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

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News Releases
Released:  04/02/20162016-02-04
Word count:  55

Tripoli, 3 February 2016(Lana) Libya's oil production still stands at 370,000 bpd, a spokesman for the National Oil Company Mohamed Al Hrari said.

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LANA - Libyan News Agency
Oil producing fields have not been affected by fire which broke out in oil pipeline linking the field of Amal and station 108 near Al Wahat belonging to Zweitina oil company, Al Hrari said.

Fire broke out in 5 reservoirs of crude oil at Ras Lanouf terminal after being targeted by so called Islamic State group.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  04/02/20162016-02-04
Word count:  67

Tripoli, 3 February 2106(Lana) The Fires that broke out at the oil field 103 known as Al Entisar field which triggered by an explosion in the pipeline linking the field to Al Zweitina terminal on Sunday night have been put out, a spokesman for the National Oil Company said.

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LANA - Libyan News Agency
The explosion was caused by explosives planted at the linking point at Amal Ras Lanouf pipeline 75 km north of the city of Oujala near Ajdabiya, Mohamed Al Harari said.

Al Harari pointed out that the companies working in the area including Al Harouj and Agip, have worked together to put out the fires, after the valve leading to Al Zweitina was shut down to minimize damage.

=Lana=
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Cultural News

Cultural News
Released:  04/02/20162016-02-04
Word count:  157

Tajoura, 03.02.2016 (Lana) The first Tajoura -Tamzeen heritage exhibition was opened Wednesday. The exhibition is the first between the two towns and themed " originality, and reaching out".

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LANA - Libyan News Agency
The exhibition held at Murad Agha mosque down town tajoura covers several cultural and heritage aspects that highlight in stands traditional clothes, popular food, artifacts and dates besides wooden, copper and poetry engravings, old documents and poems from various parts of the country.

A member of Tamzeen Future Society for heritage said that the fair was in response to an invitation extended by Tajoura Municipal Council to exhibit collections and traditional industry and food of Tamzeen to show unity of the social fabric of Libya and that there is no difference between Amazigh and Arabs.

He told Lana that the society is trying to introduce Tamzeen town and what has to offer in terms of its characteristics at the level of heritage or culture or other aspects of life. He said the society participated in many other fairs including Tripoli International fair and that Tamzeen got second place in the competition of the national custom "jerd".

=Lana=
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News Releases

News Releases
Released:  03/02/20162016-02-03
Word count:  378

NEW YORK/LONDON, Feb 2 Gold steadied after touching three-month highs on Tuesday, underpinned by global growth concerns and as another sharp drop in the oil price pushed investors toward safe-haven assets.

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Reuters
Weak Chinese manufacturing data on Monday underscored the challenges for the world economy, while volatility in oil and other assets fueled interest in gold as a haven from market turmoil.

Spot gold touched $1,130.30 an ounce early on Tuesday, its strongest since Nov. 3, and was little changed at $1,128.31 at 3:10 p.m. EST (2010 GMT). U.S. gold for April delivery settled down 0.07 percent at $1,127.20 an ounce.

Traders noted some long liquidation pushed spot prices to a session low of $1,122.04 an ounce after failing to hold above the 200-day moving average at $1,129.49.

"In the near term gold is finding some support in the dovish tone from central banks last week, notably the Fed and the Bank of Japan," said Jens Pedersen, senior analyst at Danske Bank.

Gold, which as a non-yielding asset tends to rise on ultra-low rates, benefited from the Bank of Japan's introduction last week of negative interest rates and increasing expectations that the U.S. Federal Reserve will not raise rates as many times as previously expected in 2016.

However, gold prices have been capped to the upside as the Fed has kept the door open for a rate increase in March. "It is perfectly possible that it will move towards $1,150 (in coming weeks) and then it will depend on the equity markets," said Carsten Menke, an analyst at Julius Baer. "Clearly this is an environment that is supportive for gold in the short term."

Reflecting growing confidence in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 21.9 million ounces on Monday, the most since Nov. 3.

For palladium, more ETF outflows are likely in the coming months after subdued industrial activity globally caused liquidation, taking holdings to the lowest since mid-2014, UBS Wealth Management Research said in a note.

