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Oil & Gas News

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Released:  15/01/20142014-01-15
Word count:  1219

The first expansion in Libyan oil production in 10 months is poised to lower regional crude costs, boosting margins for European refiners that have been closing at the fastest rate in decades.

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Bloomberg
The holder of Africa’s largest crude reserves tripled supply to about 650,000 barrels a day in the three weeks to Jan. 13, according to the government. The production rate, 42 percent of the average for the past decade, is a signal to analysts at KBC Energy Economics and Petromatrix GmbH that competing grades may get cheaper. Libyan oil is categorized as light sweet because of its below-average sulfur content and lower density.

Europe shut about 10 percent of its refining capacity since 2008 amid rising prices for crude, increased competition from new Asian plants and the U.S. shale-oil production surge that lowered demand for imported fuel. A sustained Libyan recovery may help curb the relative cost of crudes from the Caspian, Algeria and North Sea. Sharara, Libya’s second-largest field, resumed output on Jan. 4 and the government is negotiating with protesters to keep it open.

“All European refiners are likely to profit from rising Libyan production as light, sweet supply increases,” said Ehsan Ul-Haq, a senior market analyst at KBC in Walton-on-Thames, England, who’s worked in the oil industry for two decades. “The Mediterranean refiners will benefit the most.” Eastern Ports Libya may end the closure of eastern ports held by rebels later this month, Oil Minister Abdulbari Al-Arusi said in New Delhi on Jan. 13. Should production hold at current rates it would mark the first monthly increase since March 2013 and compares with 210,000 barrels a day in December, according to data compiled by Bloomberg. Exports from Waha in the east, the largest field, halted in July.

Production will probably average 650,000 barrels a day or more this year, Goldman Sachs Group Inc. said in a report Jan. 6. Exports all but stopped during the 2011 uprising that led to the ouster of Muammar Qaddafi. Shipments revived after the former ruler’s death, before plunging again in the second half of last year amid strikes, protests and the formation of a self-declared, semi-autonomous government in the east.

Libyan exports may not return to normal any time soon because those divisions have yet to be resolved. An oil tanker attempting to load last week at Es Sider in the east was turned away by the Navy. The central government’s Prime Minister Ali Zaidan threatened to sink any ship collecting crude from the eastern region after rebel leaders there said they would protect vessels. Sharara Field Protesters may shut the Sharara field today if the government doesn’t meet their demands, including the creation of a local council and the granting of national identity cards to Tuareg tribesmen, Mustafa Lamin, a spokesman for the protesters, said by phone yesterday. The demands are being met “very slowly,” he said.

“The problem in Libya, like some other Middle East and African oil producers, needs to be resolved at grassroots level,” said Abhishek Deshpande, an analyst at Natixis SA in London. “There needs to be proper negotiation and solution between Libyan government and former rebels, militia and tribal forces. Military force will only make the situation worse.” Brent-WTI While a recovery in Libyan oil flows will help narrow the gap in prices between Brent crude, the European benchmark, and West Texas Intermediate, its U.S. equivalent, the two grades are not expected to return to parity soon. It is the world’s most-traded energy spread.

Brent traded today at $106.19 a barrel in London, exceeding WTI by $13.73 as of 1:06 p.m. in Singapore. The spread will average $6 in 2014, according to Commerzbank AG, while Goldman Sachs Group Inc. predicts $9, Barclays Plc $8 and ABN Amro Bank NV $5.

Europe’s refineries will be helped because the return of Libyan oil coincides with surging shipments of light, sweet crudes from the North Sea and Caspian Sea including Azerbaijan. Daily exports of North Sea Brent, Forties, Oseberg and Ekofisk crudes, which make up the Dated Brent benchmark, will jump to a two-year high in February, loading programs obtained by Bloomberg News show. Shipments of CPC Blend for the same month will jump to the most since at least January 2008. The grade is from the Caspian Sea and is shipped to global markets from a terminal on the Black Sea near Russia’s Novorossiysk port. Exports of Azeri Light from Ceyhan in Turkey will increase to the most in 23 months. ‘Sustainable Basis’ “If Libya were to resume exports from the West on a sustainable basis, light crude grades would come under pressure, particularly Saharan, Azeri,” said Amrita Sen, chief oil market strategist at Energy Aspects Ltd., a consultant in London. Light, sweet crudes in the Mediterranean mostly trade in relation to Brent. The official selling price of Saharan Blend, the Algerian grade, jumped to a two-year high of $2 a barrel more than Dated Brent in October, compared with a discount of 40 cents in July, according to state-owned Sonatrach. The traded price of the grade could decline by 30 to 40 cents if Libya restores full production, according to Ul-Haq at KBC.

