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Oil & Gas News

Oil & Gas News
Released:  11/08/20142014-08-11
Word count:  152

VIENNA, Aug. 8 (UPI) -- Libyan oil production is at its highest level since the beginning of the year, the Organization of Petroleum Exporting Countries said Friday.

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UPI
OPEC said in its latest monthly market report crude oil production from member states averaged 29.9 million barrels per day. Production fell primarily in member states Iraq and Angola, while production increased from Libya and Saudi Arabia.

Libyan Prime Minister Abdullah al-Thinni told U.S. Secretary of State John Kerry in Washington his government "has managed to solve" the oil crisis plaguing what was once one of North Africa's top oil producers.

OPEC said in its market report Libyan crude oil production has doubled since June. "Libyan production rose past 500,000 barrels per day for the first time since January," the report said.

OPEC data show Libyan crude oil production reached a post-war peak of around 1.4 million bpd in 2013, before starting a precipitous decline toward the historic low of 213,000 bpd in March. Libya's new parliament met for the first time Monday about 900 miles east of Tripoli, where pro-government forces are battling heavily armed militias.
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Oil & Gas News

Oil & Gas News
Released:  11/08/20142014-08-11
Word count:  285

LONDON--OPEC's oil production rose to its highest in five months in July, boosted by the reopening of ports and oil fields in Libya, the oil producers' group said Friday.

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NASDAQ


In its monthly oil market report, the Organization of the Petroleum Exporting Countries said Libya's production rose by 200,000 barrels a day last month, bolstering the group's output by 167,000 barrels a day to total 29.9 million barrels a day.

The increase in production came after Libya's government reached an agreement with rebel forces in July to reopen oil ports and fields that had been closed for nearly a year, raising hopes that its exports could begin to rise.

However, despite last month's uptick, ongoing turmoil in the country has dented hopes of further improvements in its level of oil production. Fighting between militias at Tripoli airport has already upset operations at two large fields and several international major oil companies have evacuated staff.

Meanwhile a deterioration of the security situation in Iraq has for months shut in production in the country's north. Although the bulk of the country's oil fields in the south have so far remained safe, concerns have risen this week about the semiautonomous region of Kurdistan.

"Until recently, OPEC's hopes were pinned particularly on Iraq, as it was to shoulder two-thirds of the oil cartel's future production increases. However, the country is now sliding increasingly into chaos," analysts at Commerzbank said in a note.

Political turmoil in member states comes as the group is already contending with falling market share, challenged particularly by rising production in the U.S. Last year, OPEC's share of total global production averaged 43.4% down from 44.6% in 2012, according to the group's annual statistical report.

This year, OPEC expects demand for its oil to average 29.6 million barrels a day, a downward revision of 100,000 barrels a day compared with last month, it said.

Write to Sarah Kent at sarah.kent@wsj.com
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9 months ago

News Releases

News Releases
Released:  08/08/20142014-08-08
Word count:  221

Fast growing tropical fruit producer and distributor BanaBay has secured a new contract with Libyan fruit importer Al Fakira Co. Ltd, based in Tripoli.

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Freshplaza
BanaBay will be supplying their distinctive, premium quality bananas to Al Fakhira, extending the company’s established portfolio, which currently includes apples and pears, kiwi, plums, peaches, nectarines and apricots, grapes, oranges and lemons, as well as garlic, onions and chestnuts.

According to BanaBay Managing Director Mark O’Sullivan, the Middle East has been identified by the company as a target area for growth, and the new Libyan contract represents an important step forward in a new marketplace.

“We have had a lot of interest in BanaBay fruit from several countries in the region, where there is high demand for premium quality fresh produce” he says. “Our new contract with Al Fakhira will open up opportunities in Libya and also in other areas where they operate, such as Tunisa. We are already shipping 6 containers a week to Libya and anticipate increased volumes as we consolidate our relationship and establish our products in this new marketplace.”

For Al Fakhira, BanaBay was selected a partner based on the taste and quality of the fruit, but also on the flexibility and reliability of service.

Commenting on behalf of the company, Mohamed Byok said, “We are delighted to be adding BanaBay bananas to our established range of produce and look forward to working with BanaBay to promote the new brand to our customers in Libya.”
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News Releases

News Releases
Released:  07/08/20142014-08-07
Word count:  93

Scottish Company Continues with Power Project

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Libya business news
In its Half-Yearly Report, temporary power firm Aggreko has said it is “clearly cognisant of the security situation … in … countries such as Libya, across both our Local and Power Project businesses and [we] continue to monitor developments closely.“

The company began to deploy a 120 MW contract in Libya in April.

The Scottish-based company said it made pre-tax profits of £132 million in the first six months of the year, a fall of 9 percent, but said underlying growth was strong. It said its results were adversely affected by the impact of “currency translation“.

(Source: Aggreko)
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News Releases

News Releases
Released:  07/08/20142014-08-07
Word count:  849

Libya’s economy is primarily structured around the energy sector, which generates about 50% of GDP and 96% of government revenues.

