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

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Business News

Business News
Released:  05/03/20142014-03-05
Word count:  203

The Libya Food Expo will be a four days show in Libya. The exhibitors will be enhancing a productive platform for displaying their products to the potential trade buyers.

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The show will bring all the eminent professionals and the industry leaders under a single roof where they will be able to discuss and exchange new ideas and thoughts. The participants will showcase the latest trends, the new products, technologies, tools, techniques and services, the latest scientific and technology innovations. The exhibitors will create significant professional contacts in the food sector and build new relations with the potential customers. The Libya Food Expo will inform the visitors to know about the latest updates of the food industry and also meet with the industry leaders.

Place : Tripoli International Fair , Tripoli, Libya

Duration : 16-19 Jun 2014

Exhibitor Profile

The Libya Food Expo will be hosted by the Manufacturers, Importers and Wholesalers of Halal Food, Health Food, Canned and Processed Foods, Bakery and Confectionery Products, Bakery and Confectionery Machinery, Coffee and Tea, Beverages (non-alcoholic), Dairy Products, Food Ingredients, Meat and Poultry, Organic and Fresh Produce, Frozen and Chilled Foods, Seafood, Snacks and Fast Food, Specialty and Fine Foods, Foodservices, Food Related Retail Equipment, Food Packaging and Labeling and the Catering Equipment.

Organizer

Almutwaset Expo P.O. Box 82262 Hay Demashque Tripoli - Libya
Tripoli, Libya
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Business News

Business News
Released:  04/03/20142014-03-04
Word count:  185

CAIRO: The Libyan government has arranged to hold an economic forum in March to discuss establishing a free trade zone along its border with Egypt, the Libyan Commercial Attaché in Cairo Abdul Razzaq Awad said Sunday.

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The Cairo post
Awad added that the Libyan government has already agreed to set up a free trade zone with Tunisia, which will help increase intra-regional trade between the three countries, he said during his meeting with officials at the Egyptian Ministry of Industry’s trade agreements sector.

During the meeting, the Libyan official agreed with the Ministry of Industry to prepare a list of the names of commercial enterprises to be registered in Libya to obtain certain protection procedures against brand fabrication.

Libya imports the majority of its goods from Egypt, in industries of food, drugs, furniture, engineering, home products, and building materials, said Awad. He also expressed the Libyan government’s keenness on tackling the problems facing Egyptian importers.

Libya ranked third among Egypt’s major export markets in 2013, with total imports valued at 8.79 billion EGP (U.S. $1.26 billion), head of the Building Material Export Council Hanan Ismail said. She added that Libya has also ranked third among major importers of Egyptian-made building materials, totaling 2.9 billion EGP ($416 million).

“Security disorder is the greatest problem facing Egyptian exporters,” Hanan said, expressing hope that situations are settled soon.  
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4 months ago

News Releases

News Releases
Released:  04/03/20142014-03-04
Word count:  943

A four-day workshop on developing Libya’s tourism sector came to an end last Thursday at the Tourism College in Tripoli.

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Libya herald
The workshop entitled “The role of the Tourism Skills Council in developing the sector” was supported by the (British) National Skills Academy and the British Council, Tripoli.

The National Skills Academy had conducted a scoping study of the Libyan tourism sector and presented its initial findings at the event. The plan is to improve Libya’s tourism sector as part of Libya’s long term aim of diversifying its economy away from the hydrocarbon sector and initiating industries such as tourism which are high employers. With employment ranging between 20-30 percent and as high as 50 percent for youth, initiating sectors that can provide employment for the youth is paramount for a Libya in a transitional political stage.

Tourism Minister Ikram Bash Imam, thanking the (British) Skills Council and the British Council for their support, said in her keynote opening speech that “there can be no progress without skills and human resource development”. “This sector is very important for the youth and the transfer of skills to them. I hope we can come out with something positive, practical and tangible from this workshop”.

With regards to training, the Tourism Minister said that “training will be aimed at producing qualified Libyans at the higher level of the employment chain and aimed at encouraging SME projects in order to encourage trainees to become self employed”.

Ali Swayeh, head of the GNC Tourism Committee for his part said that “Libya has a multiplicity of tourism resources but these need attention and cooperation with experienced states. This sector was suppressed by the previous regime because it would have opened Libya up to the world”, he explained.

“There are many hidden treasures that we need to exploit as a means of diversification of national revenues away from oil and gas . We must prepare the foundation for the tourism sector in preparation for its take off. Diversification is necessary and is not an option as the tourism sector is a high employer”, the GNC member explained.

Ahmed Abunama the Dean of the Tourism College, Tripoli, explained that work has been going on since June 2012 on the creation of the Tourism Skills Council, which is now ready for launch. Developing skills in the tourism sector through this Skills Council means that these skills can be transferred to other sectors in the Libya, the Dean explained.

Jonathan Ledger of the (British) National Academy of Skills explained that “a sectorial approach to skills is the only way forward”. Relating to UK experiences in this sector, he explained that “we too in the UK had a period where the educational and training outputs were misaligned with the needs of the work market. We are not here to give Libya a UK system. Libya must find its own system. We have made many mistakes along the way over many years and Libya can benefit from this experience by avoiding many of them”.