CPC Blend was mostly bid at 85 cents to $1.15 a barrel more than Dated Brent over the past two months before dropping to a 25-cent premium on Jan. 8, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. It could fall by another 50 to 60 cents a barrel because of the extra Libyan supply, the KBC analyst estimates. African Oil Prices for West African grades also could be curbed relative to Brent oil, according to Olivier Jakob, the managing director of Zug, Switzerland-based Petromatrix. Extra shipments from Libya, combined with more output from South Sudan, Nigeria and Iran could add more than 3 million barrels a day to supply, ABN Amro estimates.

Cheaper crude would aid European refineries, many of which were built decades ago to maximize gasoline output and have been hurt by falling overseas demand for their products. U.S. imports of the fuel from Europe dropped to about 280,000 barrels a day in the first nine months of last year, from a daily rate of 320,000 barrels in 2012 and 390,000 in 2008, according to the International Energy Agency in Paris. Europe also faces falling demand for fuel at home and competition with new plants in Asia and the Middle East, including Saudi Arabia’s 400,000 barrel-a-day Jubail facility. Simple refineries in Europe have been losing money from processing Brent crude into fuels since February 2013. More sophisticated plants made about $2 to $4 a barrel over the past 12 months, which is at least $9 a barrel less than competitors on the U.S. Gulf Coast, data compiled by Bloomberg show.

Italian Plant Saras SpA, which operates a 300,000 barrel-a-day plant in Italy, reported an adjusted net loss of 89.4 million euros ($122.4 million) for the first nine months of 2013. The company lost 16.4 million euros in the same period a year earlier. Its Sarroch refining complex is the second-biggest on the northern Mediterranean coast.

“We need to see some normalization of crude flows, in particular in the Mediterranean area, which is facing an unprecedented shortage of crude,” Dario Scaffardi, executive vice president and general manager of the company, said by phone Jan. 8 from Milan. “I certainly hope that Saras’s refinery will start making money this year.”

To contact the reporters on this story: Sherry Su in London at lsu23@bloomberg.net; Konstantin Rozhnov in London at krozhnov@bloomberg.net To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net  
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Contract News

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Released:  15/01/20142014-01-15
Word count:  249

Govt aims to establish regulatory framework, encourage investment and rebuild infrastructure in two years.

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Total telecom
A delegation led by Libya's deputy communications minister Mohamad Benrasali approached the industry body for assistance in establishing a regulatory framework that will attract investors and accelerate the rebuilding and upgrading of the war-torn country's infrastructure. The ITU has committed to sending a team to Libya to appraise the situation on the ground.

"I am delighted to see Libya coming back to the world stage, and seeing the enthusiasm of its new leaders who have an impressive depth of knowledge," said ITU secretary general Hamadoun Touré, in a statement.

Benrasali said Libya aims to use ICT to revitalise its administration, focusing on areas including e-government, e-commerce and e-education. The delegation also met with ITU representatives to discuss broadband development and spectrum management.

The government has given itself just two years to achieve its objectives.

"It will be a challenge to meet the ambitious goals set by Libya, but I believe it is within our reach," said Brahima Sanou, director of the ITU's telecommunication development bureau.

"Establishing a regulatory framework will spur growth in ICT development in Libya and [the] ITU will take immediate measures to share best practices and to ensure that steps are taken in the right direction," concluded Touré.

Last September, Libya unveiled plans to open up its telco sector to private investment by awarding a new mobile licence in 2014. The country currently has two state-owned mobile service providers, Almadar and Libyana.

