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

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Oil & Gas News

Oil & Gas News
Released:  08/04/20162016-04-08
Word count:  62

Tripoli, 07.04.2016(Lana) Oil and gas sector's financial departments held Wednesday a meeting at the National Oil Corporation (NOC) .

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LANA - Libyan News Agency
The meeting focused on finding a mechanism that contributes to the smooth flow of information and reporting. The meeting stressed the importance of contacting and cooperation among the relevant department, and significance of relating information and reports to the NOC in real time.

The meeting included general directors of RasLanuf, Al Jawf, Arab Gulf, and Sirt for oil and Gas Manufacturing.

=Lana=
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Business News

Business News
Released:  08/04/20162016-04-08
Word count:  97

Houn, 7 April 2016(Lana) A meeting was convened by Al Jufra Local Council to discuss re-opening of the city's airport and resumption of flights to and from cities across the country.

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LANA - Libyan News Agency
The meeting was attended by the mayor of Al Jufra, head and members of Al Shura and Wise men Council and representatives of civil organisations.

The Director of Al Jufra Airport Mohamed Al Ashlam said the airport needed to have some repair, refurbishment and modern machinery and also separation of the military section from the civil section so that the Airports Authority could undertake the development work.

Al Ashlam said a committee was set up of representatives of the concerned bodies to seek a meeting with the cabinet to get a decision for reopening the airport.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  08/04/20162016-04-08
Word count:  34

Tripoli, 07.04.2016(Lana) A meeting was held at National Oil Corporation to review and discuss Mellita Oil And Gas Company.

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LANA - Libyan News Agency
Chairman of the board of NOC, MustfaSanallah, and deputy chairman of Mellita Oil And Gas Company, YusefShowmani, Bashir Goriah director General of explorations and productions and several directors and specialists in the company.

=Lana=
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Contract News

Contract News

Capstone Turbine Corporation (Nasdaq: CPST) announced that it received an order for two C600 microturbines for an oil field project in Libya.

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Street insider
MicroTurbine Power, Capstone’s distributor in North Africa and parts of the Middle East, secured the new order, which is expected to be commissioned in late 2016. Capstone microturbines were selected for their reliability and low operational cost. With only one moving part, a patented air bearing, no coolants or lubricants, and with minimal maintenance requirements, Capstone microturbines make the ideal choice for high ambient temperature and harsh remote environments.

The diesel-fired C600 microturbines will be installed in a standby power application and configured to back up critical loads. In the event of a power outage, the microturbines will provide backup power to onsite water pumps and other oil and gas equipment.

When needed, the electricity generated by the microturbines can cover nearly all the energy needs of the site, giving the customer enhanced reliability for operational stability.

Darren Jamison, President and Chief Executive Officer of Capstone Turbine, said, “We have identified Africa as one of our strategic growth markets along with Mexico, South America, Eastern Europe, Australia, China and the Middle East. Africa provides considerable growth opportunities in traditional applications such as oil and gas, industrial CHP and biogas, and in remote micro-grid applications that successfully operate in concert with wind, solar and storage technologies.”

“Concentrated efforts on improving our geographical diversification are a key strategic initiative and part of our overall business recovery plan. We are pleased to see that our sales and marketing efforts are resulting in significant new bookings from within our targeted growth areas. As the energy efficiency and CHP market verticals continue to show steady growth, they have helped to offset the downturn we have been experiencing in the oil and gas markets,” added Mr. Jamison.

According to the International Energy Agency (IEA), the growth in installed electricity generation in Libya reflects higher economic growth and greater investment in the oil and natural gas sectors. Despite the growth in electricity generation and a high electrification rate, Libya still suffers from regular power outages.

“MicroTurbine Power is making impressive progress as they are diligently expanding our presence in the African oil and gas market,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. “By leveraging our demonstrated success in oil and gas operations around the world, Capstone is able to meet the demanding requirements of oil and gas producers in challenging environments such as Africa,” added Mr. Crouse.
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Oil & Gas News

Oil & Gas News
Released:  07/04/20162016-04-07
Word count:  420

Crude futures rose on a raft of supportive indicators on Thursday, although some traders warned that physical supply and demand fundamentals did not warrant a strong price recovery at this stage.