“Initially we are here to scope the needs of the sector such as how much training needs doing. Ledger said that there were initial findings on the three educational, employer and Ministry levels. In the educational sector, there was a lack of employer engagement and support and a curriculum that did not meet the tourism sector’s needs.

It was also concluded that the Tourism institute did not go out to meet potential employers and did not fully understand the Labour market’s needs. There was also a limited supply of equipment, resources and technology with staff lacking up to date skills.

The sector lacked a focus on vocational training as a credible brand with no widely accepted certification standard. On the employer side, the initial study reported that employers complained that graduates lacked practical skills and languages with low morale and a lack of work ethic and culture. They reported that much more investment was needed on internal training for the sector.

The tourism sector employers also felt that the sector suffered from a poor image with low industry standards and a lack of career promotion prospects. For the Ministry of Tourism, the initial study found that it needed to define its long term strategy – a strategy that needs to have all stakeholders on board. The sector did not have adequate up to date labour information nor common standards and regulations.

The initial findings also recommended that efforts were made to improve the image of the sector, improve the image of vocational education and provide more career information. On the security situation, Jonathan Ledger of the National Academy of Skills felt that it was not as bad as it was made out to be and that the “perception is too negative”.

On the formation of the Libyan Skills Council, Ledger felt that it must be owned by employers and it must be independent. He recognized that it may not be independent at its creation, but it had to be eventually, he stressed. Its board must be representative of all hospitality and relevant sectors. Its chief executive officer must be respected by all sides and it must set and develop standards for the sector, the National Academy representative said.

Ledger reported that his team will be back in three months to review the immediate action plan set as a result of this workshop. Keen to point to some action plans he highlighted the invitation of guest chefs to the college in order to encourage students, installing a jobs board in the college’s reception for job seekers in the hospitality and tourism sector, the holding of a regular careers fair as well as the printing of leaflets for various events or tourism or hospitality sites as part of a short term action plan.

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News Releases

News Releases
Released:  04/03/20142014-03-04
Word count:  129

A new commercial partner will take over the running of our Visa Application Centre from 12 March

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GOV.UK
From 12th March 2014 our new commercial partner Teleperformance Ltd will take over the running of our Visa Application Centre in Tripoli. In addition we are making the following changes to the visa service that we offer. These changes are as follows:

• The Priority Visa Service will increase to £100, payable in Libyan Dinar.

• It will be possible to pay your visa application fee and any additional services that you wish to take up online or at the Visa Application Centre by cash or card payment.

• Opening hours will be 08.30 – 15.30, Sunday to Thursday. Further details on all of the services, including eligibility criteria, will be available on the website when you book your appointment.

We will work closely with our Commercial Partners to ensure continuity of service during the transition period.
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Construction News

Construction News Business News
Released:  03/03/20142014-03-03
Word count:  69

Libya’s Prime Minister Ali Zeidan has laid the foundation stone of the National Stadium which is one of the facilities to host the 2017 Africa Cup of Nations.

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Libyan investment
The 60,000 capacity structure will be built on the site of the demolished military camp in Tajoura, an outskirt of the capital Tripoli.

Six stadiums are being designed by the Libyan authorities to host the 2017 Afcon. Two will be based in Tripoli, a 60,000 and 22,000 seaters, while one, a 23,000 seater, in Misrata and a 42,000 seater in Benghazi.

Libya were stripped of the right to host the 2013 edition following the 2011 civil war.  
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8 months ago

News Releases

News Releases
Released:  03/03/20142014-03-03
Word count:  564

Libyan-Maltese commercial relations need to grow, Deputy Foreign Minister Abdul-Razzaq Greidi told Maltese business figures yesterday.

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Libya herald
Speaking at a “Doing Business in Libya” forum, he said that Libyan businessmen were not just waiting for government to take the lead, the private sector was developing fast. But it welcomed international involvement as well, and in particular, given the historic relationship, Maltese involvement.

For his part, Maltese Foreign Minister George Vella told the forum that despite the security challenges faced by the Libyan government, economic relations were growing. Last year, he noted, Maltese exports to Libya were up 19.1 per cent to nearly €238 million (LD 403 million) whilst imports increased by 10.7 per cent to €113 million (LD 191 million). Furthermore, 34,621 Libyans visited Malta in 2013, double that of 2012.

Malta would, he insisted, continue to assist Libya to develop politically and economically by providing training for its public sector agencies and authorities. It was, he added, “encouraging and quite remarkable how the Libyan authorities are continuing to work to develop a democratic society and a free market economy”. Malta, he added, would “fully support any actions which the Libyan authorities and people take to make the country more stable and to develop a democratic, political system”.

