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

View Videos sort by date sort by channel
Page

News Releases

News Releases
Released:  03/06/20162016-06-03
Word count:  506

The Tripoli-based Central Bank of Libya (CBL) announced that it had received LD 112.5 million’s worth of newly printed banknotes Wednesday. It posted a photo and video of a cargo plane being unloaded. It also stated that the banknotes were printed in Britain.

Play
Libya herald
The Tripoli CBL further confirmed that it expects another LD 250 million of new banknotes to arrive by the middle of June.

Critics had published a complete list of aircraft landing at Mitiga airport showing no cargo plane had arrived on the day. However, Mitiga airport had posted a photo on its Facebook page of the Airbus arriving with the money ”from London”.

The suggestion had been that the money had either arrived earlier and was being hoarded by CBL Tripoli or that no money had arrived at all. Another suggestion is that it was newly printed money arriving from eastern Libya.

Ultimately, time will very shortly tell. The so called ”Russian” money is slightly different so once distributed it would be clear if the money had originated from eastern Libya. Either way, yesterday’s demonstrations seem to have forced Tripoli CBL’s hand to react by issuing new money, after it dilly dallied over whether to accept or delegitimize Beida’s Russian money.

The CBL has made no further official statements and denied that its Governor was to hold a press conference on the subject.

Libya is going through an acute cash shortage with banks enforcing different withdrawal limits as low as LD 250 per month caused by a crash in oil production and a decline in international crude oil prices. The crash in Libya’s oil production is caused by a politically-motivated oil blockade by the Petroleum Facilities Guards (PFG) in the eastern production area.

Although the money arrived by aircraft at Tripoli’s Mitiga airport, the Tripoli CBL said the new money notes would be distributed throughout Libya.

The new banknotes arrived two days after the arrival of the so-called ‘’Russian’’ printed bank notes in eastern Libya. Yesterday the new Russian bank notes were distributed in the east. Also yesterday, people started demonstrating outside banks in Tripoli when they were unable to withdraw any cash.

Eastern-based CBL Governor Ali Hibri warned at a press conference that printing new money was not a long term solution to Libya’s economic crises. He said other policies were needed in order to solve the country’s economic woes. He asked the Libyan public as well as companies not to withdraw all their cash from banks and to continue to deposit their takings into banks.

Meanwhile, Presidential Council head Faiez Serraj has called for an urgent meeting between the Tripoli and Beida CBLs, and the House of Representatives Finance Committee to resolve the issue.

Serraj’s call for a meeting with the HoR Finance Committee is evidence of his acceptance of his incomplete legitimacy and his continued recognition of the continuing legitimacy of the HoR.

Meanwhile, yesterday the black market dollar rate closed up at LD 3.92 per dollar, continuing the recent rise reflecting insecurity, uncertainty and the approach of the fasting month of Ramadan. The official dollar exchange rate is LD 1 to US$ 1.37.

Yesterday’s demonstrations were indicative of the continuing poor situation in Libya which has worsened during Serraj’s two months in the Bu Sitta Naval Base.
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

News Releases

News Releases
Released:  03/06/20162016-06-03
Word count:  37

Libya's Deputy Prime Minister Musa Al-Koni said on Thursday he thought there would by no agreement for an OPEC oil output ceiling.

Play
Reuters
Oil ministers from the Organization of the Petroleum Exporting Countries are meeting on Thursday in Vienna.

He also said the country had only one National Oil Company (NOC), led by Mustafa Sanalla.

(Reporting by OPEC reporting team.)
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Business News

Business News
Released:  03/06/20162016-06-03
Word count:  185

VIENNA (Sputnik) — Oil production in Libya may return to the pre-crisis level of 1.6 million barrels per day within a year, Deputy Prime Minister of the Libyan Government of National Accord Musa Koni told Sputnik on Thursday.

Play
Sputnik news
"As soon as the security situation improves, Libya will return to its normal production level. Perhaps that will be in a few months. We expect an opening of several additional terminals for the oil export which were closed before," Koni said, adding that the country's oil production could return to the level before the crisis "within a year or less" under favorable conditions.