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Reuters
International Brent futures LCOc1 jumped above $40 per barrel in early trading and stood at $40.10 at 0425 GMT, up 26 cents from the last close and about 8 percent above lows reached earlier this week.

Front month U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $38.09 per barrel, up 34 cents from their last close and also 8 percent above their April lows.

U.S. crude prices were supported by an unexpected fall in crude inventories, albeit from a record high, last week as refineries continued to hike output and imports fell.

"Oil prices spiked after the EIA data release," ANZ bank said in a morning note on Thursday.

U.S. crude inventories USOILC=ECI fell 4.9 million barrels in the week to April 1, compared with analysts' expectations for an increase of 3.2 million barrels, according to data from the Energy Information Administration on Wednesday.

In Europe, North Sea oil field maintenance expected next month lent support to Brent futures, which are priced off North Sea supplies. The over 5 percent slide in the dollar .DXY since the beginning of the year is also supporting oil, traders said, as it makes imports of dollar-denominated fuels cheaper for countries using other currencies, boosting demand.

Manufacturing, another pillar of demand, also seems to be recovering from recent weakness.

"Global manufacturing PMIs (Purchasing Managers' Index) saw their strongest MoM (month-on-month) recovery in two and half years in March, according to our calculations," Macquarie bank said.

Yet some traders and analysts warned that the rise in futures prices might be premature and not supported by physical market fundamentals.

A planned meeting of major oil producers on April 17 to freeze output around current levels, which in most cases remains at or near record highs, would do little to reduce an overhang in production with at least 1 million barrels of crude pumped every day in excess of demand.

Goldman Sachs (GS.N) said that it was "less willing to believe in a sustained OPEC production freeze or cut" and instead expected OPEC's production to rise by 600,000 barrels per day (bpd) this year and by 500,000 bpd in 2017.

As a result of this and also production data from the United States, Goldman said it was "somewhere between in line and modestly bearish for prices ... (and that) $35 per barrel WTI is not too high and not too low but just right."

French bank BNP Paribas issued a recommendation "to be long the put spread positions" in the oil options market in expectation that futures prices will fall further.

(Editing by Ed Davies and Christian Schmollinger)  
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News Releases

News Releases

CBoL issues circulation to implement PC decision freezing bank accounts of ministries.

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LANA - Libyan News Agency
Tripoli, 06.04.2016 (Lana) The Central Bank of Libya issued a circulation to commercial banks that provides for implementing the decision of the Presidential Council of the National Accord Government No 7/2016 by freezing bank accounts of ministries, institutions, and agencies funded by the public treasury apart from chapter one account related to salaries and privileges.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  06/04/20162016-04-06
Word count:  372

Crude futures jumped on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although a persistent global oversupply and Iran's plans to boost production pressured physical oil prices.

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Reuters
Oil futures recovered from one-month lows to end up in the previous session after the Kuwaiti governor for the Organization of the Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, said there were "positive indications an agreement will be reached" on output during a producer meeting scheduled for April 17 in Qatar.

U.S. crude futures CLc1 jumped around a dollar, or 2.8 percent, to $36.87 per barrel at 0419 GMT. International Brent futures LCOc1 rose 1.8 percent at $38.55 a barrel.

"Oil (futures) gained some momentum. The comment by the Kuwait OPEC governor provided some support to prices," ANZ bank said, but warned that investors would likely remain cautious ahead of the April 17 meeting.

An initial output freeze agreed in February has helped oil prices rise to almost $38 a barrel from a 12-year low close to $27 plumbed earlier this year. However, prices have fallen in recent days on doubts that a wider deal will be reached, largely because Iran has so far said it has no intention of slowing its production after crippling sanctions against it were lifted in January.

Iranian Oil Minister Bijan Namdar Zanganeh said the country's crude output would reach 4 million barrels per day (bpd) by March 2017, state television reported on Wednesday, with plans to export 2.25 million bpd of those supplies.

That would be up from a little over 1 million bpd under the sanctions and only slightly below pre-sanctions peaks of 2.5 million bpd. With Iran's exports rising and other producers pledging to freeze production near record-high levels, an agreement would do little to address a global supply overhang that sees at least a million barrels of crude produced every day in excess of demand.

The ample supplies were reflected in physical markets, with Abu Dhabi cutting its March retroactive official selling price (OSP) premium MUR-OSP over benchmark Dubai crudes by 64 cents to $3.06 per barrel.