Organised by the Libyan Maltese Chamber of Commerce (LMCC) and supported by Tripoli-based ATEX Group (organisers of Libya Build 2014), Malta Enterprise, Office Group, the Hilton Hotel and the Bank of Valletta, the forum attracted far more interest than had been expected. Initially, it was thought that there would be around 80 participants. The venue had to be changed twice, to bigger premises, to accommodate the ever-growing number of business people applying to attend.The organisers stopped taking registrations when the number reached 375. At the event, the Hilton Hotel’s Portomaso Suite was packed.



In his opening address, LMCC’s president and Office Group chairman, Anthony Micallef, said that this was the time for Maltese companies to look to opportunities for establishing ties with Libyan business. The idea was also stressed by Malta’s Ambassador to Libya, Emmanuel Galea, who said that if Maltese businessmen did not move now, while players from larger countries were absent from the Libyan scene because of security concerns, they would find themselves being squeezed out later when the latter moved in.



The keynote speaker, businessman Husni Bey, stressed the growing importance of the Libyan private sector. Sounding a strongly positive note, he said that the private sector was booming. Moreover, despite the political problems, security was not as serious as imagined. For example, no foreign businessmen had been attacked in the country, he said. The government, he furthermore declared, had to remove itself from the entire commercial sector. All governments, not just in Libya, were inherently incapable of running business, he insisted. The economy had to be left to the Libyan private sector; it would be the motor of growth in the country.

Other speakers at the event – Libyan Chargé d’Affaires in Malta Huseen Benown, Medserve Chairman Anthony Diacono, Medilink CEO Simon Camilieri, Malta-based insurance consultant Nagi Bentaleb and Tripoli-based lawyer John Brooks of Clyde & Co. – similarly stressed that although security was an issue, business in Libya was growing and, with it, the opportunities, notably for Malta’s business community.

Deputy Foreign Minister Greidi had taken time off to address the forum during a three-day visit the main purpose of which was to discuss Maltese support for strengthening Libyan institutions and look into how the Maltese Foreign Ministry works ahead of reforms at the Libyan Foreign Ministry.
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Business News

Business News
Released:  03/03/20142014-03-03
Word count:  178

TRIPOLI, March 2 (KUNA) -- The Libyan Businessmen Council has urged Kuwaitis, and their GCC counterparts, to invest in Libya and to take up joint partnerships with local businesses.

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Kuwait news agency – KUNA
The civil society institution is set to welcome a visiting Kuwaiti delegation, led by the Chamber of Commerce and Industry, whom will be briefed on a number of investment projects currently on offer, according to the Libyan Businessmen Council's Chairman Bashir Trabelsi.

The required infrastructure for a free trade zone in the city of Misrata, located to the east of the capital, has been completed and the area is due to be fully operational over the next two months, Trabelsi said.

This will offer "good opportunities for those seeking to enter the Libyan market," he added, noting to a partnership on offer for the construction of a tower and a 13,000 sq/m hotel, worth 100 million Libyan dinars (USD 80 million).

In reference to the security situation, investment feasibility and foreign investor legalities in the country, he said that despite the security conditions and "weak government performance" things were "gradually improving." The Libyan Businessmen Council tries to take part in the decision-making process in order to protect the investor and tackle any obstacles standing in the path of foreign companies.
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Business News

Business News
Released:  03/03/20142014-03-03
Word count:  234

The Board of Directors of Pak-Libya Holding Company (Pvt) Ltd reviewed and recommended audited accounts for the year ended December 31, 2013 for shareholder's approval in its 122nd meeting held on February 25, 2014.

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Business recorder
The meeting was chaired by Bashir B. Omer and attended by directors including Ramadan A. Haggiagi, Jamil Ahmed Khan, Fazal-ur-Rehman, Abid Aziz (MD & CEO) and Khald S.T. Benrjoba (DMD).

The Board witnessed that despite the challenging situation; the Company has achieved turnaround performance by showing net profit before tax of Rs 196 million for the year ended December 31, 2013, which stood highest during the last five years. The Company also managed to hold the balance sheet footing at Rs 12.121 billion. During the year 2013, the Company focused on its main lines of business which include corporate finance, project finance, capital market and money market activities. The gross financial facilities of Rs 2,255 million were approved in 2013 to various projects of textile, chemical, telecom, cement, sugar, oil & gas and other sectors.

Besides, resource mobilisation activity was geared up by establishing a dedicated Liability Desk in the Treasury Division to focus on primary funding sources by way of offering an innovative Certificate of Investment (COI) scheme. Besides, Board granted approval of an investment proposal of Rs 200 million in vital sector of the country, which were in addition to total investment made during the year ended December 31, 2013.

The Chairman and Board members thanked to Ministry of Finance, State Bank of Pakistan, Government of Pakistan, Libyan Foreign Investment Company (LAFICO) and Government of Libya for their continuous support in achieving the objectives of the Company towards economic development of Pakistan.-PR
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Construction News

Construction News Business News
Released:  28/02/20142014-02-28
Word count:  239

Work has begun on constructing an ultra-modern new stadium in Tajoura for the 2017 Africa Nations Cup, which Libya is scheduled to host.