He later explained that for the moment oil production in the country remained low, but that it could improve to the pre-crisis level of 1.6 million barrels per day.

Libya has the largest oil reserves in Africa which are estimated at 48 billion barrels. The country has been in a state of turmoil since its long-standing leader Muammar Gaddafi was ousted in 2011. In December 2015, Libya’s two rival governments — the internationally-recognized Council of Deputies in Tobruk and the Islamist-dominated General National Congress in Tripoli — agreed to create a Government of National Accord and end the political struggle.

On May 11, Libyan parliament refused to renew the country's export of oil until the structure responsible for such processes was recognized as legitimate by the international community.
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Oil & Gas News

Oil & Gas News
Released:  02/06/20162016-06-02
Word count:  321

SINGAPORE, June 2 Oil prices fell early on Thursday as a row between Saudi Arabia and Iran made it unlikely that the OPEC would agree any output constraints during a meeting in Vienna, just as demand worries from China resurfaced.

Play
Reuters
International Brent crude oil futures were trading at $49.58 per barrel at 0053 GMT, down 14 cents from their last settlement, while U.S. West Texas Intermediate (WTI) crude was down 26 cents at $48.75 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday in the Austrian capital, with Riyadh trying to revive coordinated action or a formal oil output target, but Tehran rejecting both ideas.

"An output ceiling has no benefit to us," said Iranian Oil Minister Bijan Zanganeh upon arriving in Vienna ahead of OPEC's regular meeting on Thursday.

Driven largely by rising output from the Middle East, OPEC's output is near record highs of over 32.5 million barrels per day (bpd), although there have been some disruptions, especially in Nigeria and Libya.

The spat between leading Saudi Arabia and Iran comes just as concerns have resurfaced over China's demand.

"OPEC members will be keeping a close eye on China, with the low factory activity data that has been released possibly signalling a diminishing demand for oil - something that could do real damage to oil prices," said Mihir Kapadia, CEO at Sun Global Investments.

Car sales in China, an important gauge for gasoline and, by extension, crude oil demand, have also falllen by almost a quarter since the end of 2015 to 2.12 million new registered vehicles in April.

Despite the price falls, low cost producers, especially in the Middle East, are feeling less inclined to restrain output as overall market conditions have improved significantly for exporters this year.

"With oil prices having rallied considerably since the abysmal start to the year ... (OPEC) delegates are unlikely to be forced into extreme action," Kapadia said.

Although prices are resisting a break above $50 per barrel, Brent is still 80 percent above a more than a decade low it hit in January. (Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Business News

Business News
Released:  02/06/20162016-06-02
Word count:  274

Turkish companies are set to return to Libya years after the downfall of Moammar Gadhafi’s regime following an agreement reached during a visit by Turkish Foreign Minister Mevlüt Çavuşoğlu to the country.

Play
Hurriyet daily news
Turkish companies will complete $18.5 billion worth of projects and play a role in reconstructing the country, according to sources close to the matter.

Turkey and Libya’s National Consensus Government (NCG) agreed on a joint understanding for the determination of the areas of solid cooperation between the two countries during Çavuşoğlu’s one-day visit to the country on May 30 to issue an endorsement for a recently founded national government.

Turkish and Libyan officials, which included Fayez al-Mustafa Sarraj, the head of the Presidential Council of the NCG, and the members of the council, determined the preferred areas of cooperation for joint projects as energy, air transport and infrastructure, according to sources. They also agreed to revive 304 projects worth $18.5 billion that were abandoned due to the civil war in Libya, sources added.

The value of the projects that were set for completion shortly before the outbreak of the Libyan civil war was around $3 billion to 4 billion. Their unpaid progress payments were totaled at around $1.5 billion, according to sources. The companies needed to leave machinery and equipment worth $1 billion behind in 2011.

Turkish companies were mainly active in infrastructure projects, power plant construction and other building projects in Libya.

The two sides also reached an agreement about restarting Istanbul-Tripoli flights by Turkish Airlines, which were suspended in 2015 due to security concerns. Representatives from Turkey’s national carrier made the required reviews in Libya during Çavuşoğlu’s visit. After international security conditions are again established in Tripoli Airport, the company will likely start its trips again, according to sources.