This followed top exporter Saudi Arabia lowering its May Arab Light crude OSP by 10 cents per barrel to a discount of $0.85 per barrel to the Dubai average.

"We do not rule out additional (oil price) weakness in Q216 before renewed gains later in the year, as a rapid shift in bullish speculative sentiment has outpaced fundamental tightening of the physical market," BMI Research said.

(Reporting by Henning Gloystein; Editing by Himani Sarkrar)
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Business News

Business News
Released:  06/04/20162016-04-06
Word count:  177

The Central Bank of Libya (CBL) sent out a circular today to all Libyan banks recognizing yesterday’s decree (No.7) by the Faiez Serraj-led Presidency Council/Government of National Accord freezing all state-sector bank accounts.

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Libya herald
The action by the CBL, as well as the meeting of the Makhzoum-led half of the GNC and the unconfirmed resignation of the internationally unrecognized and self-appointed so-called Salvation Government means that the Serraj-led administration has relatively quickly gained much de facto traction in Tripoli despite all the ongoing legal debates.

The CBL also held a meeting today during which it aimed to hasten the procedures to open LVs for basic goods and provisions. The meeting included the General Union of Chambers of Commerce which will form a list of well established companies with a proven track record to be nominated for express LC processing.

Business leaders at the meeting were reported by the CBL to have welcomed the new steps for speeding up the opening of LCs as well as the US$ 3.15 bn earmarked for LVs by the CBL over the next three months. The amount was seen as particularly relevant with the arrival of the holy fasting month of Ramadan in the firsts week of June – Ramadan being the peak month of consumption in Libya.
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Oil & Gas News

Oil & Gas News
Released:  05/04/20162016-04-05
Word count:  406

Oil prices on Tuesday extended losses from the previous two sessions on weakening demand for gasoline and on concerns the global crude glut could persist for some time.

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Reuters
Front month U.S. West Texas Intermediate (WTI) crude futures were trading at $35.54 per barrel at 0454 GMT, down 16 cents from their last settlement.

International Brent futures were down 11 cents at $37.58 a barrel.

Both WTI and Brent extended their declines for a third session as investors doubted that producers will be able to rein in global overproduction that has seen crude prices tumble by as much as 70 percent since mid-2014.

Growth in gasoline use has been one of the strongest pillars supporting demand across the fuel complex in both North America and Asia, largely credited for preventing oil prices from tumbling even further than they have.

Tuesday's declines came after U.S. gasoline demand during January fell for the first time in 14 months, while overall U.S. oil demand fell 1 percent that month from a year ago.

Meanwhile in Asia, traders have stored excess gasoline on tankers as onshore storage facilities in Singapore and Malaysia are filled to the rims, although some traders said this was only a temporary measure rather than a sign of a longer term gasoline glut for the region. Analysts say crude prices could fall lower again soon, though, as the emerging gasoline glut potentially adds to a global overhang in crude output that sees more than 1 million barrels of oil produced in excess of demand every day.

"Global oil balances will witness sizeable implied inventory builds in H1'16, suggesting that the price of oil can easily revisit the lows seen earlier this year," French bank BNP Paribas said in a note to clients.

To address the crude overhang, major producers like Saudi Arabia and Russia have proposed a freeze in output at January levels, when both pumped at or near record levels, a move analysts have dismissed as ineffective.

"Only a feeble mind sees a freeze in production as good news. It is the worst news as it guarantees over-production and rising inventories," consultancy FGE said on Tuesday in its monthly oil report. Crude prices could see a downward correction to between $25 and $35 per barrel in the second quarter, FGE said.

Traders have increased their bets on more price falls to come, with the U.S.-based Schork Report saying that this week's trade data release showed "the first time speculative shorts rose, and net speculative longs fell, since the start of the (most recent price) rally in early February."

(Reporting by Henning Gloystein; Editing by Christian Schmollinger and Tom Hogue)
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News Releases

News Releases
Released:  05/04/20162016-04-05
Word count:  98

Tunisia said on Monday that it was reopening its embassy and consulate in the Libyan capital, Tripoli, following the arrival there of the U.N.-backed unity government.