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Libya herald
The stadium, designed by German construction firm Gerkan, Marg and Partners (GMP), is the first in a number of infrastructure projects intended to be completed by 2017.

The distinctive stadium will sit on on a cone-shaped plinth, with three additional buildings arranged around its edges in a triangular configuration. In a ceremony as modern as the proposed building, Prime Minister Ali Zeidan pushed a button to pour concrete into the first foundation.

“Having won the battle of the revolution, Libyans are now winning the battle for production and construction, sports and culture,” said Zeidan.

He said that February had been a month of progress for the country, particularly in the area of sports. The national team’s victory in the African Nations Championship was the first sporting achievement of the year which was now being followed by the construction of a new stadium, he said.

German Ambassador to Libya, Christian Much, German football star Franz Beckenbauer and Project Manager Hans-Joachim Paap were amongst those attending the ceremony.

Two Tripoli stadiums are being planned for the hosting of the African Nations Cup. The second one is a new sports complex with a dedicated football stadium for 71,000, which will be built at the western edge of the city near the sea. The city’s athletics stadium will also be refurbished.

In addition to the National Stadium, the project at Tajoura also includes an indoor pool, a multi-purpose arena and a “Family Sportsworld”.
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8 months ago

Oil & Gas News

Oil & Gas News Business News

On the 29th & 30th of May 2014 key figures from Libya’s Oil and Gas industry will come to London to meet with international players and prospective investors.

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Libya.tv
Oliver Kinross with co-organisers IRN and Barcah group are proud to announce that the 3rd Annual New Libya Oil & Gas Forum is officially endorsed by the National Oil Corporation of Libya.

Libya continues to yield large Oil & Gas discoveries with the most recent being reported by The Polish Oil & Gas Company Libya (POGC) with their Gas discovery in the Murzuk Basin. According to the National Oil Corporation and PGNIG the discovery is estimated to have a daily production rate of four million cubic feet. There are also reports that Libya is planning to build the country’s first refineries which will considerably develop and advance the Oil & Gas sector.

The organisers of the 3rd New Libya Oil & Gas Forum are also pleased to confirm that there will be a delegation from the National Oil Corporation as well as top Libyan Government Officials both presenting and attending the two day senior level meeting. Discussions will look at the 2014 licensing round, timing, fiscal and contractual terms for future exploration in Libya as well an extensive exclusive geological look Libya’s onshore and offshore prospectivity.

The 3rd Annual New Libya Oil & Gas Forum will be sponsored by the International Human Resources Development Corporation; IHRDC, the global leader in the provision of environmental, industrial and emergency solutions; NRC, and the British Arab Commercial Bank; BACB. Official supporters of the forum are the Middle East Association and the Libyan British Business Council.
Comments:

DCC Trading is a construction industry supplier who specialise in supplying the Libyan market, catering for the complete range of Plant, Machinery, Mechanical and electrical Equipment, Laboratory & Associated Equipment, Fire Detection & Gas Suppression and protective workwear. Through research and carefully selected global networks, DCC Trading is able to efficiently source and supply all of our client’s requirements. Our network enables us to supply Superior Quality Products at a highly competitive price while ensuring minimum delivery lead times. DCC deliver quality product at an optimum price in an efficient manner thus ensuring our clients maximise savings. After significant research we have formed strategic alliances with experienced technical partners that enable, DCC Trading to supply the product solutions that will maximize our client’s performance. We are a reliable partner who you can count on. Regardless of the task or location we at DCC Trading will deliver that expert service that your company deserves. Our worldwide network of suppliers allows us to distribute and co-ordinate a wide variety of Oil and Gas procurement product and services, while achieving shorter delivery times to our clients. In addition, our company’s operational model is capable of handling any order, irrespective of size, or complexity. We will consistently deliver improved procurement quality, at a superior price, coupled with enhanced performance standards. Our team brings over thirty years of experience in procurement and supply chain services, ensuring that we deliver our client’s requests We are a committed partner dedicated to satisfying your procurement needs irrespective of the task or the location. DCC Trading will ensure a dynamic and expert service. Please visit our website at www.dccly.com or email us your inquiry to sales@dccly.com

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8 months ago

Business News

Business News
Released:  27/02/20142014-02-27
Word count:  212

Net profits at the Banrain-based ABC Islamic Bank, a wholly owned subsidiary of the Libyan-owned and controlled Arab Banking Corporation rose 48 percent in 2013 to $12.2 million in 2013. Net profit for the fourth quarter of 2013 was $3 million, 112 percent higher than the same period of 2012.

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Libya herald
In an announcement today, ABC Islamic Bank said that its total operating income grew 12.8 percent to $18.1 million, compared to $16 million the previous year. Operating expenses were down by more than 20 percent to $5.5 million. As a result, the cost-to-income ratio improved to 30.6 percent, compared to 43.3 percent in 2012. The report said that no impairment provisions were required during the year, demonstrating continuing improvement in credit quality.