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Afribiz
Concentration on the export market for hydrocarbons has led to dependence on imported consumer and industrial goods, both failing to create domestic employment opportunities and inhibiting domestic entrepreneurship. Notably, most of these activities have been concentrated on the upstream part of the industry whereby crude oil is exported with no transformation or value added. The substantial revenues from the energy sector have not been used sufficiently to develop national infrastructures, or to promote other sectors. However, the country’s large financial reserves leave room both for public investment and fiscal incentives for private initiatives linked to local transformative industries and services. Developing a self-sustaining non-petroleum sector is highly important to the long-term sustainability of the Libyan economy as it will diversify the country’s sources of revenues, create new employment opportunities, and allow Libya to use its natural and competitive advantages to participate more fully in international production networks. The country’s other major industrial products, apart from hydrocarbons, are petrochemicals, aluminium, iron and steel, processed food, textiles, handicrafts, and cement – however, these have not been developed fully.

Much of Libya’s post-independence industrial policy was state-led and aimed at moving away from dependence on foreign ownership or control. There have been attempts to promote Libya’s positioning in the global value chains (GVCs), for example through the promotion of industrial projects creating downstream petrochemical operations, satisfying internal demand for processed petroleum products, and taking advantage of cheap energy to build exportoriented manufacturing capacity. However, these were not completed due to the country’s lack of infrastructure and adequate regulatory environment. The government attempted to develop light processing and a petrochemical industry, with particular priority given to the processing of food products, especially since the 1970s. However, given the high dependence of development expenditure on oil revenues, actual spending often failed to reach planned levels given the fluctuations in oil prices.

Libya’s new political landscape creates opportunities for a renewed drive towards diversification and sophistication of non-oil sectors through greater reliance on the private sector and an enhancement of the relationship between public and private sectors. Some of these opportunities are limited in the short term, given the lack of available expertise and skills, adequate infrastructure, weak regulatory and institutional capacity, and the absence of an overall development framework in the country. The post-revolution Libyan government has highlighted the potential of the industrial sector to bring added value to the economy and contribute to economic diversification. The Libyan Ministry of Industry has announced Libya’s desire to export finished goods rather than raw materials, while recognising that Libya’s diversification also requires the development of human resources, private-sector operations, and infrastructural development. Broader issues of reforming the regulatory and enabling environment for the expansion of non-oil sectors, as well as an increase in the country’s overall economic and political stability, are essential requirements for Libya’s successful positioning in regional and global value chains.

Libya could leverage its other comparative advantages to diversify its economy away from the hydrocarbon sector and link it to GVCs. For instance, given its extensive Mediterranean coastlines and its close proximity to Europe, Libya is well positioned to develop a sophisticated ports and shipping industry which would benefit trade between Africa and Europe, and beyond. Currently, lack of equipment, skills, container handling facilities and deep water quays to accommodate mega-container ships are among some of the major challenges facing the industry.

Unless addressed, these weaknesses will undermine Libya’s competitiveness, with an increasing number of cargoes being shipped to neighbouring countries such as Tunisia. In the area of oil refining, this sector was impacted by UN sanctions, specifically UN Resolution 883 of 11 November 1993, which banned Libya from importing refinery equipment.

Libya is seeking a comprehensive upgrade to its entire refining system, with the aim of increasing output of gasoline and other light products. However, given their strategic significance, these refineries have been targeted by the recent domestic tensions. In November 2013, the government announced plans for building new oil refineries aimed at meeting most of the fuel and other refined goods needs of eastern Libya. Although vulnerable to oil-price fluctuations, a more developed refining industry could increase the value added of Libya’s energy exports, resulting in higher levels of revenues from this sector.

Home to some of the world’s most unique archaeological heritage sites (including five UNESCO World Heritage Sites, three of which are classical ruins), combined with some of the most extensive Mediterranean coastlines, Libya’s tourism industry, which has been hit hard by the recent internal tensions, is a sector with great potential for development, provided the political turmoil subsides and the relevant skills and infrastructure gaps are addressed. In Libya, 88% of the land is desert, offering huge potential for solar-energy generation. The latter would reduce the country’s reliance on oil, allowing for increased non-oil exports. Libya could potentially export part of the clean energy output to the European markets that are under pressure to meet their clean energy targets. Proximity to Europe is a significant comparative advantage in this regard.



Excerpt from Libya Country Note, African Economic Outlook 2014  
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News Releases

News Releases
Released:  06/08/20142014-08-06
Word count:  360

Applications for 2015/2016 Chevening Scholarships in Libya are now open, and will close on 15 November at 23:59 GMT.

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chevening.org

Chevening Scholarships are awarded to talented professionals who are potential future leaders, decision-makers and opinion formers.  The Scholarships not only offer financial support to study for a Master’s degree at the UK’s leading universities, but the opportunity to become part of an influential and highly regarded global network. 

The following awards are available in Libya:

What can I study?

For Chevening Libya Scholarships, we accept applications from a wide range of subject areas, and particularly welcome applications in the following fields:

  • Public administration and public financial management
  • Politics, governance, democracy, human rights and gender
  • Leadership, management and project management
  • Economics, finance, entrepreneurship and business administration  
  • Law

What does a Chevening Scholarship in Libya include?