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Reuters
The diplomatic missions would be reopened "in the framework of backing the Libyan political process and support for consensus between Libyans", Tunisia's Foreign Ministry said in a statement.

Tunisia closed its consular operations in Tripoli after gunmen stormed its consulate last June and kidnapped 10 staff, who were later freed.

The leaders of Libya's unity government arrived in Tripoli from Tunisia last week, and have been operating from a naval base in the capital as they seek to establish their authority over two previously existing rival governments.

(Reporting by Tarek Amara; Writing by Aidan Lewis; Editing by Kevin Liffey)
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Business News

Business News
Released:  05/04/20162016-04-05
Word count:  321

The black market value of the Libyan Dinar has climbed strongly to end today at LD 2.74 to the dollar, as far cry from when the rate had fallen to around LD 4 .

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Libya herald
Supporters of the Government of National Accord and the Presidency Council have been ascribing the change to the arrival of prime minister-designate Faiez Serraj in Tripoli. Dealers in the Gold Market were altogether more prosaic. “I think this has happened today because the demand for the Libyan dinar was higher than the demand U.S dollars,” money market dealer Ibrahim Al-Ahmar told the Libya Herald. This might well have been a reflection of the dinar shortage of recent weeks and the need to settle bills at the end of March.

Whatever the driver for the dinar’s strengthening in the last four days, the key issue actually seems to be whether the banks will have sufficient cash when they reopen tomorrow after the weekend.

The Presidency Council has insisted that recent shortages will be fixed. There would be enough cash at the banks. Withdrawals would no longer be limited.

Some are seeing this as a first administrative test for Serraj. There has been speculation that the dinar shortage was caused by the Central Bank of Libya deliberately starving the commercial banks. This theory is extended to wonder if there were not some manoeuvre to create a problem and popular anger with the Ghwell administration, which would be the first big challenge for Serraj to solve.

A source at the CBL has told this newspaper that the cash shortage would be solved during the coming week, not necessarily by tomorrow. Indeed there was no obvious movement of armoured cash trucks around Tripoli in the course of today.

CBL governor Saddek Elkaber in Tripoli has however maintained publicly that the bank was above politics. CBL spokesman Essam Al-Aoul told this newspaper “The governor always supported the formation of a single national unity government for the country in order to help the bank to operate better. The presence of two governments and two parliaments imposed a permanent weight on of the bank’s shoulders”.
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Oil & Gas News

Oil & Gas News
Released:  04/04/20162016-04-04
Word count:  353

Oil prices fell in early trading on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while U.S. output remains stubbornly high.

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Reuters
Front month U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $36.38 per barrel at 0302 GMT, down 1.1 percent or 41 cents cents from their last settlement.

International Brent futures LCOc1 were down 0.9 percent or 34 cents at $38.33 a barrel.

The falls extended a 4 percent tumble on Friday when Saudi Arabia said it would only participate in a global freeze of its output if its rival Iran also took part, something Tehran has so far dismissed.

Adding to concerns of a global glut which has pulled down prices by as much as 70 percent since 2014, U.S. production has remained high despite steep cuts in drilling for new reserves as well as a jump in bankruptcies.

"The U.S. oil rig count dropped further this week, with a total 10 rigs idled," Goldman Sachs said.

"The current rig count implies U.S. production... would decrease by 705,000 barrels per day yoy (year-on-year) on average in 2016, and by 375,000 barrels per day yoy in 2017," it added.

So far, U.S. production remains stubbornly high, at over 9 million barrels per day, as operators keep their oil wells gushing in a struggle to service debt and stay alive.

Reflecting a spreading belief that crude prices might not recover by much any time soon, hedge funds have cut their net long postitions which would benefit from further price rises in WTI futures for the first time in six weeks.

Despite a pick-up in recent economic data, analysts also poured cold water on recent hopes that Asia's economic prospects were improving, which could support oil demand and prices.

"Some data has started to perk up, notably China's manufacturing PMIs for March. Across Asia, exports, production and even consumer spending should also show a bit more swing in the coming months," said HSBC's Frederic Neumann on Monday.

"Still, fundamentally, have things really improved? No. It's mostly that a more dovish Fed and a weaker dollar have put a temporary gloss on things. Asia continues to face a structural growth problem – one that will not be cured in the space of a few, short months," he added.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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News Releases

News Releases Oil & Gas News
Released:  04/04/20162016-04-04
Word count:  171

Tripoli, 3 April 2016(Lana) The Nation Oil Company NOC has announced that it now is affiliated with the UN-backed National consensus Government in Libya.

