end of 2015. The contract still exists and these companies will come back, they have to, but they can’t come back yet,” he said.

In the wake of four years of post-revolution instability, successive faltering governments and an on-going civil war, the country is on the brink of economic collapse but, Wali insists, there is money to fund the rebuilding of the airport. “The money is already there as ODAC had another project with the Libyan Civil Aviation Authority (LYCAA) which is stable, so the money for that project will be transferred to this one,” he explained. “The money is there and work on the new terminal is expected to start by the end of this year.”

In preparation for this, clearance operations by a Libyan scrap metal company are already under way.

- See more at: http://www.africanaerospace.aero/libya-takes-up-the-fight-to-rebuild.html
Comments:

Oil & Gas News

Oil & Gas News
Released:  06/11/20152015-11-06
Word count:  258

Crude oil prices edged up on Friday after falling over 2 percent the previous session, with analysts saying oversupply and a strong dollar would continue to weigh on fuel markets.

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Reuters
U.S. crude futures CLc1 were trading at $45.46 a barrel at 0433 GMT, up 26 cents from their last settlement, while Brent crude LCOc1 rose 27 cents to $48.25 a barrel, but the gains followed steep falls the previous day on the back of climbing U.S. crude inventories.

Analysts said that oversupply would pressure oil markets.

"We have seen few signs recently indicating a change of tack in the oil markets," said French investment bank Natixis.

"Oil prices will remain under pressure as long as the surplus remains in the market," the bank added, referring to global production being 1-2 million barrels per day above demand.

The strong U.S. dollar is also seen as a drag on commodity markets as it makes imports for countries with other currencies more expensive.

The greenback has gained almost 5 percent against a basket of other leading currencies .DXY since early October as markets expect the U.S. Federal Reserve to be the first major central bank to raise interest rates since the global financial crisis of 2008/2009.

"Rising speculation that the Fed will raise rates will put further downward pressure on commodity prices," ANZ Bank said on Friday, adding that it expected U.S. crude futures to fall by 3 percent in the coming three months due to cost reductions by U.S. producers.

"We expect that U.S. shale producers continued to lower production costs in the September quarter, and likely used the October rally in WTI to add significant hedging cover to production volumes," the bank said.

(Editing by Joseph Radford and Richard Pullin)
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Business News

Business News

Tripoli, 04.11.2015(Lana) Depot of Tripoli International Airport received first fuel shipment from Tripoli Oil depot since developments at the airport last year.

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LANA - Libyan News Agency
The fuel pumped into the pipelines at the air port depot and then into the oil tankers in order to clean them from dust, wielding remnants and ensure no leakage at the valves.

samples were also taken to test their quality and meters.

Sources at Al-Bariqa Oil Marketing company said the oil depot is ready for use normally and that pipelines and tankers can be used and fuel shipment can be received.

The company said resorting work at the oil depot at Tripoli International airport a good news for all Libyans and coincides with the maintained work at the airport in preparation for opening the airport immediately after completing maintenance and development work so the airport becomes better than what it used to be.

=Lana=
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News Releases

News Releases
Released:  05/11/20152015-11-05
Word count:  87

Tripoli, 04.11.2015(Lana) GNC Energy and Services Affairs Committee held a meeting Tuesday with Ministry of Transport in the presence of the Minister and deputy ministers and head of Roads and Bridges authority.

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LANA - Libyan News Agency
The meeting focused on work underway at bridges, what so far being implemented and what needed to be done and ease difficulties facing projects proposed by the ministry.

They agreed in the meeting to maintain several eroded roads and bridges such as Mezda -Qatron road, Ruhibat road, Edri road, and Braq Al-Shatti. and maintaining a bridge between Baer Al-Ghanam and Baer Ayad.

The meeting also considered demands by air traffic controllers and ways to address them as well as problems facing the Afriqyah Air Holding Company..

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  05/11/20152015-11-05
Word count:  287

Nov 5 (Reuters) - Oil futures were up slightly in early Asian trade on Thursday after losses the previous session on official figures showing a sixth consecutive week of inventory gains in U.S. crude stockpiles.

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Reuters
Crude prices slumped as much as 4 percent on Thursday after the Energy Information Administration said U.S. crude inventories added 2.85 million barrels last week, in line with forecasts, despite a drop in imports to the lowest level since 1991.

U.S. crude was up 5 cents at $46.38 a barrel by 0621 GMT. The contract fell $1.58, or 3.3 percent, to $46.32 on Wednesday.

Brent crude rose 11 cents to $48.69 a barrel, after dropping 3.9 percent on Wednesday.

"The U.S. data was a negative and there is not much chance of further improvement at this stage in the demand/supply balance, with inventories heading up and production basically steady," said Ric Spooner, chief market analyst at CMC Markets in Sydney.

Contributing to the general bearish sentiment was an internal OPEC document published by Reuters that showed weaker demand in the next few years for oil from the producer group.

OPEC oil ministers are due to meet on Dec. 4 to decide whether to extend the strategy of allowing prices to fall to slow higher-cost rival supply.