  • A monthly stipend
  • Travel to and from your country via an approved route
  • An arrival and excess baggage allowance
  • A thesis or dissertation grant
  • The cost of an entry clearance visa
  • Tuition fees up to £12,000 

There is also a global Chevening fee cap of £13,000 for MBA and Masters in Finance.  If the tuition fees of your chosen university course exceed this amount, you will be required to fund the remainder of your tuition fees.

How do I apply?

  1. Please read this important information before you apply.
  2. Follow the instructions on the Apply page to submit your application.

Please note: The availability of English language tests in Libya is limited and test dates are usually oversubscribed, so we strongly encourage all applicants to book the next available test as soon as possible.

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Oil & Gas News

Oil & Gas News
Released:  06/08/20142014-08-06
Word count:  215

WASHINGTON, Aug. 5 (UPI) -- The Libyan government has managed to resolve its oil crisis and all ports are in operation, the Libyan prime minister said from Washington.

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UPI
Libyan Prime Minister Abdullah al-Thinni met with U.S. Secretary of State John Kerry in Washington for the U.S.-Africa Leaders Summit as his administration took steps to end a period of political change. The new parliament met for the first time Monday about 900 miles east of Tripoli, where pro-government forces are battling heavily armed militias.

Thinni said he valued Washington's role in helping bring stability to the region, including a decision to raid a vessel loaded with oil taken from rebel-held territory earlier this year. "As a result, the Libyan government has managed to solve the crisis of the oil," he said in a statement Monday. "We have four oil ports that are able to export oil."

Data provided by the Platts energy news service show oil production from Libya is recovering from the June low of 150,000 barrels per day, but is well short of the 1.5 million bpd produced before the onset of the post-war security crisis in May 2013.

With hundreds of people dead in the latest spate of fighting, Kerry said Libya was in a critical stage of transition.

"Libya's challenges can really only be solved by Libyans themselves, but we are committed to stand by them as they engage in the difficult work of doing so," he said in a statement.
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News Releases

News Releases
Released:  05/08/20142014-08-05
Word count:  61

Gama returns to work on Sirte’s Gulf power station

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Mubasher
In a surprising piece of good news, in view of the fact that most companies and foreign nationals are seeking to leave Libya during the rise of insecurity in Tripoli and Benghazi, Turkish company Gama has returned to work in Sirte.

It is worth mentioning that Turkish government has stopped flights to Libya after latest violent events in the NA country.  
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News Releases

News Releases
Released:  04/08/20142014-08-04
Word count:  1436

Oil prices weakened this week on higher output from the Organization of the Petroleum Exporting Countries (OPEC) and slowing U.S. demand which more than offset worries about the potential impact of new sanctions against Russia and ongoing violence and unrest in the Middle East, Ukraine and Libya.

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Afk insider
The oil market also appeared to ignore positive economic data from the U.S. and China, the world’s biggest oil consumers.

Brent for September delivery on London’s ICE Futures Europe exchange touched a two-week low of $105.47 a barrel on July 31, before settling at $105.92. It had finished last week at $108.40.

The U.S. benchmark West Texas Intermediate (WTI), also for September, slipped below $100 a barrel on July 31 to hit $98, its weakest in four months. U.S. oil had ended the previous day’s session 70 cents down to settle at $100.27 a barrel.

OPEC’s oil production increased in July from the previous month, a Reuters survey indicated on July 30. The report cited a fragile recovery in Libyan output which outweighed lower production in Iraq and Angola.

Supply from OPEC countries averaged 30.06 million barrels a day in July against 29.92 million in June, the report, which draws on shipping data and information from oil companies OPEC and consultants, showed. The June and July output is close to OPEC’s nominal target of 30 million barrels per day.

Libya contributed the lion’s share of the increase for July, according to the survey, with supply increasing to 430,000 barrels per day from 210,000 barrels in June. A Libyan Oil Ministry official was quoted by news wires this week as indicating the country was producing around 500,000 barrels of crude oil a day. The official also said Libya’s oilfields were all secure.

But with the situation in the country continuing to deteriorate amid escalating violence between rival militias around the country’s capital Tripoli and in the eastern town of Benghazi, the extent and sustainability of a production recovery remains uncertain. Oil storage tanks owned by a subsidiary of the state’s National Oil Company near Tripoli airport went on fire after being hit in a rocket attack this week, for example.

The latest economic sanctions imposed on Russia by the U.S. and the EU on July 29 include bans on the export to Russia of exploration and production equipment for the country’s oil industry. But analysts believe Russia’s oil production is unlikely to be impacted in the short term.

Worries about slowing U.S. demand were reinforced amid rising gasoline stocks at a time when the country’s driving season is typically at its peak. The U.S. Energy Information Administration (EIA) in its Weekly Oil Status Report on July 30 showed gasoline inventories climbed 365,000 barrels to 218.2 million, their highest in four months, during the week to July 25.