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LANA - Libyan News Agency
The CEO of the company Sun'allah Al Zwei said in a statement posted on the Company's website, ' we work with the National Consensus Government led by Fayz Al Saraj, to we would leave divisions behind.'

We now have a legal framework to work within, he added. The NOC, for decades, is running the oil sector of the country which boasts the largest oil reserves in Africa estimated at 48 billion barrels.

The NOC is handling exploration work, marketing of oil and gas both inside and outside the country as well as contracting local and foreign companies.

Meanwhile, the Head of Oil Installations Guard Force, which secures main oil terminals in eastern Libya said he would not allow oil to be exported except for the benefit of the National Consensus Government.' The UN Security Council welcomed the move, calling on all countries to stop dealing with a parallel NOC in eastern Libya.

The NOC supports the UN Security Council statement on restricting trading with the UN-sponsored government, Sun-allah said.

=Lana=
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Business News

Business News
Released:  04/04/20162016-04-04
Word count:  222

The Central Bank of Libya (CBL) released a statement yesterday in which it recognized the GNA and PM-designate Serraj.

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Libya herald
It welcomed the ‘’start of a new era’’ hopefully ‘’ending divisions’’. It called for all to ‘’unite and collaborate’’ to ‘’stop fighting’’ and ‘’empower the judicial system and to embrace the rule of law’’. It also called for ‘’resuming the production and export of oil and gas’’.

The CBL recognition of the GNA follows on from similar statements from the National Oil Corporation (NOC) and from the Petroleum Facilities Guards (PFG) controlled by Ibrahim Jadran that it will cooperate with the GNA.

Meanwhile, the CBL has denied social media suggestions that it has been instrumental in creating the current cash crises in Libya awaiting the arrival of the Government of National Accord of Faiez Serraj and that it now plans to release cash into the Libyan market.

The CBL blamed the cash shortage on one level on the lack of confidence in Libya by major business leaders who have chosen to hoard their money rather than deposit it in Libyan banks. It reiterated that there is LD 24 billion in cash outside the Libyan banking system. It added that if only 10 percent of this were deposited in banks, it would solve the current cash crises.

On another level, it blamed the oilfield and oil ports blockade by Jadran in the east of reducing Libya’s oil production and hence its hard currency revenues.
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Oil & Gas News

Oil & Gas News
Released:  01/04/20162016-04-01
Word count:  381

Oil futures fell in Asian trade on Friday as oversupply and a strengthening dollar weighed on sentiment, although another fall in U.S. oil output in January helped to limit the losses.

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Reuters
Brent crude for June delivery LCOc1 fell 27 cents to $40.06 a barrel as of 0320 GMT. The May contract, which expired on Thursday, settled up 34 cents at $39.60 a barrel.

Brent jumped 6 percent in the first quarter, its first quarterly increase since rising 15 percent in the second quarter of 2015.

Front month U.S. crude futures CLc1 dropped 25 cents to $38.09 a barrel after settling up 2 cents in the previous session. The U.S. benchmark rose 4 percent over January-March, also its first quarterly gain since surging nearly 25 percent in the second quarter of last year.

Still, prices have recently pulled back on low trading volumes, concerns about oversupply ahead of an oil producers' meeting in Doha to agree a possible output freeze on April 17, and a firmer dollar, said Michael McCarthy, chief market strategist at Sydney's CMC Markets. "There is very little bullishness," he said.

The dollar index .DXY rose in trading on Friday, rebounding from a mid-October low hit in the previous session. A stronger greenback makes dollar-denominated commodities including oil more expensive for holders of other currencies.

Cuts in U.S. crude oil output, which fell for the fourth straight month in January, were helping to support prices on Friday, McCarthy said. But oil markets would not get back into balance until the some of the overhanging supply is cleared, he added.

U.S. oil output fell by 56,000 barrels per day (bpd) to 9.179 million bpd in January, the fourth consecutive month oil production had fallen and the lowest level since October 2014, according to monthly data from the U.S. Energy Information Administration.