Shareholders’ equity at 31 December 2013 stood at $248.4 million, compared to $236 million at 2012 year-end. “The bank’s capital base remains very strong with a capital adequacy ratio of 27.6 percent, predominantly Tier 1, which totalled 26.2 percent,” the report stated. There was a slight decrease in total assets, however. These were down from $1.067 billion at 2012 year-end to $1.002 billion on 31 December 2013.

The Managing Director of ABC Islamic Bank, Naveed Khan, called the results “encouraging. They were based, he said, “on new customer acquisition and higher growth in our core target markets”.

The growth in operating income had come from “a gradual build-up in the asset portfolio, despite some lumpy repayments during the year, but accompanied by a healthy increase in fee and commission income”.

The financial results were, he stated, “a reflection of the transformation steps undertaken in conjunction with the Group over the past years which are now starting to take firm root”.
Comments:

News Releases

News Releases Business News
Released:  27/02/20142014-02-27
Word count:  477

Indonesia should seize opportunities and enjoy the benefits of a peaceful Libya as the North African country’s people are positive toward Indonesians and future development shows promise, an envoy has said.

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The Jakarta post
Newly installed Libyan Ambassador to Indonesia Sadiq MO Ben Sadik said Libyans were becoming more interested in coming to Indonesia, young people in particular, to pursue studies at various universities here.

While admitting that security was still a big challenge post Qaddafi’s 42-year rule, Bensadegh remained upbeat about the future of his country. “Despite endless infighting, Libyans are longing for stability. [With the drafting of the constitution] We are now building [the nation] from scratch,” he said.

The new Libya, post constitution-drafting body vote on Feb. 20, was regarded as a promising point for the future of the nation, indicating a path toward creating political stability and security. “It then would create bigger opportunity for business to come, including from Indonesia’s construction sector,” the envoy said.

The ambassador told The Jakarta Post ahead of Libyan Independence Day and Revolution Day, celebrated here on Tuesday. Libya marks Feb. 17, the day when Moammar Qaddafi’s autocratic regime ended in 2011, as its revolution day.

The oil-rich country, home to 6 million people, was under an interim government. On Feb. 20, Libya voted for the constitution body with low-turnout recorded — about 498,000 people cast ballots out of 1 million registered.

Amid political turmoil at home, Libyan students have continued coming to Indonesia. There are now some 500 of them scattered across universities in cities such as Bandung, Semarang, Surakarta, Yogyakarta and Malang.

The wave of Libyan students to Indonesia started in 2009, when there were some 3,000 Libyans studying in Malaysia. Many of these students became interested in the various areas of study offered in Indonesia. “The numbers have been increasing, especially after 2011,” said a counsellor at the Libyan Embassy, Masoud S. El Koshly. Ambassador Ben Sadik, who arrived in Indonesia five months ago, said he had promised the Libyan foreign minister to “focus on strengthening economic cooperation with Indonesia”.

With more than US$120 billion foreign exchange reserves and 48 billion barrels of proven oil reserves, Libya offers many opportunities for Indonesian companies. The new Libya is planning to spend $500 billion in the next 25 years to rebuild the country.

In the first 11 months of 2013, Indonesia’s trade with Libya reached $433 million. In 2012, bilateral trade stood at $576.50 million, a huge jump from $19 million in 2011.

“We welcome Indonesian companies to invest in Libya. Our doors are open to Indonesia. We will sign an agreement with Indonesia to recruit Indonesian workers to work in Libya,” Ben Sadik said.

Indonesia’s private oil and gas company, Medco Energi Internasional, is already present in Libya. According to Medco’s president director, Lukman Mahfoedz, Medco will start producing around 50,000 barrels per day from its Area-47 oil and gas block. State construction company Wika previously built some houses in Libya. After halting the purchase of oil from Libya, Indonesia resumed purchasing oil from the country in 2012. In the last two years, Indonesia has bought almost $1 billion worth of crude oil from the North African country.
Comments:

Business News

Business News
Released:  26/02/20142014-02-26
Word count:  791

Libya’s Afriqiyah Airways has signed an agreement with an Irish aviation company that should enable it to fly again unrestricted into Europe by the beginning of May.

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Libya herald
Under the two-year deal signed earlier this month, Dublin-based Air Contractors Ltd (ACL) will operate three of Afriqiyah’s latest Airbus 320s on European routes using the carrier’s existing crews and ground staff. It means that the airline will no longer be shackled by the ban on Libyan aircraft flying into EU airspace in force since April 2012.

“The only way to operate again [in Europe] was to get our aircraft registered elsewhere,” Afriqiyah’s CEO Abubaker Elfortia has told the Libya Herald.

The sole difference passengers will see, he says, is a change in the registration number on the back of the aircraft – from one beginning 5A (the code for Libya) to EI (for Ireland). The staff will be the same, the logo and colours the same, the service the same.

The target date for agreement coming into effect the end of April. “We have the support of the Libyan Ministry of Transport, the Irish Department of Transport [Tourism and Sport], and the Irish Aviation Authority,” Elfortia explains.