But on a positive note, the government body reported a 3.7 million barrel decline in the country’s crude inventories last week while stocks at the key Cushing, Oklahoma hub, the delivery point for the WTI, fell 929,000 barrels to 17.9 million. This marked the lowest stocks level at the hub since October 2008.

A plentiful physical supply of crude is weighing on prices, analysts say, but they expect prices are likely to still find support from the ongoing conflicts in Iraq and Libya, among other oil producing countries.

Russian worries keep palladium strong

Palladium reached an intraday high of $899.90 an ounces, the highest level since February 2001, on July 29, before settling at $880 as investors fretted that Russia could retaliate against the fresh U.S. and EU sanctions by restricting its palladium exports.

Russia is the biggest producer of the precious metal and is expected to produce 39 percent of global supply this year.

The palladium market already is expected to see a record global supply deficit this calendar year. In its most recent supply forecast report, London group Johnson Matthey, for instance, projected a 1.6 million ounce global deficit for palladium.

Sister metal platinum was weaker at midweek, with October futures on Nymex settling at $1,481.90 an ounce. In early July, the precious metal had traded at a 10-month high of some $1,515 an ounce. But supply concerns and strong demand from the automotive sector continue to underpin the precious metal.

Meanwhile, gold continues to weaken. The precious metal found some safe-haven support early in the week amid the escalating conflict in Gaza. December gold had pushed back above the key $1,300 an ounce level on July 28 to settle at $1,303.30 a troy ounce on the Comex division of the Nymex.

But this wasn’t to last, as positive economic data and a resulting firmer U.S. dollar took its toll on sentiment. In addition, the U.S. Federal Reserve, as expected, on July 30 cut its monthly bond purchases by a further $10 billion to $25 billion and left interest rates unchanged.

December gold on Comex slipped to a five-week low of $1,286 an ounce in early trading on Comex on July 31, having settled the previous day’s session at $1,296.90 an ounce.

Cotton futures dive, arabica at two-month high

Among soft commodities, cotton prices continue to fall, with the most active contract on New York’s ICE Futures U.S. exchange closing at a new contract low of 64 cents a pound on July 30 and only marginally above a five-year low.

December cotton had finished last week at 65.4 cents, some 12 per cent down on June, making the fiber one of the worst performers among agricultural commodities in recent months.

The prospect of a further supply surplus in 2014-2015 is weighing heavily on prices. The U.S., the world’s biggest exporter, is expected to produce a bumper crop in the 2014-2015 season that starts Aug. 1.

The U.S. Department of Agriculture (USDA) in its July World Agricultural Supply and Demand Estimates Report (Wasde) raised its expectation of the U.S.’ 2014-2015 crop from 15.0 million 480-pound bales in June to 16.5 million bales.

This will be the country’s biggest cotton crop since 2012-2013. Protracted drought has taken its toll on output particularly in the biggest growing state of Texas in the past couple of years.

At the same time, global demand is expected to be lower in 2014-2015, particularly with top importer China moving to end its cotton stockpiling program and replace it with direct subsidies to farmers. The USDA is now forecasting global cotton stocks to reach a record 105.7 million bales at the end of 2014-2015.

Arabica coffee continues to be supported by adverse crop news coming out of top exporting country Brazil. This week saw another industry forecast downgrading output in the current season. Worries are also increasing over the 2015 crop.

The benchmark September arabica contract on ICE Futures U.S. surged 2.3 percent to settle at a two-month high of $1.8660 a pound on July 30 before closing 1.8 cents up on the day at $1.8250 a pound. The benchmark arabica contract had hit a five-month low of $1.5925 a pound on July 15, ironically amid easing worries over drought damage.

Over the past couple of weeks, however, several industry forecasts have re-ignited concern that crop losses could be at the top end of the initial forecasts circulating in April, which had pushed arabica to more than $2 a pound.

Brazilian coffee exporter Terra Forte on July 30 estimated the 2014-2015 crop at 45.8 million 60-kg bags, down 1.6 million bags from its February forecast, citing drought losses. The exporter also warned on next year’s crop, noting a continued risk of premature flowering.

Robusta coffee on London’s NYSE Liffe exchange at midweek was little changed on last week’s close with the September contract settling at $2,037 a tonne on July 30. It had finished at $2,032 on July 25.

Cocoa futures in London and New York, meanwhile, remain supported by expectations of forthcoming industry buying amid reducing industry stocks. The benchmark September contract on New York’s ICE Futures touched a session high of $3,214 a tonne on July 20 before settling at $3,205.

Late last week, ICE September cocoa had hit a three-year peak of $3,324 a tonne. On London’s NYSE Liffe, the second-month cocoa contract (December) climbed as high as £1,982 a tonne at midweek before settling at £1,978. The spot cocoa contract (September) on Liffe touched a high of £2,020 a tonne on July 31, after hitting £2,000 for the first time since July 2011 on July 24.

The strong price support comes despite a favorable near-term supply outlook. Increasingly, now more market players and analysts are forecasting a small surplus in world cocoa supply this season (Oct. 1, 2013-Sept. 30, 2014).