Economists and oil analysts polled by Reuters raised their average price forecasts for 2016 for the first time in 10 months, but cautioned that investor concerns over global oversupply, softening demand and weakening economic outlook could weigh on prices.

Analysts said U.S. crude futures would average $39.70 a barrel in 2016, compared with an average of about $33.50 so far this year. Brent futures would average $40.90 a barrel the survey of 31 pundits showed, against the current average of $35 for the year.

Imports of Iranian crude by Asia's four biggest buyers jumped by 24.6 percent to 1.27 million barrels per day (bpd) from a year earlier to hit a two-year high in February, figures published on Thursday showed.

(Reporting by Keith Wallis; Editing by Richard Pullin and Tom Hogue)
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Oil & Gas News

Oil & Gas News Business News
Released:  01/04/20162016-04-01
Word count:  300

Three Libyan oil ports that have been closed for over a year are set to reopen, now that a unity government has arrived in Tripoli, militia leaders said, a rare positive sign for an oil sector that has been under siege.

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NASDAQ
"We are planning to reopen the ports. It's under the control of the unity government now," Ali al-Hassi, a spokesman for the Petroleum Facilities Guard, the militia protecting the facilities, told The Wall Street Journal.

The ports have been shut for up to a year and a half after Libya split between two governments in the East and West of the country. But on Wednesday, Fayez Sarraj, the head of a U.N.-sponsored government endorsed by factions on both sides, arrived in Tripoli to start running the country.

The oil ports in Es Sider, Ras Lanuf and Zueitina were closed in the past year because of a dispute between the Petroleum Facilities Guard and one of the two rival governments. Later, the ports were the scene of violent attacks, mostly by the Libyan branch of Islamic State.

The reopening of the ports raises hope that Libya can increase its oil exports, the main source of revenue for a North African country that in theory could pump up to 1.5 million barrels a day. In recent months it has produced about 400,000 barrels a day, as constant attacks on its facilities took a toll.

A return to normal production, however, may not be straightforward.

A pipeline leading to the Zueitina terminal, which has an export capacity of 70,000 barrels a day and was shut in November, was attacked in February.

Islamic State also destroyed storage tanks at the Ras Lanuf and es-Sider ports, which were already shut in late 2014 and have the ability to load 550,000 barrels a day. Libya's National Oil Co. has previously said the damage would delay the return of 300,000 barrels a day out of the two terminals' loading capacity of 560,000 barrels a day.

Write to Benoit Faucon at benoit.faucon@wsj.com and Summer Said at summer.said@wsj.com
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Business News

Business News
Released:  01/04/20162016-04-01
Word count:  21

Tripoli, 31.03.2016(Lana) Members of the coast guard in the oil Crescent and the western area have announced their desire to resume pumping oil to the oil ports as soon as the new government takes over.

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LANA - Libyan News Agency
National Oil Corporation (NOC) has welcomed the announcement underlining that pumping oil would increase production to over 800,000 barrels per day.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  31/03/20162016-03-31
Word count:  433

Oil futures fell in Asian trade on Thursday, with U.S. crude hitting the lowest level in more than two weeks, amid renewed worries of global oversupply after U.S. crude inventories rose to a record high.

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Reuters
That increase came despite seasonal refinery utilisation hitting an 11-year high, while a rise in the dollar index put further pressure on oil prices.

Brent crude futures fell 36 cents to $38.90 a barrel as of 0331 GMT. It ended up 12 cents in the previous session after touching a session peak of $40.61.

The front-month contract for U.S. crude futures dropped 46 cents to $37.86 a barrel, after dropping to $37.74 earlier, the lowest since March 16. It settle up 4 cents in the previous session following a gain of 3 percent earlier in the session.

Prices will "zig-zag" for the rest of the year, said Tony Nunan, oil risk manager at Japan's Mitsubishi Corp.

U.S. crude stockpiles rose by 2.3 million barrels to 534.8 million barrels in the week to March 25, the seventh week at record high levels, data from the U.S. Energy Information Administration shows.

But the increase was less than analysts' expectations of a 3.3 million barrel build after crude imports fell 636,000 barrels per day to 7.4 million bpd. Refinery crude runs rose by 414,000 barrels per day (bpd) and refinery utilisation rates rose 2 percentage points to 90.4 percent of total capacity, the highest seasonal rate since 2005.