In a London Bullion Market Association (LBMA) survey, analysts were bullish the four precious metals, calling for the average price of gold in 2016 to be up 1.1 percent from 2015 at $1,103 an ounce. In silver and platinum they forecast 5.4 percent rises to $14.74 and $911 respectively, and a 12.7 percent increase in palladium to $568.

Spot silver was down 0.3 percent at $14.28, platinum was down 1.7 percent at $855.11 an ounce, and palladium was down 2.3 percent at $488.62.

(Additional reporting by Manolo Serapio Jr. in Manila; Editing by Susan Thomas, Jan Harvey and Bill T)
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Oil & Gas News

Oil & Gas News
Released:  03/02/20162016-02-03
Word count:  494

Oil slumped for the second straight day, with U.S. crude ending 5.5 percent lower on Tuesday, as hopes of a deal to curb one of the worst supply gluts in history continued to fade amid concerns that mild winter weather in the U.S. will dampen demand.

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Reuters
The oil markets erased most of last week's four-day rally, when it soared almost 20 percent from the lows touched in mid-January, after Russia's Energy Minister said OPEC kingpin Saudi Arabia suggested a production cut.

Hopes dimmed this week as no deal has emerged and talks between Russia's energy minister and Venezuela's oil minister on Monday failed to result in any clear plan to reduce output.

U.S. investment bank Goldman Sachs said it was "highly unlikely" the Organization of the Petroleum Exporting Countries would cooperate with Russia to cut output, saying the move would also be self-defeating as stronger prices would bring previously shelved production back to the market.

"As they (producers) continue to disappoint, we're going to trade lower, until the market forces them to do something and I think that's at a much lower price than here," said analyst John Kilduff, partner at Again Capital LLC in New York. Brent crude LCOc1 closed down $1.52, or 4.4 percent, at $32.72 a barrel. It fell as much as 5.9 percent to $32.23 in the session.

U.S. West Texas Intermediate crude (WTI) CLc1 settled 5.5 percent, or $1.74 lower at $29.88 per barrel, after falling as low as $29.81.

The contract fell further in post-settlement trade to $29.57 after data from the American Petroleum Institute, an industry group, showed 3.8 million-barrel build in U.S. crude stocks last week.

U.S. government energy data is due on Wednesday.

With forecasters projecting the weather in the United States will moderate during the last eight weeks of the November-March winter heating season, U.S. heating oil futures HOc1 were down 2 percent and gasoline RBc1 7 percent lower.

The selloff in gasoline futures deepened to more than 9 percent in post-settlement trade after API data showed gasoline inventories soared 6.6 million barrels last week.

Oil stockpiles have been on the rise even outside the United States, with Russian output hitting a post-Soviet high in January.

Crude prices are in danger of returning to the $20s unless there was concrete reaction on the supply side, said Thomas Saal, analyst at INTL FC Stone in Miami, Florida.

Economic data due later in the week, including U.S. non-farm payroll, unemployment figures and producer prices from the euro zone, could pressure oil prices further, Again Capital's Kilduff said.

"I think it's in the cards to re-test the lows from mid-January," he said, referring to Brent's low of $27.10 and WTI's $26.19.

Still, Citi called a bottom on prices on Tuesday, saying that even while a deal may not materialize, the current lows will be short lived.

Meanwhile, the prolonged downturn in prices has crushed the oil majors' results.

Exxon Mobil Corp (XOM.N), the world's largest publicly traded oil company, reported its smallest quarterly profit in more than a decade and planned to cut 2016 spending by a quarter, while BP (BP.L) announced its biggest annual loss and thousands more job cuts.

(Additional reporting by Simon Falush in London, Keith Wallis in Singapore and Felix Bate in Paris; Editing by Chris Reese and Marguerita Choy)
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Business News

Business News
Released:  03/02/20162016-02-03
Word count:  94

CBoL meets on controls and measures organizing opening of documentary credits.

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LANA - Libyan News Agency
Tripoli, 02.02.2016(Lana) The Central Bank of Libya's Committee on Covering Bank Accounts in Foreign Currency held a meeting with Directors of commercial banks during which it discussed CBoL circulation No 2/2016 on controls and measures organizing opening of documentary credits.