According the ITU's most recent statistics, Libya had 9.6 million mobile connections at the end of 2012.
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Oil & Gas News

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Released:  15/01/20142014-01-15
Word count:  278

The price of oil struggled to advance much beyond $92 a barrel Tuesday on expectations that supplies will rise with ramped up output in Libya and the North Sea, along with more exports from Iran if a deal on its nuclear program succeeds.

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Yahoo news
By midday in Europe, the benchmark U.S. oil contract for February delivery was up 23 cents at $92.03 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 92 cents to close at $91.80 on Monday.

Brent crude, used to set prices for international varieties of crude used by many U.S. refineries, was flat at $105.27. An agreement Sunday between Iran and six world powers may enable Iran's oil industry, whose exports were severely limited by economic sanctions over its nuclear program, to sell more crude after the deal takes effect Jan. 20.

The planned six-month interim agreement will limit Tehran's uranium enrichment and allow international inspectors access to its nuclear facilities. News of the agreement coincided with reports of a rebound in production by Libya. Meanwhile, North Sea oil output is due to increase with the restart of the Buzzard oilfield. Investors will also be monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending Jan. 10 is expected to show a draw of 1.6 million barrels in crude oil stocks and a build of 1.7 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.

The expected draw would be the seventh consecutive decline in U.S. crude oil inventories. In other energy futures trading in New York:

— Wholesale gasoline was down 0.6 cents at $2.629 a gallon. — Natural gas rose 3.9 cents to $4.313 per 1,000 cubic feet. — Heating oil fell 0.3 cents to $2.937 a gallon.  
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Business News

Business News
Released:  14/01/20142014-01-14
Word count:  133

The 340 Libyan soldiers currently being trained in Italy are the first to benefit from a bilateral agreement that will see up to 2,000 troops trained in 2014.

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Libya herald
A representative at the Italian Embassy in Tripoli told the Libya Herald that the programme, organised by the Italian Ministry of Defence, is the second phase of an agreement to help rebuild the Libyan armed forces signed by Libya and Italy in May 2012. Other training initiatives, with Britain, the United States and Turkey, are also underway.

Plans for the training began in November, when military experts from the Italian Army together with the Libyan authorities selected 500 soldiers to travel to Italy. At the end of this 14-week training with the Italian 80th Volunteer Regiment in Cassino, Libyan soldiers will have reached the infantry platoon level.

As well as supporting the armed forces, the Italian government also provides special assistance to Libya in areas of public administration and the local economy, the embassy said.

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Released:  14/01/20142014-01-14
Word count:  170

Greater Noida, Jan 13 (IANS) Oil production in Libya has risen to 600,000-650,000 barrels per day from nearly 550,000 bpd in early January, the country's Minister of Oil and Gas Abdulbari Arousi said Monday

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Yahoo finance
"This follows the gradual resumption of production from the Sharara field," the minister said, referring to the oilfield in the west of the country.

He was speaking to reporters at the Petrotech 2014 international oil and gas conference here. The 350,000 bpd capacity Sharara field had been closed due to protests and strikes since October-end, while production restarted in early January after protesters at the facility agreed to end the blockade.

Operated by Akakus, a joint venture between Libya's National Oil Corp and Spain's Repsol, Sharara is a major onshore oil field.

Arousi also said the port closures in Libya that have so far caused revenue losses of $9 billion due to the inability to export, could end by this month.

The main item of India's imports from Libya is petroleum crude and products. During 2012, India imported three percent of Libya's total crude.

Oil majors Indian Oil, Oil India and Petrotech organiser Oil and Natural Gas Corp's (ONGC) foreign arm, ONGC Videsh (OVL) are engaged in Libya's hydrocarbon sector, both upstream and downstream.
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Construction News

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Released:  13/01/20142014-01-13
Word count:  290

Shahat — The eastern Libyan city of Shahat on Wednesday (January 8th) signed a deal to build 4,500 new residential housing units.