Previously a small global deficit had been widely expected in 2013-2014. The about-turn follows good rains in West Africa which have boosted output of the region’s mid-crop harvest which typically runs April through September.

ICE raw sugar futures, meanwhile, sank lower, with the benchmark September contract touching 16.42 cents a pound on July 31, its weakest since February.

While care has been taken to ensure that the information contained in this report is accurate, it is supplied without guarantee. The author can accept no responsibility for any errors or any consequence arising from the information provided.
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Oil & Gas News

Oil & Gas News
Released:  01/08/20142014-08-01
Word count:  755

Foreign oil companies are keeping an open mind on Libya despite the country’s domestic turmoil. Delegates at the recent 3rd New Libya Oil & Gas Forum in London organized by International Research Networks included representatives from ExxonMobil, Hess, Occidental, Petrobras, Shell and Total. Some of these companies were in the early phase of Libyan deepwater exploration prior to the fall of the Gaddafi regime.

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Offshore-mag
In his keynote speech Eng. Mustafa Sanallah, the new chairman of Libya’s National Oil Corp. (NOC), outlined some of the government’s priorities. These include increasing production and enhanced oil recovery, and ensuring the security of project personnel. In addition, NOC is working with the government to establish a new petroleum law, due to be implemented early next year, which should form the basis for new E&P contracts.

Most of the country’s offshore discoveries have come from the Pelagic Shelf basin off northwest Libya, where all current offshore production is centered. In the C137 block Tripoli-based Mabruk Oil Operations operates Al Jurf, one of two large producing offshore oilfields in this region, on behalf of Total, NOC and Wintershall. Al Jurf has been developed via a fixed drilling and production platform in 87 m (285 ft) of water linked to the FPSO Farwah. The current production-sharing agreement is thought to be in force until April 2017. To date production has not been affected by the unrest onshore.

Mabruk’s chairman Elfeturi Belhaj said the Sirte basin in east-central Libya – the country’s largest and most prolific basin onshore – also extends offshore, while the Cyrenaica region to the east too has offshore potential.

Among the country’s more recent offshore discoveries was Hess’ Arous Al-Bahar gas-condensate find in 2008, drilled in 2,807 ft (9,209 ft) of water in Sirte basin Area 54, 35 mi (56 km) offshore. The following year ExxonMobil drilled its first Libyan deepwater exploration well in Contract Area 20 in the Sirte basin, northeast of Misrata. At that point the company had also acquired 2D and 3D seismic surveys over offshore Contract Areas 20, 21 and 44. Belhaj added that among the country’s frontier marine seismic campaigns in recent years, Azimuth had acquired 3D seismic using PGS’ low noise Geostreamer technology. Others have applied electromagnetic techniques for prospect definition offshore.

In late-May Houston-based ION Geophysical announced LibyaSPAN, a 2D multi-client survey due to be acquired in phases starting in mid-2014. The first will target more than 7,700 km (4,784 mi) of new long-offset seismic data covering Libya’s entire offshore area, with the resultant deep imaging designed to improve understanding of new exploration plays ahead of the country’s future licensing rounds. ION will manage the program with North Africa Geophysical Exploration Company (Nageco), supported by NOC. Belhaj said that to reinvigorate exploration, the government needed to make available more acreage and that license terms should be more attractive to international oil companies (IOCs). “This may mean renegotiating old acreage held by IOCs for release,” he suggested, adding that different models should apply for onshore and offshore licenses. He also called for action to speed up access to Libyan E&P data David Bootle, a British consultant geologist, said that the Gulf of Sirte could hold “tremendous potential,” although there is insufficient data at present to build a meaningful overall picture of the multiple petroleum systems. Of the few wells drilled to date, one operated by Agip tested oil in Aptian and Jurassic carbonates, while gas has been proven in mid-Cretaceous, transgressive sandstone.

Following the rapprochement between the West and the Gaddafi regime in the mid-2000s, BP entered an exploration and production-sharing agreement with NOC that included a large offshore block in the Sirte basin that extends out to water depths beyond 2,000 m (6,561 ft). The company is thought to have acquired one of its largest continuous seismic surveys anywhere over the offshore area in order to fully assess prospectivity.

Analysis to date suggests that the offshore Sirte basin was formed by Early Cretaceous rift elements, with continued structural rifting from the onshore into the offshore. BP is understood to have identified three potential plays: a carbonate play on the flanks, apparently charged from late Cretaceous source rocks downwards; an early Cretaceous clastics play in the central offshore area, charged from Albian-Cenomanian source rocks downwards; and an older rift system, particularly in the eastern offshore.

Most of the world’s deepwater carbonate discoveries to date have come in the presalt regions offshore Brazil and on the conjugal margin off Angola – BP has participated in a recent discovery here. The company has established a carbonates center at its R&D complex in Sunbury, UK, which is examining available data from other fields throughout the world, some of which could be analogous to structures in the Sirte offshore.