Libya aircraft have been operating a self-imposed ban since April 2012 over EU concerns about Libyan aviation standards. It went for a self-ban because one imposed by the EU, once in place, would take much longer to lift. Originally it was expected that it would end in November 2012, by which point the European concerns would have been addressed. In the event, the date has long gone and despite regular Libyan announcements that an end is in sight, aviation sources have told this newspaper that the issues involved proved more challenging than anticipated.

Until now the only way around it was to wet lease aircraft from countries where the aviation authorities conformed to European standards. It has largely meant operating with Tunisian aircraft. But for Afriqiyah, that could only be a short term option. It is a very expensive solution for what is a very commercially focussed despite being state-owned. “We are a commercial entity to all extents and purposes”, says Elfortia. “There is no government interference.”

The cost of the ban is not just limited to wet leasing. Even flying from Tripoli to Istanbul is affected. Libyan aircraft have to fly around Greek airspace and then head north to Istanbul. It adds time to the flight, with all the extra costs involved.

In any event, even if Afriqiyah it could continue wet-leasing aircraft indefinitely, it is unlikely to be an option for much longer. Its Tripoli-Dusseldorf route appears likely to fall foul of German demands that only European Aviation Safety Agency (EASA)-approved operators fly into the country.

Afriqiyah is keen to emphasise that the new agreement it does not mean Irish crews and maintenance staff taking over. Libyan staff will continue to operate flights into Europe. They will be given a short period of familiarisation training, such as happens when a pilot changes airline or type of aircraft. This is expected to start next month, with the training provided by ACL, mostly in Germany. It will involve over 40 existing members of staff – pilots, cabin crew and grown maintenance personnel.

Afriqiyah had been dissuaded from registering in other Arab countries for two reasons, Elfortia says, because standards in Europe are higher and because European registration opens many other commercial doors to the carrier. Being registered in Europe, the aircraft can take advantage of Europe’s Open Skies policy. It means that Afriqiyah could apply to operate routes within Europe, flying, for example, between Paris and Athens or combining routes such as Tripoli-Rome and Tripoli-London into Tripoli-Rome-London and being able to fly passengers on the London-Rome sector alone.

Secondly, because, under EASA rules, European-registered aircraft must be maintained by crews trained to EASA standards, it opens the door to Libya having the highest maintenance standards in the Arab world and being able to use it commercially.

Under EASA’s JAR 145 policy for approved maintenance organisations, only EASA-approved engineers can maintain EU-registered aircraft. But there are no such registered engineers in Libya; European airlines flying into Tripoli and Benghazi have to bring their maintenance staff with them on board each flight or fly them in when there is a problem.

Once Afriqiyah has staff who conform to JAR 145, it can contract them for maintenance operations on European carriers’ aircraft landing in Libya. That would mean extra jobs for Libyan aircraft engineers. “It’s very significant commercially,” Elfortia notes. Afriqiyah sees it as a potential major revenue earner which it would like to develop. And already it is thinking of setting up operations with JAR 145-approved engineers elsewhere in the Middle East and Africa.

Meanwhile, with the ACL agreement in hand, Afriqiyah says it is already planning extra European destinations once it is up and running.

At present it flies to London, Paris, Rome and Dusseldorf.
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Business News

Business News
Released:  26/02/20142014-02-26
Word count:  394

US construction management firm Hill International has flagged a return to the troubled Middle East nation of Libya “in the next two to three months” despite being owed most of a $60m invoice for work in the country.

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Arabian business
The company finally received a cash payment in Q3 from the Organisation for Development of Administrative Centres (ODAC) comprising 3 million Libyan dinars ($2.4m) to Hill and 800,000 Libyan dinars ($700,000) to tax authorities on Hill’s behalf for its work under the then-government in 2011. However, with the Libyan Dinar currently unable to be converted to foreign currency, it remained sitting in Hill’s bank account in Libya.

“We’ve been patient and I think that patience has been rewarded,” Hill president and chief operating officer David Richter told Arabian Business in a wide-ranging interview to be published on Sunday. “We’ve been begun to collect money… we’re in the process of negotiating further payments and a return to work, a new contract. We expect that this is the year that we will see most if not all of our money.”

Hill CEO and founder Irvin Richter said despite evacuating 225 people from Libya when the Spring uprisings began in 2011, the company had kept Libyan and some Iraqi staff, who offered to stay, on the payroll in anticipation for when work will resume “in the next two to three months” on projects such as the University of Tripoli and the reconstruction effort.

“You’re dealing with a country that has political instability. You want to get those people off the street – how do you get them off the street? You get them back to work. So, as they get back to work there’ll be less instability, there’ll be less protesting on the streets,” he said.

In Egypt, another Middle Eastern state marred by recent troubles, Irvin Richter said Hill’s work included the Grand Egyptian Museum, and it continues to be a good market. Syria, on the other hand, was “too risky and dangerous”.

However, David Richter said as Qatar geared up for the World Cup, its current work on residential and commercial towers and hotels, the Doha metro green line and the National Museum of Qatar would only intensify.