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All Africa
The project came in response to several weeks of protest by local residents. Shahat, where no housing project has been planned for a long time, is home to many slums. Faced with inadequate health facilities and high rent, local residents started a sit-in on December 16th, with demonstrations filling the streets of the city. They soon erected a sit-in tent in front of the Municipal Council to face the brutal winter weather.

A residential project planned for the south of the city had fallen apart despite the appointment of an Egyptian company to carry it out. The reason given to hopeful residents was that land owners objected to the compensation disbursed for the project before the revolution, which was then estimated at two dinars per metre.

The demonstrators threatened to step up their action in the event the government failed to respond to their demands and reach a solution with land owners. A forced closure of Al Abraq International Airport was not off the table.

"The residents of Shahat populating the sit-in tents are from all walks of life and from different social structures, and their only demand is housing," a protestor said. He noted that campaigners had no political affiliation, but were "on a humane mission without any tribal or regional goals".

In response to Shahat residents' request, the Libyan Housing Minister on December 31st, with the help of intelligence chief Salem al-Hassi and interim Local Government Minister Salah Said, raised the value of compensation promised to land owners to 10 Libyan dinars. However, protestors insisted on continuing their sit-in until the project's actual implementation. They vowed to stay until construction operations are kicked off and the company assigned to building their housing project brings its equipment to the area.
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Oil & Gas News

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Released:  13/01/20142014-01-13
Word count:  90

Jan 12 (Reuters) - Libya's El Sharara field is currently producing 300,000 barrels per day of oil compared to its peak output of about 340,000 bpd, Oil Minister Abdelbari Arusi said on Sunday, due to a standoff with rebel groups.

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Reuters
The minister said the African nation's oil production has declined to 600,000-650,000 bpd compared with a peak output of 1.6 million bpd.

But the output could bounce back once the country resolves a standoff with armed groups at its oil ports, Arusi told Reuters at a petroleum conference near Delhi.

"We have always been negotiating (with rebels) and hopefully we will come out with a peaceful solution because we don't want to use force, unless we run out of other solutions," he said.

(Reporting by Nidhi Verma; Editing by Jeremy Laurence)

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Business News

Business News
Released:  13/01/20142014-01-13
Word count:  38

CBL Islamic banking conference 1-2 March

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Libya herald
Tripoli, 12 January 2014:

The Central Bank of Libya (CBL) has announced that it is planning to hold “an international” conference in association with the World Bank and the Islamic Development Bank on Islamic banking in Libya from 1-2 March 2014
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Contract News

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Released:  13/01/20142014-01-13
Word count:  266

Friday, January 10, 2014 - Jacksonville, Fla. - APR Energy, a global leader in fast-track power solutions, today announces the extension of its 200 megawatt diesel power module project in Libya on the same terms as the original contract.

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APR Energy
The provision of 200MW of diesel power modules, announced in June 2013 as an expansion to APR Energy’s 250MW gas turbine contract in Libya, created the largest single contract in the history of the fast-track power industry. The combined 450MW power solution provides the Libyan people with interim power while the country continues to rebuild and improve its infrastructure. The 250MW gas turbine project is not due for renewal until summer 2014.

John Campion, APR Energy's Chief Executive Officer, said: "I am delighted to announce our first extension in Libya. Today’s announcement reflects the strong relationship we have built with our customers and their continued satisfaction in APR’s ability to deliver reliable, fast-track power. Libya continues to face growing demand for power, and we look forward to continue delivering solutions to GECOL and the Ministry in supporting the ongoing electricity needs of the Libyan people.”

About APR Energy

APR Energy is the world’s leading fast-track mobile turbine power business. We provide large-scale, fast-track power, providing customers with rapid access to reliable electricity when and where they need it. APR combines state-of-the-art, fuel-efficient technology with industry-leading expertise to provide turnkey power plants that are rapidly deployed, customizable, and scalable. Serving both utility and industrial segments, APR Energy provides power generation solutions to customers and communities around the world, with an emphasis on Africa, the Americas, Asia-Pacific, and the Middle East. For more information, visit the company’s website at www.aprenergy.com.