The both sides also accelerated the process to resolve visa problems between the two countries.
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

News Releases

News Releases
Released:  02/06/20162016-06-02
Word count:  338

Libya’s currency chaos deepened today as furious demonstrators took to Tripoli’s Martyrs’ Square on a rumour that the Tripoli CBL had refused to accept any of the four billion of new “Russian” Libya dinars commissioned by the Beida-based CBL.

Play
Libya herald
However, Tripoli’s CBL media office manager Essam El-Oul this evening told the Libya Herald that the bank would indeed be working with the new currency. LD 112.5 million of the notes had arrived at Mitiga airport from Beida today. They were not, as some sources claimed, from the normal currency supplier in the UK.

Reports that the bank would be spurning the new currency were completely untrue said El-Oui. He blamed journalists for rumour-mongering and said that the bank had posted its plans clearly on its website and on its Twitter and Facebook page

Two days ago, the Presidency Council went against the warnings of US diplomats that the new currency would stoke inflation, and after an initial refusal, decided to accept the use of the new bank notes. The clincher was an agreement with Ali Habri, the governor of the Beida CBL, that the “Russian” currency would be distributed evenly throughout Libya.

An initial consignment of LD 200 million arrived from Moscow at Labraq airport on Monday. As planned, the first new notes were handed out today in Benghazi banks which stayed open an extra two hours. The official daily withdrawal limit is LD200 but at least one customer appeared to have managed to take out more than that.

The “Russian” notes are due to be released by banks in the west and south on Sunday. It is unclear if the currency that arrived in Tripoli today is only part of a larger consignment ahead of Sunday.

Tripoli CBL governor Saddek Elkaber has called a press conference for tomorrow.

The anger of demonstrators in Martyrs’ Square today was not simply over the shortage of currency in the run-up to Ramadan. They were also complaining at frequent power cuts that are striking the capital and at the apparent inability of the PC to do anything about them.

On Sunday PC member and deputy prime minister-designate Ahmed Maetig called in senior managers of GECOL, the state power company, and demanded they work out how to fix the lack of power.
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Contract News

Contract News
Released:  01/06/20162016-06-01
Word count:  173

May 31 French oil services company Technip signed on Tuesday a deal worth $500 million with a consortium that includes Libya's National Oil Company (NOC) and Italy's oil and gas major ENI to refurbish an offshore oil platform.

Play
Reuters
Foreign Minister Jean-Marc Ayrault said the signing was crucial to show that foreign firms were starting to return to do business in a country hit by over five years of conflict.

"This is for the Libyans and gives them a chance to increase production, distribute resources and create jobs," Ayrault said after a signing ceremony in Paris.

The platform is for the Bahr Essalam oil field about 100 kilometres off Tripoli.

The NOC aims to restore oil production after a U.N.-backed unity government arrived in the capital in March with the hope of ending Libya's prolonged political crisis, and bring together warring factions.

Oil production rose above 300,000 barrels per day in May, far from the 1.6 million bpd level achieved before Muammar Gaddafi was ousted in 2011.

The deal was signed in the presence of NOC's Chairman Mustafa Sanalla between the consortium Milletah Oil & Gas Co and Technip's CEO Thierry Pilenko, who called it a "milestone" for the French firm.

(Reporting by John Irish; Writing by Bate Felix; Editing by Ingrid Melander/Jeremy Gaunt)
Comments:

I have a provider who is ready, willing and able of delivering banking instruments (BG/SBLC) for lease which can be used in all forms of projects. Our bank instrument can be used as collateral to seek for loans from different banks of choice and can be used to engage into ppp trading.

For contacting purpose:

Contact : Mr. Qun Bean Email: qun.beanbroker@gmail.com Skype ID: qun.bean

Qun Bean

Anonymous
6 months ago

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Oil & Gas News

Oil & Gas News
Released:  01/06/20162016-06-01
Word count:  325

Oil prices fell early on Wednesday as production from the major Middle East exporters was expected to remain high or even increase just as concerns over the state of China's economy weighed on its fuel demand outlook.