“They have money, they’re smart, they know how to spend it and we like it in Qatar, people are willing to go,” Irvin Richter added. “There’s no sense in working to get a project when you can’t staff it or you staff it with secondary skills – we don’t want to do that, that’s the way to lose your reputation quickly.”  
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Released:  26/02/20142014-02-26
Word count:  114

The third Maghreb businessmen forum in the Moroccan city of Marrakesh submitted the results of the study which included several suggestions and recommendations to promote the economic integration of the Maghreb.

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Participants recommended the need to link the markets of the European Union and to create appropriate legal climate by ensuring the free movement of persons, goods, services and capital to guarantee freedom of investment and ownership in accordance with the principle of equality between economic operators in all the Maghreb countries for the completion of the Maghreb programs related to infrastructure, to facilitate banking and tax procedures, to exchange agricultural and fishery products as well as establishing unified energy market in the Maghreb countries.

It was agreed that members of the Arab Maghreb Union for businessmen will hold the first meeting on March 20, 2014 in Casablanca in order to restructure the Maghreb Union for businessmen.
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Business News
Released:  25/02/20142014-02-25
Word count:  190

Libya International Furniture is an international exhibition dedicated to the furniture and textile sectors of Libya.

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The exhibition will be representing the full potential of not just the markets in Libya but those in the rest of Africa as well. High profile national and international exhibitors will be coming over from different places in order to take part in the event and interact with the visitors. Libya International Furniture will be taking place in the capital city of Tripoli in the course of four days. The exhibition will be looking to explore the full potential of the aforementioned textile and furniture sectors in the country and encourage international exhibitors to open market avenues in the country.

Exhibitor Profile Libya International Furniture will be presenting a diverse exhibitor profile that includes the likes of Modern & Avant-garde Furniture, Modular Furniture, Classical and Neo-classical Furniture, Bedroom Furniture, Baby, Children and Youth Furniture, Hotel Furniture, Designer Projects, Magazines and Associations in the furniture sector and Yarns, Fabrics, Buttons, Labels, Models, Lining, Narrow weaves, Zippers, Models & rack systems, Textiles machineries and Tricot in the textile sector.

Tripoli International Fairground | Tripoli, Libya | 16-19 Jun 2014

Organizer Pyramids Fair Group

Kucukbakkalkoy Mahallesi, Koca Sinan Caddesi, Gumrukcu Sokak, No. 7 Istanbul, Turkey
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Oil & Gas News

Oil & Gas News Business News
Released:  25/02/20142014-02-25
Word count:  62

NOC held preparatory meeting for development of the oil industry.

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During the meeting, board member note the importance of the development of the oil industry, its role in the development of the national economy, its contribution to create jobs, to encourage local and foreign investment,

development of existing refineries, the establishment of new refineries, the creation of advanced industries and building productive capacities of the national refineries and petrochemical industries in Libya.
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Business News

Business News
Released:  24/02/20142014-02-24
Word count:  206

The Libyan-Maltese Chamber of Commerce has seen such overwhelming demand for registration for its next business forum that it has been forced to find a larger venue.

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The event, entitled ‘Doing Business with Libya…NOW’, on 27 February, will now be held at the larger venue of the Portomaso Suite at the Malta Hilton Hotel in St Julians.

A spokesperson for the Chamber of Commerce said the demand reflected the eagerness of the Maltese business community to tap into the vast potential of the Libyan market. He said that, in spite of the unstable political situation, Libya was eager to move forward, indicated by the launch of new private sector-driven business ventures, especially in the retail and hospitality sectors.

The event will feature a range of speakers, covering areas including insurance and healthcare as well as the maritime and oil sectors. One subject expected to be in focus is the development of the Libyan economy, particularly in relation to the private sector.

Maltese Minister of Foreign Affairs, George Vella, and Libyan businessman Husni Bey have both been confirmed as speakers.

‘Doing Buiness with Libya…NOW’ is sponsored by the ATEX International Exhibition Group, Malta Hilton Hotel, the Bank of Valletta plc and Office Group Ltd – agents of Konica Minolta.

Registration for the business forum is free of charge. For more information email: libyanmaltesechamber@onvol.net
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Business News

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Released:  24/02/20142014-02-24
Word count:  884

(Reuters) - Investing in Libyan stocks may sound like an absurd idea at a time when the North African country is descending into chaos and armed militias seize oil ports or ministries at will.

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Reuters
Ever since the ouster of Muammar Gaddafi in 2011, Libya's government has been struggling to establish law and order and assert control over a vast desert nation awash with arms. But despite the turmoil, Libya's stock market is getting ready for the first launch of Islamic investment funds, the most prominent bourse debut since the eight-month uprising.

Authorities also hope a regulator, another novelty for Libya, will bring transparency to an opaque market and put it on the radar of risk-willing investors. A recent sell-off has made Libyan stocks cheaper than other regional bourses. Major banks were once worth as much as 25 Libyan dinars ($20) a share, but now cost less than 10.

Still, even bourse officials admit that it will be hard to sell a country making headlines with political infighting, shootings and hardline Islamists roaming the streets. "We need stability," said Ahmed Karoud, the energetic bourse director, whose office is almost as large as the trading room.