For Anticipated Release

For more information contact:

Toni Woods, Communications Manager Direct Phone: +1 (904) 223-2277 Website: www.aprenergy.com Email: publicrelations@aprenergy
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News Releases

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Released:  10/01/20142014-01-10
Word count:  70

Afriqiyah Airways took delivery of its fourth new Airbus A330-200 today at a Mitiga airport ceremony.

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Libya herald
The airliner, powered by two General Electric motors, can carry two hundred passengers in economy and 30 in business class. It has a range of 12,500 kilometres.

Though Afriqiyah continues to augment its fleet with brand new aircraft, it remains banned, with all other Libyan carriers, including Libyan Airlines, from EU airspace, because of the failure of the Libyan Civil Aviation Authority to establish proper, international recognised certification programmes for Libyan aircraft.
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Construction News

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Released:  10/01/20142014-01-10
Word count:  279

Full project to include 10,000 square metres of office space, 2,000 square metres of retail space, two restaurants, meeting rooms, banqueting halls, a spa and a business centre.

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Malta today
International Hotel Investments p.l.c. (IHI) has entered into an agreement with the Libyan Foreign Investment Company (LFICO) to set up a joint stock company which will own a mixed-use development, incorporating the five-star Corinthia Hotel in Benghazi.

The project, located on a prime seafront site in Libya's second largest city, will comprise a five-star hotel with an inventory of 259 rooms and suites, 10,000 square metres of office space, 2,000 square metres of retail space, two restaurants, meeting rooms, banqueting halls, a spa and a business centre.

The agreement for the setting up of the joint venture was signed by Alfred Pisani, Chairman of IHI and Mr Khaled El Gonsul, Chief Executive of LFICO in the presence of Nasser Najem, the General Manager of the Eastern Region of the Privatisation and Investment Board, Eng. Mustafa Shekhi representing the Benghazi local council and other dignitaries.

Pisani stated that this was a significant milestone in the Corinthia connection with Libya and it was a strong sign of confidence in the future of the city.

Benghazi is home to an extensive petrochemical sector and there are ambitious plans to enhance and expand the city's infrastructure and facilities.

He was confident that this event will mark the start of new projects in Libya. Gonsul welcomed the Corinthia Hotel to Benghazi and praised the long standing investment that LFICO has held in Corinthia and was convinced that following the joint investment projects between Corinthia and LFICO, the Corinthia Benghazi Hotel will be another successful project.

The necessary planning permits for the project have been issued by the Benghazi planning authorities, demolition works started last week, and the project is expected to be completed in mid-2017.
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Business News

Business News
Released:  10/01/20142014-01-10
Word count:  212

A Maltese entrepreneur, John C. Grech, who is chairman of FIMBank Group in Malta, is to chair the Libya Trade & Infrastructure Finance Conference organised by the UK-based event and publishing house Exporta which is due to take place in Istanbul, Turkey on February 6.

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Tripoli post
The conference will present an assessment of the rewards and risks posed by this newly liberalised economy and highlight the overhaul of Libya’s public institutions and private sector. It will also discuss the extensive opportunities offered by the country’s market potential as a hub for regional trade.

In comments made to the press regarding the significance of the event, Dr Grech, who has also chaired similar conferences in Malta about Libya’s potential markets, said, “Libya’s successful transition and sustainable development hinges on the evolving security situation and the new government’s economic strategy.

He added that the conference would focus on these key developments, and the progress being achieved. “It will also provide a unique insight by policy makers as well as senior Libyan public and private sector business leaders,” he said.

Dr Grech said that FIMBank has an excellent reputation as well as an established record in supporting business in Libya.

"By means of the important exposure we will be getting at this international conference, we intend to send the message that we plan to continue fulfilling our role as a facilitator between emerging and developed markets. FIMBank remains committed to increasing access to trade finance products in order to support development in the region,” he said.
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Oil & Gas News

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Released:  09/01/20142014-01-09
Word count:  554

BEST, the Netherlands – Conbit has completed engineering, transportation, and installation of an emergency shelter and helideck for the BD-1 platform offshore Libya.