Play
Reuters
International benchmark Brent crude oil futures LCOc1 were trading at $49.59 per barrel at 0041 GMT, down 30 cents, or 0.6 percent, from their last settlement.

U.S. West Texas Intermediate crude futures CLc1 were down 23 cents, or 0.47 percent, at $48.87 a barrel.

Traders said that the dips were a result of the prospect of rising output from Middle East members of the Organization of the Petroleum Exporting Countries (OPEC), which meets this week in Vienna to discuss its market policy, which most analysts say will continue to focus on defending market share instead of propping up prices by controlling output.

"Many OPEC members ... have plans to grow, so cutting supply now may interfere with those objectives," Morgan Stanley said in a note to clients.

Many Middle East oil producers, including top exporter Saudi Arabia but also Iraq, Iran and the United Arab Emirates have ramped up their supplies to Asia in an aggressive fight for market share.

But on the demand side, Morgan Stanley said that it was worried about China's economic health.

"Our economists worry that April data showed China may be slowing ... The oil demand data from China should reinforce those concerns," the U.S. bank said.

British bank Barclays said that there were also signs of "investor fatigue" in oil markets following months of heavy inflows.

A Reuters poll this week showed that most oil investors expect only limited potential for further price gains this year as production continues to outpace demand.

Despite this, oil prices have risen over 20 percent, or almost $10 dollar per barrel, since early April, largely because of supply disruptions across the globe, and especially in Africa and Canada, and as overall demand remains strong despite China's slowing economy.

In the United States, the world's top oil consumer, demand increased by 2 percent in March, compared to the same month last year, to 19.6 million barrels per day (bpd), the highest seasonal level since 2008, according to Barclays.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Oil & Gas News

Oil & Gas News
Released:  31/05/20162016-05-31
Word count:  262

U.S. oil prices were lifted early on Tuesday by the start of the peak demand summer driving season, although international fuel markets were weighed down by rising output in the Middle East, which mostly serves Asian customers.

Play
Reuters
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $49.50 per barrel at 0042 GMT, up 17 cents from their last settlement.

Demand in North America is set to pick up along with the official start of the U.S. summer driving season this week, triggering a cut in the amount of open short crude positions that would profit from falling prices.

"Investor positioning points to further support for commodity prices as bearish bets continue to be reduced," ANZ bank said on Tuesday.

The amount of outstanding managed short crude positions of U.S. WTI crude futures 1067651MSHT fell to its lowest level this year last week.

International oil markets, however, were hit by a rise in Middle Eastern crude exports, most of which go to Asia.

Brent crude oil futures LCOc1 were trading at $49.65 a barrel, down 11 cents from their last close.

Iraq will supply 5 million barrels of extra crude to its partners in June, industry sources familiar with the issue said, joining other Middle East producers by lifting market share ahead of an OPEC meeting this week.

Iraq, which is the second-largest producer in the Organization of Petroleum Exporting Countries, had already been targeting record crude export volumes from southern terminals next month of 3.47 million barrels per day.

Saudi Arabia, the world's top crude exporter, as well as fellow OPEC producers Kuwait, Iran and the United Arab Emirates, also plan to raise supplies in the third quarter in an ongoing race for market share in the world's biggest consumer region, Asia.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Business News

Business News
Released:  31/05/20162016-05-31
Word count:  317

Turkey's foreign minister said during a visit to Tripoli on Monday that his country hoped to be the first to reopen its embassy in the Libyan capital, following the arrival of a U.N.-backed unity government at the end of March.

Play
Reuters
Security in Tripoli remains fragile and the unity government's leadership has been operating out of a heavily guarded naval base as it gradually tries to gain control of ministries.

Tunisia and several Western European states including France and Britain said shortly after the unity government's leadership moved to Tripoli that they hoped to reopen their embassies, but no dates have yet been announced.

"God willing, we will be the first country to resume our embassy's work in Tripoli," Turkish Foreign Minister Mevlut Cavusoglu said, after meeting his Libyan counterpart Mohammed Siyala and Prime Minister Fayez Seraj at the naval base.

He also pledged Turkish support for the government's efforts to restore stability and security to Libya, and said Turkey hoped to boost its economic presence in the North African state.