Director of Banks and Monetary Monitoring who is deputy chairman of Credits Covering Committee underlined at the meeting the importance of complying with all items of the circulation and forwarding the required reports with full data about all opened documentary credits that are approved to be covered by the CBoL at their due time.

=Lana=
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Construction News

Construction News Business News
Released:  02/02/20162016-02-02
Word count:  57

The signing of service contracts to execute infrastructure projects in Khoms.

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LANA - Libyan News Agency
Khoms, 01.02 2016 - Lana - The municipal council in Khoms city , had signed a number of service contracts with several related companies , to start implementing number of infrastructure projects , within the current projects running in the municipality.

The projects include , widening and paving some roads and squares , as well as establishing several sewage and rain water drainers.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  02/02/20162016-02-02
Word count:  424

Oil prices fell for a second session in Asian trade on Tuesday as worries about top energy consumer China and rising oil supply weighed on markets, although possible talks between OPEC and Russia on output cuts offered some support.

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Reuters
Brent for April delivery had dropped 56 cents to $33.68 a barrel as of 0358 GMT, after settling down $1.75, or 4.9 percent, in the previous session.

The front month contract for West Texas Intermediate (WTI) was down 67 cents at $30.95 after falling $2.00, or 5.9 percent, the session before.

Despite the declines, U.S. crude is still nearly 19 percent above the more than 12-year low of $26.19 hit in mid-January.

"(Prices) have just come back to reality a bit, although they are holding water above $30 a barrel," said Ben Le Brun, market analyst at Sydney's OptionsXpress, pointing to concern over rising oil supplies and weaker economic data.

Oil prices could nudge below $30 a barrel again if investors saw hopes fading of a deal between members of oil producers cartel OPEC and Russia on production cuts, he said.

Russia's energy minister and Venezuela's oil minister discussed the possibility of holding joint consultations between OPEC and non-OPEC countries in the near future, the Russian Energy Ministry said on Monday.

But Goldman Sachs said it was "highly unlikely" OPEC producers would co-operate with Russia to cut output, while also being self-defeating as stronger prices would bring previously shelved production back to the market.

Crude prices fell after China's purchasing managers index dropped to a three-year low in January, coupled with climbing oil supplies, ANZ said in a note on Tuesday.

"Rising supply also suggests further downside risk to short-term prices. Output from OPEC rose to 33.1 million barrels per day last month as Indonesia's membership to the group was reactivated," the note added.

Investors are waiting on a slew of economic data, including U.S. non-farm payroll and unemployment figures and producer prices from the euro zone, to give oil markets further direction, Le Brun added.

That came as U.S. commercial crude oil inventories likely rose by 4.7 million barrels last week to a new record high of 499.6 million barrels, a preliminary Reuters survey taken ahead of industry and official data showed on Monday.

Gasoline stocks likely rose 1.3 million barrels last week, while distillate inventories, which include heating oil and diesel fuel, were seen falling 1.7 million barrels.

The Reuters poll was taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API), due out later on Tuesday, and the U.S. Department of Energy's Energy Information Administration (EIA), due for release on Wednesday.

Elsewhere, production from Iraq's southern fields dropped to an average 3.9 million barrels per day (bpd) in January from a record 4.13 million bpd the previous month, the oil ministry said.

(Reporting by Keith Wallis; Editing by Richard Pullin and Joseph Radford)
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News Releases

News Releases
Released:  01/02/20162016-02-01
Word count:  88

Tripoli, 31 January 2106(Lana) A data base centre has been opened at the headquarters of the Audit Office, the Head of the Office announced.

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LANA - Libyan News Agency
The step is a milestone in the Office's effort to modernize, using the latest technology to link the main state network to Miadan Al Jazayer and Zawiyat Al Dihmani exchanges using the optical fiber technology which will connect Office's branches across the country, Khalid Shekshek said at the data base centre opening ceremony.

The new centre will upgrade public administrations and offices and branches by allowing a flow of data through internal networks, linking public institutions, sectors, banks and the National Number project and others, he said.