Last winter Gardline Surveys conducted a multi-purpose campaign in the Sirte offshore that included collecting metocean data for riser analysis and rig operability ahead of deepwater drilling. The program, when it happens, will likely require a sixth-generation rig.
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Oil & Gas News

Oil & Gas News
Released:  31/07/20142014-07-31
Word count:  409

LONDON, July 30 (Reuters) - OPEC's oil production rose in July from June, a Reuters survey found on Wednesday, as a fragile recovery in Libyan supply outweighed fighting in Iraq and reduced output from Angola.

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Reuters
Despite the increase, unrest in Africa and the Middle East is still weighing on supply. That could hinder OPEC's ability to boost output later in the year, when the International Energy Agency expects demand for OPEC crude to rise.

Supply from the Organization of the Petroleum Exporting Countries has averaged 30.06 million barrels per day (bpd) in July, up from 29.92 million bpd in June, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.

This puts OPEC's output close to the group's nominal target of 30 million bpd. Outages in the group, such as in Iraq and Libya, are effectively helping OPEC to balance the market, rather than voluntary cutbacks, say analysts.

"OPEC seems to be in control of its production at the moment, probably due to the external events," said Eugen Weinberg, commodities analyst at Commerzbank in Frankfurt.

The 12-member OPEC pumps a third of the world's oil. In July, the largest increase has come from Libya, where supply rose by 210,000 bpd to 430,000 bpd, the survey found.

Still, a reversal of the rising production trend in the last few days, as well as battles between rival militias in the capital Tripoli and fighting in Benghazi, Libya's second city, put the extent of the recovery in doubt.

"The problem with Libyan production is it is one step forward, one step back. The situation is quite unstable," Commerzbank's Weinberg said.

Top exporter Saudi Arabia raised supply modestly, in part because of a greater need for crude in domestic power plants, industry sources said. Some sources said exports had increased. Nigerian output also edged higher in July, according to export schedules and crude buyers. Of the countries with falling output, Iraq's supply declined by 70,000 bpd, as domestic crude use fell because of the closure of the Baiji refinery, which was attacked by militants in June.

Supply of Iraqi crude to world markets increased as exports from Iraq's southern terminals rose to more than 2.5 million bpd from 2.42 million bpd in June, when technical issues slowed down shipments, according to shipping data. Total estimated Iraqi production in June was revised higher to 3.15 million bpd because production in Iraq's Kurdistan region was higher than previously thought.

Iranian output slipped in July, the survey found, reflecting a lower export schedule for the month. Exports had been rising since late 2013 following a softening of Western sanctions on Iran over its nuclear work.

(Reporting by Alex Lawler; editing by Keiron Henderson)
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Contract News

Contract News Business News
Released:  30/07/20142014-07-30
Word count:  1086

APR Energy plc (LSE: APR) (the "Group"), a global leader in fast-track power solutions, announces its Interim Management Statement to 29 July 2014, including its three-month trading period, which ended on 30 June 2014.