"Turkish companies are looking forward with determination to continue their work and resume their activities in Libya in the sectors of transport and energy," he said.

Libya's oil-dependent economy has been hit hard by conflict and political chaos, with production dropping to about one fifth of the level it stood at before the 2011 uprising that toppled Muammar Gaddafi.

Most foreign employees working in the oil sector have left the country, and most Western diplomatic staff were evacuated from Tripoli in 2014 amid heavy fighting between rival factions.

As a result of the fighting, Libya's parliament and government moved to the east of the country, whilst a rival set of institutions were set up in the west in Tripoli.

Islamic State militants took advantage of a security vacuum to establish a foothold in Libya, seizing control of the coastal city of Sirte last year.

The unity government is designed to end divisions between the rival political groups and the armed brigades who back them, but it has struggled to win support on the ground.

(Reporting by Ayman al-Sahli and Ece Toksabay; Writing by Aidan Lewis; Editing by Alison Williams)
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

Oil & Gas News

Oil & Gas News
Released:  30/05/20162016-05-30
Word count:  297

The dollar hit a one-month high against the yen on Monday and stood tall against other leading currencies .DXY after comments by Federal Reserve Chair Janet Yellen increased the likelihood of a near-term U.S. interest rate hike.

Play
Reuters
International Brent futures were at $49.11 a barrel, down 21 cents.

A strong greenback makes it more expensive for countries using other currencies to import dollar-traded fuel, a potential knock on demand.

An expected rise in Canadian oil sands production also weighed on WTI, traders said. Oil producer Suncor Energy (SU.TO) is planning to ramp up output at its fields in Alberta this week after it was forced to shut them down earlier in May due to massive wildfires. Despite the expected rise in Canadian output, ANZ bank said that WTI price support "still lingers" after a large fall in U.S. oil inventories by 4.2 million barrels to 537 million barrels due to strong demand. [EIA/S]

Traders said the official start to the U.S. peak demand summer driving season, which kicks off with Memorial Day on Monday, was the main reason for rising seasonal demand.

This also came just as U.S. oil production fell to 8.77 million barrels per day (bpd), the lowest level since September 2014, and down 8.77 percent since a June 2015 peak.

"The yoy (year-on-year) declines in production would be 470,000 bpd in 2016 and 305,000 bpd in 2017 if we account for the impact of the estimated county-level well backlog being gradually brought back online between June 2016 and December 2016," Goldman Sachs said.

In global oil markets, Brent prices have been supported by a series of supply disruptions in Nigeria, where militants have been staging a wave of attacks on oil pipelines, cutting the country's output to the lowest in more than two decades.

Attention will also be on a meeting by the Organization of the Petroleum Exporting Countries (OPEC) in Vienna this week, although most analysts do not expect any decisions that would lead to changes in production.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Tom Hogue)
Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

For further details contact us with the below information....

Contact : Mr. Wong Man Email: reliablemandate@gmail.com Skype ID: reliablemandate

Wong Man
8 months ago

News Releases

News Releases
Released:  30/05/20162016-05-30
Word count:  152

Cairo, 29 May 2016(Lana) The Head of the Presidential Council of the Government of National Accord Fayez Al Saraj received here on Saturday the Algerian Minister of Maghreb, AU and Arab League Affairs Abdul Gader Msahel.

Play
LANA - Libyan News Agency
According to the Algerian news agency, the meeting, which was convened at the sidelines of the Arab League ministerial council, dealt with the developments of the situation in Libya in light of the efforts being exerted by the Presidential Council to restore peace and stability across the country.

Msahel renewed his country's support for the Libyan people, highlighting the presidential Council's role in the national accord government endeavor to stabilize the country and preserve the unity and sovereignty of Libya.

The Algerian Minister appealed to all Libyan parties to put the interests of Libya first, and said Algeria was prepared to assist Libyan authorities to make the national reconciliation process a success.

On his part Al Saraj valued the role played by Algeria in support of the political process and conveyed through Msahel compliments to the Algerian President Abdul Aziz Buteflika for the support and solidarity Algeria has offered to Libya.