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Offshore-mag
Mabruk Oil Operations, the joint venture between Total and NOC, was awarded the contract after ordering the facilities from a Dutch manufacturer in 2012. Conbit started work on engineering last April, using a team of structural and project engineers and draftsmen to perform a structural analysis of the platform.

Work on the transport and installation started in September 2013, three weeks before the scheduled transport date. During the first week of October, the 130-m (426-ft) long M/V Industrial Kelly, contracted from Intermarine, collected the shelter and helideck in Rotterdam. The modules were lifted onto two levels of the vessel, which sailed to Tripoli harbor. A Conbit team spent seven days on the BD-1 platform performing a dimensional verification and marking the locations where pad eyes were required.

At the same time, some of the construction equipment was transported in containers via Italy directly to the offshore location on the ASSO 31 supply vessel, rented by Mabruk. The remaining shipment of construction equipment would arrive a week later on the platform.

Onboard BD-1, technicians began by rigging overboard scaffolding and performing initial welding activities. At the end of the first week, all winch, sheave, jacking frames, and most of the preparatory welding was completed. This was followed by another week of preparations including installation of a small forklift equipped with a small lift boom so the emergency shelter could be lifted.

At the quayside, works included welding of D-rings on the deck of the Almisan supply vessel. Finally a 250-metric ton (275-ton) crane was mobilized for loading the shelter onto the supply vessel. At the end of October, the supply vessel and shelter left Tripoli for BD-1 to start lifting the new module onto the platform. According to Conbit, the first few meters are critical in these operations, as the waves cause the vessel to move up and down, a movement which is independent from the lifting configuration on the platform. Once the lift starts, the load’s center of gravity moves below the lift point, with even the slightest deviation causes the load to swing.

Due to the wave influence, the lift must begin at the top of a wave otherwise the vessel could rise and hit the load from the bottom. Also, the load could slam against the side walls of the vessel if it starts to swing. To achieve the required speed, Conbit deployed two winches that can lift at a rate of 36 m/min (118 ft/min), with a capacity of 15 metric tons (16.5 tons). Both were operated by diesel hydraulic power, making the lifting configuration independent from the offshore platform utilities.

The final part of the lift was performed using hydraulic strandjacks mounted on custom-made jack frames, which gradually assumed the load from the lift winches until the emergency shelter was in its final position. Next, the weather deck was cleared for installation of the helideck. This started on Nov. 1, with the assembly of the support frame, which would serve as the foundation of the helideck.

The helideck pancakes were shipped in two halves onboard the ASSO 31. Once the vessel arrived on location, these were lifted directly onto the support frame.

The complete helideck and support frame had to be skidded into its final position, as the deck crane could not lift the pancake halves at this location. Following skidding, the work was completed.

01/07/2014
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News Releases

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Released:  09/01/20142014-01-09
Word count:  87

Afriqiyah Airways has launched a direct service between Sebha and Amman in Jordan as part of the company’s development and expansion plans.

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Libya herald
The General Manager of Sebha International Airport, Mohamed Aouhida, said that the new service was a positive move that would provide much-needed options for local passengers, especially those travelling abroad for medical treatment, tourism and study.

He added that, due to the increased numbers customers and international flights, the airport was planning to expand its arrivals lounge, according to Libyan news agency LANA.

Sebha International Airport currently offers 38 international and 56 domestic flights per week. These numbers were good, Aouhida said, considering the modest size of the airport.
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Oil & Gas News

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Released:  09/01/20142014-01-09
Word count:  137

Tripoli— A long awaited and needed move to develop the regions and cities where oil and gas is produced in Libya is said to start soon and practical steps have been taken.

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Tripoli post
A meeting held on Tuesday attended by a number of ministers including oil and housing ministers gave the go ahead for the program to do so including the development of oil fields.

The budget that will be assigned for these projects will reach billions of Dollars.

The cities earmarked for the development scheme include Brega, Ras Lanouf, Sidra, Ubari, Jallo, Zallah, Oujala, Marada, Ajkharra and Zuaitina.

Related authorities have been ordered to begin contracting procedures with specialized international consulting firms which will prepare plans of modern cities with all facilities aimed at raising the standard of living in these cities.