=Lana=
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News Releases

News Releases Business News
Released:  01/02/20162016-02-01
Word count:  56

Medavia is resuming its Mitiga-Luqa flights which the Maltese government obliged it to suspend in November on security grounds.

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Libya herald
The Maltese Civil Aviation Authority has now re-licensed the carrier for the route.

The service, using a 17-seater Beech 1900D aircraft, resumes this Monday. However instead of the previous daily flights, Medavia will be running the link on Mondays, Wednesdays, Thursdays and Saturdays.

Two weeks ago Maltese Civil Aviation officials made an inspection trip to Mitiga.
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Oil & Gas News

Oil & Gas News
Released:  29/01/20162016-01-29
Word count:  394

Global benchmark Brent crude futures rose on Friday, set for a second weekly gain, moving 6.5 percent higher so far this week, spurred higher by hopes of a deal among oil-producing countries to tackle a growing supply glut.

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Reuters
Brent futures LCOc1 have jumped over 25 percent since hitting an intraday low of $27.10 a barrel on Jan. 20 and are heading for their fourth straight session of gains.

Brent had risen 38 cents to $34.27 a barrel by 0337 GMT, after ending up 79 cents, or 2.4 percent, at $33.89 on Thursday.

U.S. crude CLc1 climbed 35 cents to $33.57 a barrel, having settled up 92 cents, or 2.9 percent, at $33.22 on Thursday. U.S. crude is also set for a 4.6 percent weekly gain.

"Despite the unlikely scenario of supply cutbacks in the oil market, prices have found some support above $30 a barrel. We believe this basis is fragile, with fundamentals expected to weaken in the coming weeks," ANZ said on Friday.

"The likelihood of an agreement between producers is extremely low. In the absence of a supply cut, there is further downside risk to prices in the short term."

Brent futures rallied as much as 8 percent after Russia said on Thursday that OPEC's largest producer Saudi Arabia had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices.

"We remain highly sceptical that such a meeting will result in credible cuts in supply; thus, we see this as nothing more than an attempt to shift market sentiment, and we do not expect that it will change the physical market imbalance," Barclays said Thursday, referring to meetings between OPEC members and Russia.

"The price path implied by our forecasts, of Brent trading less than $40 a barrel for at least two quarters, is required for the balancing process to take place, paving the way for a more sustainable increase in prices."

London-based capital market analysts Edison Investment Research has reduced its 2016 oil price forecast to $40 a barrel from $60. "The oil markets have been in turmoil now for 16 months, with January 2016 trading the most tumultuous we have seen in years," said Edison analyst Ian McLelland.

Oil volatility has climbed to its highest since 2009 as traders try to price in the uncertainty around supply cuts. At-the-money implied volatility for both WTI and Brent has surged this week. Implied volatility is a measure of expectations for future market price turbulence.

Outright close-to-close price volatility is also at 2008/2009 levels.

(Reporting by Meeyoung Cho; Additional reporting by Henning Gloystein in Singapore; Editing by Joseph Radford and Christian Schmollinger)
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Oil & Gas News

Oil & Gas News
Released:  28/01/20162016-01-28
Word count:  399

Crude oil futures fell around 1 percent in Asian trading on Thursday, eroding gains of nearly 3 percent made in the previous session after Russia held out the possibility of cooperating with OPEC to control global oversupply.

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Reuters
But falls were curbed by a weaker dollar following the Federal Reserve's decision to keep its overnight interest rate unchanged and the release of a statement suggesting concern about global events had diminished but not squashed chances of a rate hike in March.

Saudi Arabia's deputy minister for company affairs at the Ministry of Petroleum and Mineral Resources said on Thursday in Tokyo that OPEC estimates global oversupply to be around 2 million barrels per day (bpd).

"So it will take some time for the market to rebalance," said Aabed A. Al-Saadoun. But he added that "we feel that the market will begin to come into balance in 2016 and that demand for energy in all forms will continue to increase".

Brent crude had eased 30 cents to $32.80 a barrel by 0455 GMT, after ending up 4.1 percent at $33.10.

U.S. crude declined 39 cents to $31.91 a barrel. It settled the previous session up 85 cents at $32.30, a 2.7 percent gain.

Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday.

The Energy Information Administration said on Wednesday that U.S. crude inventories climbed by 8.4 million barrels last week, higher than analyst expectations for a rise of 3.3 million barrels. That brought crude inventories to the highest level since the EIA began tracking the data.

But crude stocks at the Cushing, Oklahoma, delivery hub fell by 771,000 barrels, which supported oil prices. [EIA/S]

"Overall inventories rose by 8.38 million barrels. This helped to narrow the spread between Brent and WTI overnight," ANZ said in a note on Thursday.

Daniel Ang at Phillip Futures said: "We remain slightly skeptical of further increases with the current weak fundamentals. We believe that the slight weakening of the U.S. dollar could be giving the extra push to break the current resistance for WTI and Brent, however, that should not last for long."

On the outlook for the global upstream sector this year, Wood Mackenzie said in a report: "As companies re-shape their portfolios for the lower oil price environment, exploration spend will be hit hard, to less than half of the 2014 peak."

Wall Street stocks and the dollar fell on Wednesday after the Fed left rates unchanged. [MKTS/GLOB]

(Reporting by Meeyoung Cho; Additional reporting by Osamu Tsukimori in TOKYO and Henning Gloystein in SINGAPORE; Editing by Joseph Radford and Subhranshu Sahu)
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News Releases

News Releases
Released:  28/01/20162016-01-28
Word count:  60

Tripoli, 27.01.2016(Lana) Central bank of Libya has revealed the specifications of the new ten-dinar note, describing it as produced to stop currency fraud.

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LANA - Libyan News Agency
The CBoL underlined on its website that the main feature of the new ten-dinars note is that it can be recognized by the people with weak eyesight as it has a prominent silver strip and has immaculate security specifications that prevents fraud.

They said the specifications were highlighted by the bank to raise public awareness about the new currency.

=Lana=
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News Releases

News Releases
Released:  28/01/20162016-01-28
Word count:  174

Tunisia border crossings open but traffic slow

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Libya herald
Cross border traffic between Libya and Tunisia has revived following last week’s temporary closure of the Wazen-Dehiba border crossing and the Tunisian curfew following violent protests in a number of Tunisian towns and suburbs of Tunis over economic and social conditions in the country.

The southern crossing was briefly closed for two days after the protests spread. It reopened on Sunday 24 January. However, both Ras Jedir and Wazen-Dehiba border crossings are still closed during the Tunisian curfew time, now between 10pm and 5 am.

The southern crossing is currently experiencing more traffic than that at Ras Jedir, normally the main border post. A Tunisian official at Dehiba told the Libya Herald that between 1,500 and 1,600 Libyans are using it to cross into Tunisia daily.

This compares to around 500-600 a day at Ras Jedir, according to Ben Guerdane civil society activist.

Continuing anti-government and anti-Libyan protests in the Tunisian border town of Ben Gueradane, home to many smugglers, has resulted in large numbers of Libyan drivers opting to use the longer southern route via Wazen.
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Business News

Business News
Released:  27/01/20162016-01-27
Word count:  101

"Electronic Management " project kicked off in several educational regions.

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LANA - Libyan News Agency
Tripoli, 26.01.2016(Lana) Over 1297 schools were granted access permissions to students and teachers systems within the "Electronic Management " project for educational institutions implemented for the Ministry of Education by one of the specialized local companies.

Director of the implementing company, Ismail al-Jedar said 19582 students and teachers in several educational districts have accessed the system and in turn accessed all administrative and financial services.

He said work is under way to deliver other access permissions, urging education officials at the districts and regions to provide Department of Information and Documentation at the Ministry with names of schools and all other required data.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  27/01/20162016-01-27
Word count:  572

Oil prices surged on Tuesday, settling more than 4 percent higher as investors found reasons to hope for output cuts that could eventually reduce one of the biggest global supply gluts in decades.

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Reuters
Crude jumped after OPEC renewed calls for rival producers to cut supply alongside its members. More buying emerged after U.S.-based global oil producer Hess Corp (HES.N) said it planned to cut capital spending by 40 percent this year. After settlement, other U.S. producers announced spending cuts.