=Lana=
Comments:

Business News

Business News
Released:  30/05/20162016-05-30
Word count:  62

The new Libyan dinars printed in Russia for the Beida-based Central Bank of Libya are to come in to circulation during the coming week.

Play
Libya herald
The bank’s governor, Al Hebri today said that the new notes would start to be distributed to banks in the east of Wednesday and in the west of the country on Sunday.

Three days ago the Presidency Council reversed its opposition to the new currency after it had received assurances that the new banknotes would be distributed evenly throughout the country.
Comments:

Oil & Gas News

Oil & Gas News
Released:  27/05/20162016-05-27
Word count:  404

Oil futures fell further in Asian trade on Friday after running into resistance at the $50 a barrel mark, as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.

Play
Reuters
Prices were also pressured by a stronger greenback with the dollar index .DXY rising against a basket of major currencies on Friday.

Oil pushed through $50 for the first time in around seven months on Thursday after supply disruptions from Canadian wildfires and attacks in Libya and West Africa helped cut daily output by 4 million barrels, before easing to close down on the day.

Brent LCOc1 fell 38 cents, or 0.8 percent, to $49.21 by 0258 GMT on Friday, retreating further from the previous session's $50.51 peak, its highest since early November.

U.S. crude CLc1 dropped 36 cents, or 0.7 percent, to $49.12 a barrel after settling down 8 cents in the previous session. It touched $50.21 on Thursday, it's highest since early October.

"Shale is the new shock absorber to the market," said Tony Nunan, oil risk manager at Tokyo's Mitsubishi Corporation.

"There is a wide range of production costs. Shale's total production costs are around $48-$50 a barrel - there will be producers who make money at $50," Nunan said.

Oil prices, which have risen nearly 90 percent from 12-year lows hit earlier this year, face pricing barriers to moving higher in the next three to five weeks, technical analysts said on Thursday, with Brent facing a significant hurdle at around $52 a barrel.

"WTI and Brent futures went through $50 a barrel on tightening supply, but unsurprisingly hit stubborn resistance at that key level and then eased back," ANZ said in a note on Friday.

Investors were also awaiting the appearance of U.S. Federal Reserve Chair Janet Yellen at an event later on Friday for further indications on when the Fed could raise interest rates.

A meeting of the oil producer's cartel, the Organization of the Petroleum Exporting Countries on June 2 may give further direction to oil markets, Nunan said.

"Most people feel the meeting will be neutral or bad," he said, with a neutral outcome leading to no change in oil output, while moves by producers like Saudi Arabia to boost production, would be bad.

"The Fed meeting could be the bigger trigger. An increase in interest rates will mean a higher dollar, a higher dollar means more expensive crude which could trigger a commodities sell-off."

A raft of Fed officials have called for a normalisation of interest rates as the U.S. economy and inflation rise, with the odds of a June hike now around 34 percent, compared with 4 percent last week, ANZ analysts said.

(Reporting by Keith Wallis; Editing by Richard Pullin)
Comments:

Business News

Business News
Released:  27/05/20162016-05-27
Word count:  373

Some confusion reigned this evening as Libya added a second currency to go with its three different governments. This happened when the Presidency Council reversed its 24-hour old rejection of the new bank notes being printed in Russia for the Thinni government in Beida and today fully accepted the move.

Play
Libya herald
The PC explained that its about-turn had come after a meeting with members of the finance committee of the House of Representatives. It appears that it was agreed that the rival Central Banks in Tripoli and Beida would jointly supervise the issue of the new notes and that they would be distributed fairly throughout the country.

The PC’s original objection to the arrival of LD 4 billion of new currency from printing presses in Russia was that it would destabilise the currency and cause inflation. It protested that there were already LD 24 billion in circulation. Yet that cash is hardly evident to the public. Commercial banks in all parts of country are still limiting withdrawals because they simply do not have enough dinars to go round.

Savers prefer to keep their money at home. Their distrust of the banking system has been boosted by the withdrawal limits imposed in response to the liquidity crisis. If they put their money into banks, they would not be able to get it out again. Those with disposable incomes are buying hard currencies.