Since November 2014, when the group adopted that policy, OPEC production has risen but prices have deepened their collapse, hurting oil revenue, with Saudi Arabia, the biggest producer, pumping near record levels to protect market share.

OPEC, along with Russia, is unlikely to change the strategy, BMI Research said in a note on Thursday. "Our view remains that OPEC and Russia will continue on their strategy of producing as much oil as possible to squeeze out higher cost producers," BMI said.

"With oil production of major producers strong, falling output from U.S. shale will be insufficient to balance the oversupplied oil market over the next two years," it said.

(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Michael Perry)
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Business News

Business News

Mellitah Oil & Gas. Tender No 803 | Maintenance and Repair of Photocopy Machines at Company's Locations.

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NOC

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

TENDER NO. (803)

 

Maintenance and Repair of Photocopy Machines at Company's Locations.

 

The types of the photocopy machines are:

•             Minolta

•             Canon

•             Konica

QUALIFICATION REQUIREMENTS:

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

             Letter on Company's letterhead Addressed to the "Contracts Dept. Manager - Oil Division" stating expression of interest on the respective tender containing the following:

1.            Documents required:

             Commercial registration.

             Work permit (license).

             Tax Payment Certificate.

             Company basic regulation.

             Company establishment Contract.

             Organization Structure.

2.            Company’s  profile with full details of similar contracts performed with relevant verifiable reference list of clients where the works had been undertaken, Catalogue of the entire range of work, service, equipment and any additional information relevant.

3.            Financial Status documents of the Company’s turnover for the last 3  years attested by the Audit Bureau or Chartered certified Accountants, and the Organization Structure of applying organization.

4.            ISO 9001 Certificate.

5.            The  Company has no obligations to inform the unsuccessful bidder(s) or give any reason(s) for being unsuccessful, only successful bidders will be notified. 

6.            Two copies of the pre-qualification Documents containing the above stated requirements shall be submitted in sealed envelopes and marked:

Tender No. (803)

Maintenance and Repair of Photocopy Machines at Company's Locations.

Addressed to  (Contracts Department Manager-Oil Division) as following:

Millitah Oil & Gas Company ( Oil Devision)

Dahra Kebira P.O. Box 346,

Tripoli –Libya

Electronic copy shall be submitted through email

PRE-Q@MELLITAHOG.LY

7.            The prequalifcation documents shall be submitted not later than 28/11/2015

 

Important Notes

•             The pre qualification request is not an invitation to tender. Company is neither committed nor obligated to undertake the work described above or to issue any call for tender or to include any respondent to this invitation or other company on any Bidders List or to award any form of contract.

•             The Invitation to Tender (ITT) Package will only be issued to qualified companies that have been pre-qualified.

•             Company will not be responsible for whatsoever costs incurred for preparation and submission presented in response to this notice.

•             Company shall deal only with authorized officers of the bidding companies and not through individuals or agents.

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Please join the Malaysian Petroleum Club Manufacturing/facebook.com for some Innovations and solutions to petroleum problems. A practical applications technology from experience know-how and perspectives from a Professional Petroleum Scientist. Regards.

Anonymous
2 months ago

News Releases

News Releases
Released:  04/11/20152015-11-04
Word count:  107

Tripoli, 03.11.2015(Lana) Sea games held at Arab Maghreb village wound up with a message of peace and hope amid presence by sea sports fans.

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LANA - Libyan News Agency
The closing ceremony of the games attended by Minister of Tourism, Al-Mabrouk Al-Tariqi and management of the village and chairman of the board of Rawad Libya for Training and Consultancy Janzour, Dr Sina Ismael Jaboua.

Director Rawad Libya , the official sponsor of the games, said the objective of hosting these games entails a message purporting that Libya is a country of peace and its people long for a better future.

She also said the objective of the games is to introduce sea games and promote them, and provide entertainment to the public. Shows were performed by the participating clubs at the end of the three-day event.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  03/11/20152015-11-03
Word count:  212

U.S. crude futures edged up early on Tuesday, but the market outlook remains bearish as supply still exceeds demand and due to worries the dollar will strengthen when the U.S. Federal Reserve eventually raises interest rates.

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Reuters
Benchmark U.S. crude futures CLc1 were trading at $46.27 per barrel at 7.28 p.m. ET, up 13 cents from their last settlement. The slight rise followed falls in the previous session as Russian production hit a post-Soviet peak while China's demand outlook weakened.

"Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture," ANZ bank said in a morning note.

In North America, U.S. crude oil stockpiles likely rose by 2.7 million barrels last week, growing for a sixth consecutive week, a Reuters poll showed. Industry group the American Petroleum Institute (API) will issue its preliminary inventory data on Tuesday before official numbers on Wednesday from the U.S. government.

At the same time, traders are keeping an eye on U.S. monetary policy as a rise in American interest rates would likely push up the dollar against other currencies, making oil imports more expensive in some other countries.

"With the focus on U.S. economic data this week, anything supportive of the Fed raising rates could see commodity markets come under some pressure," ANZ said.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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