Coordination is also underway with the Libyan investment fund to start feasibility studies for potential investment projects in these cities which will serve as catalyst for local development in the oil areas by creating ample job opportunities.  
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Oil & Gas News

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Tripoli— Libyan oil production has reached over 650,000 bpd on Tuesday and hopes the numbers will go up drastically in the near future, the Libyan Oil and Gas Minister Abdelbari al-Arusi told reporters in Tripoli.

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Tripoli post
Al-Arusi on Tuesday headed a meeting of top oil mangers in his ministry and top CEOs in Libyan oil companies including Mr. Nuri Berrueen, the Chairman of the National Oil Corporation (NOC).

Berrueen said within three weeks oil production will pass the one million barrel per day and he called on oil workers to work harder and meet the requirements of the increase in the production.

Al-Sharara oilfield in southern Libya is now pumping oil and will soon reach its top production level of 340,000 bpd.
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News Releases

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Released:  08/01/20142014-01-08
Word count:  397

ANKARA — Turkey’s procurement officials are hoping to penetrate into the emerging Libyan arms market, especially with aerial platforms Turkish Aerospace Industries (TAI) is developing.

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Defense news
“We are hopeful about a powerful entry,” one senior procurement official said. “The Libyans are keen to explore possibilities of cooperation.”

Libyan Prime Minister Ali Zeidan visited TAI production facilities on Jan. 3, the company announced. It said that he was briefed on the possible sale of the T-129 ATAK attack and tactical reconnaissance helicopter and the Hurkus basic trainer aircraft.

A TAI official said the company hoped to launch talks on potential sales of both platforms to Libya. “Libya could be a promising market soon,” he said. “Especially in view of the fact that political relations are excellent.”

TAI has been developing the T-129 in partnership with the Italian-British AgustaWestland. Earlier, TAI launched talks on potential sales to Pakistan, Jordan and Azerbaijan.

The initial T-129A is being used for flight testing while the full specification T-129B is still under development. For any sales deal, however, Turkey must obtain US permission to export the LHTEC CTS800-4N engine powering the T-129.

The TAI official also said that Libya, which is still trying to improve its Air Force after a revolution toppled former leader Moammar Gadhafi, could be a potential buyer for the Hurkus trainer. The Turkish government Dec. 26 signed a contract for the serial production of two versions of the Hurkus, an indigenous trainer aircraft developed by TAI. TAI has said the Hurkus-A, an analog cockpit-base model, made its maiden flight Aug. 23. It has flown a total of 800 hours in 15 sorties since then. The contract involves the production of 15 Hurkus-Bs, an advanced version with improved avionics. Turkey’s military electronics specialist, Aselsan, will be tasked to produce military avionics for the aircraft.

TAI also said the contract involves conceptual design work for the Hurkus-C, an armed aircraft with aerial support, reconnaissance and surveillance roles.

The two-seat Hurkus will have a maximum lifespan of 10,500 flight hours, or about 35 years. The turboprop has a single 1,600-horsepower engine and can fly at a height of 10,577 meters at a maximum speed of 574 kilometers per hour.

The Hurkus will be equipped for day and night flying, as well as for basic pilot training, instrument flying, navigation training, and weapons and formation training. It will have good visibility from both cockpits, with a 50-degree down-view angle from the rear cockpit, ejection seats, an on-board oxygen generation system, an environmental control system, an anti-G system, and shock-absorbing landing gear for training missions.
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Oil & Gas News

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Released:  08/01/20142014-01-08
Word count:  199

UK-based oilfield services firm First Subsea announced Tuesday that it has won a contract with EMAS AMC (Singapore) to supply equipment to the Gaza floating storage and offloading (FSO) vessel offshore Libya.

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Rigzone
The contract will see four bend-stiffener connectors (BSCs) used to connect three flexible risers and a dynamic umbilical to the Gaza's turret.

First Subsea said the BSC connection comprises a ball and taper connector attached to a bend stiffener, which is pulled into a pre-machined, compact I-tube built into the turret. The connector is self-energizing and self-aligning, and it features First Subsea's Automatic Release Clamp (ARC) that enables both "diverless" and "ROVless" riser and umbilical connections.