When he arrived in Tripoli at the end of March, Government of National Accord prime minister-designate Faiez Serraj made the ending of the currency shortage a priority. It has proved a tough nut to crack. The fresh liquidity provided the east’s “Russian” banknotes may ease the problem. The volte-face appears to have followed the HoR’s assurance that the bills would be made available throughout the country. The fear had been that by acquiring its own currency, the east would have taken an increasingly independent line. Indeed, the east originally commissioned the new notes to alleviate its own chronic shortage.

The United States is unlikely to be pleased by the PC’s change of mind. Yesterday it said it was gravely concerned and shared the PC’s earlier view that the new notes would be forgeries that would destabilise the Libyan Dinar. It insisted that the international community only recognised the Central Bank in Tripoli.

The PC also said today that from the beginning of next month, $1 billion would be made available for debit cards and another $1 billion injected into the system for use in money-gram transfers, such as that of Western Union.
Comments:

Business News

Business News
Released:  27/05/20162016-05-27
Word count:  47

Istanbul, 26 May 2016(Lana) The Head of the Presidential Council of the Government of National Accord Fayez Al Saraj has called for coordination between international organisations to deliver urgent aid to all over Libya, and said they should be politicized.

Play
LANA - Libyan News Agency
There is a need for Libya to be given access to its frozen assets abroad, to alleviate the suffering of the people and boost the Libyan national economy.

On his side the UN Secretary General Ban ki Mon renewed UN support for the Libyan political agreement.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  26/05/20162016-05-26
Word count:  338

Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months, boosted after U.S. government figures showed a sharper-than-expected drawdown in crude stocks last week.

Play
Reuters
Brent LCOc1 had climbed 34 cents to $50.08 a barrel by 0520 GMT, its highest since Nov. 4. It ended the previous session up $1.13, or 2.3 percent.

U.S. crude futures CLc1 rose 31 cents to their strongest since Oct. 12 at $49.87 a barrel, after settling the last session 94 cents higher.

"Geopolitical issues in West Africa and the Middle East, supply outages, increased demand and maybe a touch of a weaker dollar have all helped push prices higher," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

"I don't think the rally will last because prices will reach a level that will bring U.S. shale oil output back into the market," he added.

U.S. crude stocks fell 4.2 million barrels to 537.1 million in the week to May 20, the steepest weekly drop in seven weeks, the U.S. Department of Energy's Energy Information Administration said on Wednesday.

That was larger than analyst expectations of a 2.5 million-barrel fall, but not as much as the 5.1 million expected by trade group, the American Petroleum Institute.

Gasoline stocks rose 2 million barrels to 240.1 million barrels against forecasts of a 1.1 million-barrel drop, while gasoline demand over a four-week average rose 3.9 percent to 9.6 million barrels last week, the EIA said.

Ric Spooner, chief market analyst at Sydney's CMC Markets, said the world was still oversupplied with oil even with increased demand and supply disruptions from Canadian wildfires and violence in Libya and Nigeria.

"Certainly ($50) is a psychological barrier. There is a momentum, people will try and push it up over that," Spooner said.

"(From a) practical point of view will there or will there not be a sustainable increase above $50? At the $50-$55 range there has got to be a good chance of seeing the peak."

BMI Research said in a report on Thursday that Indonesia, Malaysia and Vietnam would turn into net crude importers over the next five years as they, together with Brunei and Cambodia, add 500,000 barrels per day (b/d) of refining capacity over the next decade.

(Reporting by Keith Wallis; Editing by Joseph Radford and Richard Pullin)
Comments:

Business News

Business News

The National Oil Corporation (NOC) announced yesterday the completion, ‘’ahead of schedule’’, of routine maintenance work at the Wafa field, Sabratha offshore oil platform and the Mellitah complex.

Play
Libya herald
The scheduled maintenance work was announced last week and was due to last for ten days. The completion will enable the commencement of gas production and pumping to the coastal pipe network supplying the rest of Libya and the export of gas in a ‘’record time’’, the NOC statement said.

The maintenance work has meant that gas could not be pumped to a number of power stations which have had to be supplied with alternative fuels in the maintenance period.