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APR Energy

• Strong financial and operational performance with Q2 revenue of US$134m, up 203% compared to the equivalent period last year
• Contract renewals of 253MW during quarter, including first 100MW tranche of Uruguay mobile gas turbine contract, aligning renewal dates with the remaining 200MW
• Successful commissioning of mobile gas turbine power plants in Angola and the South Pacific, and the natural gas power module power plant in Myanmar
• Utilisation remains high at 70% across the fleet as at 30 June 2014, reflecting fleet expansion of 37% to 2,194MW compared to same period in 2013
• Net debt as at 30 June 2014 of $518 million, reflecting a leverage ratio comfortably within financial covenants
• Post period, awarded extension of the Libyan 450MW contract, through first quarter 2015, on similar terms to the original contract
John Campion, Chief Executive Officer, said: “The Group has continued to perform well, delivering strong financial and operational results for the quarter. Renewals have been a major focus for us and continue to be a highly critical and strategic part of our business. With a sustained renewal rate in excess of 80%, our efforts are paying off and reflect the inherent longevity of our service. This can clearly be seen in the extension of the full 450MW contract in Libya, as well as in the extension of the first 100MW tranche of the Uruguay contract. These reflect the strong long-term relationships we have built with these customers and their preference for mobile gas turbines to deliver large-scale, semi-permanent power.”
Trading
Year to date, APR Energy has signed 142MW of new contracts, together with contract extensions of 1,063MW, representing a contract renewal rate exceeding 80%. This includes the renewal of the first 100MW tranche of the 300MW Uruguay mobile gas turbine contract. Extended until late 2014, the tranche is now aligned with the renewal dates of the remaining 200MW of the contract. Other renewals during the quarter include contracts in Indonesia and Senegal. Post period, the Ministry of Electricity and GECOL have awarded APR Energy an addendum to the 450MW Libyan contract, comprising both the 250MW mobile gas turbine project and the 200MW diesel power module project, extending through first quarter 2015.
At the end of the quarter, the Group commenced demobilisation of its 95MW mobile gas turbine contract in Bangladesh, freeing the units for placement into higher-value contracts.
As at 30 June 2014, total fleet capacity increased 6% to 2,194MW (31 March 2014: 2,074MW), providing the Group with capacity needed to position itself for new large-scale opportunities.
Group revenue for the quarter ending 30 June 2014 was $134 million, up 203% over the equivalent period last year (Q2 2013: $44 million).
Operations
The Group successfully commissioned three power plants during the quarter. APR Energy’s 82MW gas power module plant in Myanmar commenced operations in May, while the new 40MW mobile gas turbine plant in Angola and the 60MW mobile turbine plant in the South Pacific both commenced operations during June.
Average utilisation across the first half remained strong at 77%, with quarter end utilisation of 70%. This reflects the timing of the demobilisation of the Bangladesh contract, fleet expansion during the period and the termination of the original Australian contract with Forge, which is now being negotiated directly with the Australian utility.
Financial position
The Company reduced its gross debt by $23 million over the quarter (excluding capitalised finance costs), ending Q2 2014 at $570 million (31 March 2014: $593 million). Cash on the balance sheet as of 30 June 2014 was $52 million (31 March 2014: $78 million), resulting in net debt of $518 million (31 March 2014: $515 million), comfortably within financial covenants.
The Group’s refinancing strategy is well advanced, with active discussions ongoing with its existing relationship banks. The Group expects to execute this financing during the third quarter.
Outlook
The extension of the full 450MW Libyan contract through the first quarter 2015, together with the first 100MW tranche in Uruguay, positions us well to meeting our objectives for the year. Our expanded fleet provides us with a solid foundation to grow and will enable us to capture new large-scale power project opportunities in the pipeline. The Group’s partnership with GE continues to mature, and will further enhance our ability to execute our turbine strategy in our chosen markets.
We continue to see attractive opportunities in each of our key markets, particularly for mobile gas turbines. Our pipeline remains strong, and we are actively focused on securing a number of longer-term, larger-scale power projects in the Americas, Africa and Asia Pacific. The fundamental need for power in many of our key markets remains very high and continues to grow more acute with limited generation alternatives available. The strong presence and track record we have achieved in regions such as South East Asia and Sub-Saharan Africa position us well with a platform for further expansion with new and existing customers.
Conference call details
A conference call for investors and analysts will take place today at 1pm UK time / 8am EST. To join the call please dial 0808 237 0030 (UK only), 1 866 928 7517 (US) or +44 20 3139 4830, participant code 84686955#.
For audio playback please dial 0808 237 0026 (UK only) or +44 20 3426 2807, playback reference 649729#.
Enquiries:
APR Energy plc
Karen Menzel +44 (0) 777 590 6076
Capital MSL
Richard Campbell +44 (0) 20 3219 8800 / +44 (0) 7775 784 933
Richard Gotla +44 (0) 20 3219 8819 / +44 (0) 7904 122 207
About APR Energy
APR Energy is the world’s leading fast-track mobile turbine power business. We provide large-scale, fast-track power, providing customers with rapid access to reliable electricity when and where they need it. APR combines state-of-the-art, fuel-efficient technology with industry-leading expertise to provide turnkey power plants that are rapidly deployed, customisable and scalable. Serving both utility and industrial segments, APR Energy provides power generation solutions to customers and communities around the world, with an emphasis on Africa, the Americas, Asia-Pacific and the Middle East. For more information, visit the Company’s website at www.aprenergy.com.
Certain statements included in this announcement constitute, or may constitute, forward-looking statements. Any statement in this announcement that is not a statement of historical fact (including, without limitation, statements regarding the Company's future expectations, operations, financial performance, financial condition and business) is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. Although any such forward-looking statements reflect knowledge and information available at the date of this announcement, reliance should not be placed on them. Without limitation to the foregoing, nothing in this announcement should be construed as a profit forecast.

Comments:

Oil & Gas News

Oil & Gas News
Released:  30/07/20142014-07-30
Word count:  314

Libya has exported two low sulfur straight run fuel oil cargoes from Zawiya, sources said Tuesday.

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Platts
There were reports that BP and Vitol had each taken a cargo of LSSR from Zawiya, according to sources.

BP confirmed that it had loaded its cargo on the Mare Atlantic panamax. Vitol was unavailable to comment on reports that it had loaded LSSR on the Minerva Vaso panamax, which according to Platts C-Flow ship tracking software, was now heading to the US. "Yes, we saw the exports but the quality was not normal grade, sulfur is in the 1.4-1.5% range. I heard BP took his to storage in NWE as there's no buying interest and Vitol offered their cargo into the US with similar lack of interest," a source said.

Other sources said the sulfur content of the cargoes was slightly lower at 1.1%.

Earlier in the month, Libya exported two cargoes of medium sulfur straight run fuel oil from Zawiya, with up to 1.7% sulfur content, according to sources.

Sources said Libya had in the past exported about eight cargoes a month of straight run fuel oil, but far less during the recent protests.

The 340,000 b/d Sharara field, the usual supply source for the Zawiya refinery, resumed production in early July, allowing production to ramp up at the 120,000 b/d Zawiya refinery which is now reported to be operating at full capacity.

Sharara, like much of the country's land-based crude supply, is light and sweet.