Officials hope the turbulence in the OPEC producer will calm down at some point, enabling the economy to grow. Libya badly needs reconstruction after the devastating civil war. The $55 billion budget calls for new airports, universities and hospitals, but political paralysis has blocked spending. Despite the turmoil, Libya is a potentially rich nation, sitting on Africa's largest proven oil reserves. Western brands such as Nike and Marks & Spencer have set shop in the same upmarket Tripoli district as the stock market. REGIONAL MINNOW

The Libyan bourse is tiny even by regional standards with a market value of around $3 billion, compared with its Cairo counterpart's $70 billion and Casablanca's $50 billion. In the Arab world, only the Khartoum and Damascus stock exchanges are smaller. Libya has only 11 stocks, two fewer than in the Gaddafi era, mostly banks and insurance companies.

When Libya set up the bourse in 2007, it wanted to attract capital after years of isolation. But foreigners were reluctant to commit money due to corruption, currency curbs and arbitrary rulings from Gaddafi and his inner circle. Though the bourse treats foreigners on an equal basis with Libyan investors, they account for only 1.5 percent of trades. One problem is that the central bank makes it difficult to transfer hard currency out of Libya, something the bourse is trying to change, Karoud told Reuters.

The bourse now hopes for a fillip from Islamic funds tapping into a new market. Parliament has ruled that banks must comply with Islamic law, with interest payments banned by 2015. Two Islamic real estate funds are in the works. The first issue worth 165 million Libyan dinars is expected in April, with a projected annual return of 20 percent. A second fund worth 300 million dinars will follow a few months later, said Karoud. He said several firms are planning to list pending final regulatory approval. Authorities have been mulling the float of large state firms such as cell operator Libyana, which would bring liquidity and end the dominance of banking stocks.

But plans have been delayed as any sale offer would throw up the sensitive question of job cuts at the overstaffed firms. One firm that plans to float in 2015 is HB Group, a holding company with stakes in an array of retail and financial units. "We don't want to float before the overall political and economic environment is in place," said HB Group's chairman, Husni Bey, who says he still believes in the bourse. "It is just a question of time and it (the bourse) will move."

"WILD MONEY"

Still, foreigners remain wary. Gary van Staden, senior political analyst at South Africa's NKB Independent Economists, said institutional interest in Libya was low as other African markets offered lower-risk returns. "However, I believe Libya has a long-term future brighter than the current environment suggests so it may just be a matter of timing for the serious money to look at Libya," he said. "But in the meanwhile there will be those with some wild money to invest and Libya may offer attractive returns to mitigate the risk."

The biggest problem is the lack of liquidity. Some stocks move little, as a bored dealer in the trading hall points out. "We've been open for more than hour today but we have only had two deals so far," he said, sitting in a row of desks with several empty chairs assigned to rival brokerages.

Daniel Broby, chief investment officer at UK frontier asset manager Silk Invest, said the conversion to Islamic law might help outdated state banks to move towards a more viable business model, but also e sleepy bourse needed more action.

"We looked at it in the past and decided then it was too illiquid with not enough depth," Broby said. For Libyan investors, the bourse has taken them on a painful journey since it reopened in March 2012. Libya's chaos knocked the market down by 25 percent in 2013, according to Karoud. It has lost some 40 percent since its 2007 launch.

"Can you see this? Is this acceptable?" said gold trader Miftah Shibl, struggling to believe the latest price quotes displayed on a large screen in the reception hall. He said he had bought shares worth 15,000 dinars a year ago, some of which have lost 40 percent. "I had no big expectations but wanted to diversify my savings," he said, blaming weak government institutions for the bourse decline.

($1 = 1.2353 Libyan dinars) (Editing by Alistair Lyon)  
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Business News

Business News
Released:  24/02/20142014-02-24
Word count:  199

According to a report from AFP, small businesses are prospering in Libya’s major cities even as the economy at large is being throttled by the security problems and industrial action which has hit oil revenues.

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Chamber of commerce chief, Idriss Abdelhadi, said: “These investments [in shops and boutiques] are thanks to partnerships with foreign investors …

“[Such joint ventures have] promoted investment in the private sector at a time when the oil crisis has slashed the state budget, not allowing spending on planned development projects.”

Economic experts, however, stress that trade and services play a secondary role in the overall Libyan economy, with only little value added; the oil sector accounts for 70% of GDP, 95% of state revenues and as much as 98% of Libyan exports.

The World Bank recently stressed “the urgent need for economic diversification in order to ensure long-term financial and economic stability”, calling for reforms “to generate a vibrant private sector”, warning that “lack of access to financing, uncertainty in the legal environment and a fragile security situation” were key obstacles.

Ahmed Belras Ali, director of Libya’s stock market, warned of “a climate of fear among businessmen”.

“The stock market has lost an estimated 30% of its value because of falling share prices,” he told AFP.

Ali said hopes were pinned on the private sector, “which can serve as an engine of the economy, what with the current weakness of state structures”. [ AFP]
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