Italian energy giant Eni is the partner of the NOC in the three concessions.
Comments:

Business News

Business News
Released:  25/05/20162016-05-25
Word count:  234

Following a deal to temporarily bandage a power-sharing dispute while Libya works towards installing a government of national accord, the reopening of the eastern Hariga port has allowed Libya to increase crude production to over 300,000 barrels per day.

Play
Oil Price
Exports from the Hariga port resumed on 19 May. Production is now expected to increase to up to 360,000 bpd ‘soon’, according to the Tripoli-based National Oil Corporation (NOC), speaking to reporters on Monday.

The additional increase in production will depend on progress at the Sarir oil field, as well as the availability of electricity, an NOC official said.

The eastern port of Hariga had been under a three-week blockade over rival government wrangling, sending exports down to 200,000 bpd. On 19 May, the first shipment of 650,000 barrels was being loaded for Glencore, en route to the United Kingdom, according to Bloomberg.

Production had been blocked from the eastern oilfields of Messla and Sarir.

Before the ouster of Gaddafi in 2011, Libya was producing 1.6 million bpd. Factions loyal to the eastern government in Tobruk, and the parallel National Oil Company in Benghazi, have been in control of the Hariga port, which has been under blockade since the Benghazi NOC unsuccessfully attempted to unilaterally export oil late last month.

Last week, after talks in Vienna, the rival NOCs reached an agreement in principle to resume shipments at talks held in Vienna. This deal has now apparently been implemented, allowing for the first shipment to be loaded; however, the details of the deal have not been made public, which also means that beyond this first shipment, it remains unclear whether the status of the port has been resolved.

By James Burgess
Comments:

Oil & Gas News

Oil & Gas News
Released:  25/05/20162016-05-25
Word count:  390

Oil futures pushed closer to $50 a barrel on Wednesday, with U.S. crude hitting its highest in over seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.

Play
Reuters
Oil markets were also supported by an overnight surge in U.S. equities and strong U.S. home sales that could point to the Federal Reserve raising interest rates as early as June.

U.S. crude futures CLc1 had climbed 62 cents to $49.24 a barrel by 0249 GMT, after ending the previous session up 54 cents. The benchmark earlier on Wednesday touched its highest since mid-October at $49.35.

Brent futures LCOc1 rose 55 cents to $49.16 a barrel, having closed up 26 cents to snap a four-day slide.

U.S. crude stocks dropped by 5.1 million barrels to 536.8 million last week, data from industry group the American Petroleum Institute showed on Tuesday. That was double expectations of analysts polled by Reuters. [API/S]

Some of the drawdown was due to falling imports due to wildfires in Canada, which lost about 1.5 million barrels per day in production, said Ben Le Brun, market analyst at Sydney online brokerage OptionsXpress. Although some crude producers restarted operations on Tuesday in Canada's energy heartland.

The stocks draw also reflected a strengthening U.S. economy. "A strong U.S. economy is good for oil consumption and demand," Le Brun said.

Gasoline stocks climbed by 3.6 million barrels, while inventories of distillate fuels, including diesel and heating oil, fell by 2.9 million barrels, the API data showed.

Investors are awaiting confirmation of the big draw when the U.S. Energy Information Administration (EIA) issues official inventory figures on Wednesday.

"Technically the market is gearing up for WTI to go above $50 a barrel and it's intriguing on where it goes from there," said Le Brun.

"I think the cap is not too far above that level - the world is still awash with oil even if it's off the peaks."

Oil prices were buoyed by a rise in U.S. stocks, with the Dow Jones industrial average .DJI, the S&P 500 .SPX and the Nasdaq composite .IXIC all closing up.

Oil prices shrugged off the impact from a strong U.S. dollar which hovered close to a 10-week high against the euro in Asian trade on Wednesday.

A strong dollar typically makes greenback-denominated oil more expensive for holders of other currencies.

Iraq is pumping about 4.5 million bpd now and is aiming to boost that to 5.5 million to 6 million bpd by 2020, the head of Iraq's State Oil Marketing Organisation (SOMO) said.

(Reporting by Keith Wallis; Editing by Joseph Radford)
Comments:
Find out what contracts are on offer in Libya
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
Share the link for
Page
  • 1
  • ...
Page
  • 1
  • ...
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...