Brent crude LCOc1 settled up $1.30, or 4.26 percent, at $31.80 a barrel, rebounding from a decline at the start of the session to top out at $32.72.

U.S. crude CLc1 rose 3.7 percent, or $1.11, to settle at $31.45 a barrel. During the session it rose as high as $32.41.

The contract briefly turned negative in post-settlement trade after data from the American Petroleum Institute, an industry group, showed a larger-than-expected inventory build in U.S. crude stocks in the week to Jan. 22.

Still, Crude stocks at the Cushing, Oklahoma, delivery hub fell by 664,000 barrels, API said.

Some analysts had expected a fall in the inventory at the delivery hub as Canadian oil sands producers start to cut output. U.S. government data on U.S. crude oil stocks is due on Wednesday. [EIA/S]

Saudi Arabia, kingpin of the Organization of the Petroleum Exporting Countries, and top non-OPEC producer Russia are showing signs of flexibility about agreeing to tackle the global oil glut, the oil minister of Iraq said.

Worries about the Chinese economy limited crude's gains. The country is the world's second largest oil consumer. Last Wednesday Brent hit its lowest price since November 2003 at $27.10, before rebounding 15 percent on Thursday and Friday.

Tim Evans, energy futures specialist at Citi Futures wrote in a note that "it remains uncertain whether Saudi Arabia and its allies within OPEC are ready to return to the bargaining table" to negotiate cuts in crude output.

"Without Saudi Arabia on board, there's simply no deal and the market will be left to rebalance naturally as non-OPEC output declines, a slow and still painful process"

Even with oil's near 20-percent drop to 12-year lows, major OPEC producers have not reduced production. Some, like Iraq, plan to boost supply.

OPEC's Gulf members have insisted OPEC will not cut production alone, which would cede market share to rivals.

David Hufton of oil brokers PVM reckons an agreement could put oil back in a range of $40 to $60 per barrel.

Following the Hess announcement of spending cuts, traders said they expected similar steps from other U.S. producers.

"I think you're going to see more capital spending cuts - it usually happens when prices start to bottom out," said Phil Flynn, analyst at the Price Futures Group brokerage in Chicago

"It's significant that the market is now reacting positively to positive news, which means some of the fear is now starting to subside."

After crude settled, North Dakota's No. 2 crude producer Continental Resources Inc (CLR.N) said it would slash its 2016 capital budget by 66 percent. Noble Energy Inc (NBL.N) also said it will cut spending about 50 percent this year. Traders also watched the dollar as U.S. Federal Reserve policy makers opened a two day meeting on Tuesday.

The strength of the dollar has made oil more expensive for buyers in other currencies.

If the Fed acknowledges that global markets are weak, it could reassure oil traders "that they can find a bottom" Flynn said. "The pieces are in place for at least a temporary bottom in oil"

(Additonal reporting by Alex Lawler in London and Meeyoung Cho in Seoul; editing by David Gregorio and Alden Bentley)
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Oil & Gas News

Oil & Gas News
Released:  26/01/20162016-01-26
Word count:  165

In the last three years, oil blockades and fighting have deprived Libya of over a billion barrels of oil exports at a cost to the country of over $68 billion. Some $50 billion of this loss is being blamed on Ibrahim Jadhran’s Petroleum Facilities Guard

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Libya herald
Tripoli NOC chairman Mustafa Sanallah said today that daily exports had now dropped from 400,000 to 362,000 barrels largely as a result of IS attacks on oilfield installations. One trader told this newspaper he believed the figure might be even lower.

Sanallah was especially bitter about the role that Jadhran and his PFG had played in blockading exports from Sidra, Ras Lanuf and Zuetina. The PFG had even stopped NOC’s attempts to lift some 490,000 barrels from Ras Lanuf after the first IS attack on the terminal three weeks ago. A Greek tanker hired to lift the cargo was turned away by Jadhran’s people. When the terrorists renewed their assault last week, much of the three million barrels of oil still trapped in the tank farm was destroyed.

“We have calculated the damage and losses due to loss of production over the past three years at $68.4 billion” Sanallah told Reuters, adding “More of 70 percent of this is because of Petroleum Facilities Guards in the whole country”.
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Business News

Business News

Minister of Communications and Informatics meets with CBoL experts to develop the banking system.