Crude prices, which have risen about 50 percent since mid-February, have started to track lower in the past week.

"Oil prices will trend down again ... $35 a barrel will be the support level. Low prices are not sustainable in the long-run," Nunan said.

But with OPEC flagging a price of $50 a barrel and oil producers scheduled to meet in Doha on April 17 to discuss a possible output freeze, prices are likely to remain range-bound.

"Anytime prices get close to $45-$50 a barrel, funds that have taken long positions are likely to take profits. Unless things really ignite the global economy, then people will sell-off at that level," Nunan said.

In Asia, sustained weakness in oil prices is continuing to supress upstream oil and gas production activity, consultancy BMI Research said in a report on Thursday.

Weaker oil prices are "limiting opportunities to stem natural declines in ageing assets and bringing new production sources online," the report added.

Concerns over global oversupply were further fuelled after crude output from the Organization of the Petroleum Exporting Countries (OPEC) rose in March to 32.47 million bpd from 32.37 million bpd in February, according to a Reuters survey based on shipping and other data.

Iran is expected to add half a million barrels of oil supply a day within a year from existing oilfields after sanctions were lifted in January, Fatih Birol, the head of the International Energy Agency told Reuters on Wednesday.

(Reporting by Keith Wallis; Editing by Clarence Fernandez and Gopakumar Warrier)
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Business News

Business News
Released:  31/03/20162016-03-31
Word count:  124

The General Libyan Union of Chambers of Commerce and the Dutch Libyan Cooperation Council (DLCC) have signed an agreement to set up a joint Libyan-Dutch chamber of commerce.

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Libya herald
The signing followed a seminar today in the Dutch capital, The Hague, on the current situation in Libya co-organised by the DLCC and the Libyan Institute for Advanced Studies.

According to today’s document, signed by Mohamed Al-Raied, the Misratan businessman and member of the House of Representatives who heads the General Libyan Union of Chambers of Commerce, and Herman Klijnsma, the head of the DLCC, there will be a formal agreement setting up the Libyan-Dutch Chamber of Commerce no later than 1 May.

Once operating, with offices both in Libya and the Netherlands, its services will include consultancy, trade fairs, conferences and seminars, training and education programmes, academic exchange programmes relating to knowledge transfer, and the promotion of foreign direct investments in both directions.
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Oil & Gas News

Oil & Gas News
Released:  30/03/20162016-03-30
Word count:  370

Oil futures rebounded in Asian trade on Wednesday, buoyed by a less than expected build in crude oil stockpiles last week.

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Reuters
A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains.

Brent futures LCOc1 climbed 28 cents to $39.42 a barrel as of 0547 GMT after settling down $1.13 in the previous session.

U.S. crude CLc1 rose 38 cents to $38.66 a barrel after ending the previous session down $1.11.

Oil prices fell about 3 percent in the previous session after Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-barrel-per-day Khafji field even as major oil producers are considering agreeing on an output freeze.

"There's a little bit of steadying in oil prices in the Asian time zone. The predominant attitude is one of wait-and-see until the Energy Information Administration (inventory) figures come out," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

The EIA is due to release official crude inventory data later on Wednesday. That is expected to show a 3.3 million barrel build, an increase to a record high for a seventh straight week. [EIA/S]

A separate report from industry group the American Petroleum Institute late Tuesday showed U.S. crude stocks rose last week by 2.6 million barrels to 534.4 million barrels.

Dovish comments on possible interest rate rises by U.S. Fed Chair Janet Yellen on Tuesday had created uncertainty in the market about the outlook for the U.S. economy, said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

"Dovish tones should be good for oil markets but this is the third time it hasn't been. I'm of the opinion dovishness means we've got problems and the economy isn't doing what it should be doing," Barratt said.

"I would like to see economies consume more but economies aren't responding," he added.

The dollar index .DXY nudged lower on Wednesday after slipping to an eight-day low in the previous session. A weaker dollar makes greenback-denominated commodities cheaper for holders of other currencies.

OPEC member Iran is expected to attend an oil producers meeting in Doha on April 17 to discuss the freeze on global oil production, although it may not take part in the discussions, a source familiar with Iranian thinking said on Tuesday.

(Reporting by Keith Wallis; Editing by Richard Pullin and Christian Schmollinger)
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