The Gaza FSO will replace the existing Sloug FSO in the Bouri field located some 70 miles northwest of Tripoli, Libya. Owned by Mellitah Oil and Gas B.V, the field includes a central processing platform (DP4) and satellite platform (DP3) in water depths of 590 feet.

EMAS AMC and STX Offshore & Shipbuilding are responsible for the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of the Bouri field's new offshore facilities. These include a single point mooring (SPM) system, Gaza FSO vessel, and new subsea pipeline with a tie-in to DP4 platform and the FSO, as well as a separate power cable from DP4 to the Gaza FSO. The installation and hook-up of the new FSO is scheduled to take place in the first quarter 2015.
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News Releases

News Releases Business News
Released:  07/01/20142014-01-07
Word count:  428

Reuters) - Libya will transform its banking and economic system to comply fully with Islamic law that bans interest payments, the economy minister and other officials said on Monday, but they gave scant details on how the plans would be implemented.

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Reuters
Under Muammar Gaddafi, who was overthrown in 2011, the growth of Islamic banking was not encouraged and four state-controlled institutions dominated the relatively undeveloped financial sector of the OPEC oil producer.

Two years after Gaddafi's ouster, Prime Minister Ali Zeidan's government says it wants to attract foreign investment and develop the non-oil sector of the economy but is struggling to assert its authority against heavily-armed tribesmen and militias and parts of the country remain outside its control.

It has also been weakened by political wrangling with Islamists who dominate the parliament, the General National Congress (GNC), which strongly backs the plans to introduce Islamic law into the economy. Economy Minister Mustafa Abu Fanas said experts would now study how best to apply Islamic Sharia law in the economy.

"Regarding a starting date, this will need studies ... to see how and when we will transform," he told reporters on the sidelines of a conference organized by his ministry to explore ways to introduce Islamic law.

"I can't give an exact start date," Fanas said.

"STRONG ECONOMY"

When asked whether banks could retain conventional business models, he said: "Many researchers say there could be a gradual transformation by the Islamic and other banks towards an Islamic system, but in the long-term it is in our interest to have it ... to build up a strong economy."

Some banking officials, technocrats and liberals privately fear a hasty transformation might add to the political turmoil in Libya, where militias use weapons seized in the 2011 uprising to lay siege to ministries or oil facilities to press their financial and political demands.

Fanas said the GNC had given the government time to ban interest payments, with the change to be in force by the start of 2015.

Salah Makhzoum, deputy head of the GNC, told the conference that Libya would be joining a growing international trend as more and more states turned to Islamic law following banking crises in the United States and Europe.

"The world is moving towards an Islamic economy," he said.

Libya has about 16 mostly conventional banks, which have few ties with the outside world, a legacy of its long isolation under Gaddafi.

As well as banning interest payments, Islamic law also forbids investment in the gambling industry and in firms producing alcoholic drinks or pornography.

Fanas said Libya had become too dependent on its oil sector and said the government wanted to boost investment to upgrade infrastructure including hospitals and universities. It is also overhauling a foreign investment law from the Gaddafi era.

(Reporting by Ulf Laessing; Editing by Gareth Jones)
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Oil & Gas News

Oil & Gas News Business News

Tripoli, 4 January 2014: Akakus Oil Operations, the Libyan partner of Spanish oil giant Repsol, announced yesterday that it has resumed its exploration activity south of Obari, in southern Libya.

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Libya herald
This follows announcements by both Total and BP of their intention to resume exploration activities in Libya.

On another note, Akakus said that production would not commence at its troubled Sharara filed until all protestors vacated its field.

Last week it had been announced that Defence Minister Al-Thinni had reached a settlement with protestors and that in a few days production would resume. However, from yesterday’s announcement by Akakus it is clear that some demonstrators are still physically present within the Sharara oil field, which Akakus considers as hindering operations.

The Sharara field, 60 kilometres west of Obari, has a capacity of 350,000 b/d and its oil is piped to the oil terminal at Zawia.
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