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LANA - Libyan News Agency
Tripoli, 25.01.2016(Lana) Minister of Communications and Informatics, Sami al-Fantazi met with Central Bank of Libya experts to discuss the issues related to stopping of the banking systems and placing the resources and potentials of the ministry at the disposal of the Central Bank of Libya to serve the public and private sectors and the public as a whole.

al-Fantazi underlined at the outset of the meeting the importance of offering services to the public as well as to private and public sector to mitigate delays in salaries' disbursement and transfers from the CBoL to the commercial banks.

The CBoL expressed optimism at the outcome of the meeting and measures concluded to alleviate the problem of internet and computer system failures.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  25/01/20162016-01-25
Word count:  293

Crude oil futures extended gains on Monday following a surge at the end of last week on short-covering and fuel demand triggered by freezing weather in parts of the northern hemisphere.

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Reuters
Oil prices soared 10 percent on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them, betting the market's long rout may finally be over.

Brent had gained 8 cents to $32.26 a barrel by 0221 GMT after touching $32.69 a barrel earlier in the day. It settled at $32.18 a barrel in the previous session.

U.S. crude rose 5 cents to $32.24 a barrel, compared with its session-high of $32.64 and previous settlement at $32.19.

"A change in investor sentiment was the key factor, with speculative short positions in WTI falling from historically high levels the previous week," ANZ said in a note on Monday, referring to U.S. West Texas Intermediate crude.

"Low crude oil prices continue to negatively impact high cost U.S. oil producers. Indeed, recent Baker Hughes data suggested U.S. oil explorers idled more oil rigs this week."

Reuters market analyst for commodities and energy technicals Wang Tao said on Monday that Brent oil faces resistance at $32.72 per barrel, and may hover below this level for one day or retrace to support at $30.98, before rising again.

A massive snowstorm on the U.S. East Coast helped stoke demand for oil for heating, helping push up crude prices. While New York and Philadelphia were getting back to business, Washington was not ready after an historic storm dumped more than 20 inches (51 cm) of snow on the city and nearly three feet (1 metre) in surrounding areas.

Asian stocks gained early on Monday, relieved after seeing Wall Street rally on the back of a sharp rise in crude oil prices. The dollar was steady at 118.75 yen after surging 0.9 percent on Friday, when it touched a two-week peak of 118.88. [MKTS/GLOB]

(Reporting by Meeyoung Cho; Editing by Joseph Radford)
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Business News

Business News

The Chairman of the Libyan Post, Telecommunication and Information Technology Holding Company (LPTIC) Faisel Gergab held a meeting with the Minister of Telecommunication and Information Technology of Ivory Coast, Koné Bruno, at the headquarters of the ministry in the Ivorian city, Abidjan earlier this week.

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Libya herald
The meeting was part of a comprehensive strategic plan developed by LPTIC to improve and develop its Ivorian subsidiary company ORICEL (formerly LAP GreenN).

The main goal of this meeting was to discuss the current operational and regulatory challenges facing the company and provide a comprehensive action plan to the Government of the Ivory Coast aimed at restructuring the company and improving its competitive position in the local market.

The LPTIC was also aiming to secure the renewal of the license and new universal integrated telecom license to improve and provide new services.

It will be recalled that, as part of the restructuring of the telecommunications investment in Africa last August, ownership of LAP Green was transferred from the Libya Africa Investment Portfolio (LAIP) to LPTIC.

‘‘LPTIC’s strong home position will enhance the value of its new African based assets, develop growth opportunities and create synergies with its Libyan operations and other global infrastructure investments’’, LPTIC said in a statement received by Libya Herald.

After the meeting, Faisel Gergab said: “The meeting with Mr. Koné Bruno was important and successful, all indications were positive. With the help of integrated global consulting firms, a strategic plan was presented and discussed thoroughly to restructure and improve Oricel’s position in the market by offering new and diverse services for the Ivorian market, this will enhance the competitiveness of the company in the domestic market and achieve investment returns’’.
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Find out what contracts are on offer in Libya
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