But throughout much of the country's recent turmoil, the Zawiya plant used non-Sharara crudes from Marsa el-Brega, Marsa el-Hariga and, beginning in June, the nearby Mellitah terminal.

The refinery also took one cargo of heavier crude from the off-shore terminals of Bori and al Jurf in early June after Marsa al-Hariga was briefly closed by renewed protest, prompting a temporary shift to a heavier crude slate, sources said.

--Marko Trtica, marko.trtica@platts.com

--Paula Vanlaningham, paula.vanlaningham@platts.com

--Edited by Jeremy Lovell, jeremy.lovell@platts.com
Comments:

Oil & Gas News

Oil & Gas News
Released:  29/07/20142014-07-29
Word count:  636

West Texas Intermediate and Brent crudes dropped as the flow of oil from the Middle East was unaffected by the surge in violence in Libya and Iraq.

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Bloomberg
Crude in New York slipped for the fourth time in five days after clashes between militias in Tripoli didn’t spread to oil-export terminals. The conflict in Iraq spared the country’s main oil-producing region. WTI slid last week after government data showed that gasoline stockpiles rose to a four-month high as demand declined.

“The battles in Libya and the rebellion in Iraq haven’t had an impact on oil shipments,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “This is the status quo these days. There’s also lackluster demand, which is adding to the downward pressure.”

WTI for September delivery dropped 42 cents, or 0.4 percent, to settle at $101.67 a barrel on the New York Mercantile Exchange. It was the lowest settlement since July 16. The volume of all futures traded was 16 percent below the 100-day average for the time of day.

Brent for September settlement dropped 82 cents, or 0.8 percent, to end the session at $107.57 a barrel on the London-based ICE Futures Europe exchange. Volume was 38 percent lower than the 100-day average. The European benchmark crude closed at a $5.90 premium to WTI, down from $6.30 on July 25. Iraq, Libya

Attackers fired at a U.K. diplomatic convoy in Libya a day after the U.S. State Department evacuated its embassy. Libya pumped 500,000 barrels of crude a day on July 24, according to the state-run National Oil Corp. The country produced 300,000 barrels a day in June, according to Bloomberg estimates. In Iraq, OPEC’s second-largest producer, fighting remains concentrated in the north, where militants from a breakaway al-Qaeda group known as the Islamic State captured the city of Mosul last month. The conflict hasn’t spread to the south, the source of more than three-quarters of the country’s oil output.

International pressure mounted on Israel to end its three-week offensive in the Hamas-controlled Gaza Strip, with President Barack Obama and the United Nations Security Council demanding an immediate truce. The conflict is the third major military showdown between the sides in less than six years. It has already claimed the lives of more than 1,000 Palestinians, 45 Israelis and a Thai worker in Israel.

Economic Data

Brent futures climbed on July 25 because of rising tension between Ukraine and Russia, the world’s biggest energy-exporting country. Fighting near the Malaysian Air crash site in east Ukraine again prevented Dutch and Australian investigators from reaching the area as Chancellor Angela Merkel said Europe must agree to new Russia sanctions by tomorrow.

“We’re still looking at a powder keg in Ukraine and if there’s a major escalation we’ll see the geopolitical risk premium rush back into the market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.

The U.S. Commerce Department is scheduled to report the nation’s gross domestic product for the second quarter on July 30, while the Labor Department will publish monthly data on non-farm payrolls on Aug. 1. The Federal Reserve is scheduled to review monetary policy at a two-day meeting starting tomorrow.

The U.S. will account for about 21 percent of global oil consumption this year, almost double that of China, estimates from the International Energy Agency in Paris show. “The fundamentals are putting a little pressure on the market,” McGillian said. “We have ample supplies and limited demand.”

Gasoline for August delivery dropped 1.61 cents, or 0.6 percent, to settle at $2.8492 a gallon on the Nymex. Diesel for August delivery declined 2.78 cents, or 1 percent, to $2.8879.

U.S. gasoline pump prices fell 0.4 cent to $3.523 a gallon yesterday, the lowest level since March 21, according to AAA, the largest U.S. motoring group.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Richard Stubbe, Charlotte Porter  
Comments:

Oil & Gas News

Oil & Gas News Business News
Released:  28/07/20142014-07-28
Word count:  124

Brega port to restart crude shipments

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Mubasher
Libya's Eastern port of Brega is set to restart crude exports after a tanker arrived Thursday, the port said, as the North African country ramps up exports despite escalating violence in the capital, The Wall Street Journal reported.

The Overseas Fran tanker arrived in Brega to load 750,000 barrels of crude which will be delivered to the Italian port of Genoa, the oil port said on its Facebook page. Shipping tracking website Marinetraffic.com confirmed the Overseas Fran was due to arrive Thursday in Brega.

The news come after an agreement between the government and striking guards over wages paved the way for the port reopening Tuesday. There hasn't been any crude-oil tanker leaving the port since late June, according to shipping-tracking website FleetMon.com.
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News Releases

News Releases

Eid Mubarak - تهنئ اسرة الموقع زوارنا الكرام بعيد الفطر المبارك , اعاده الله بالخير و البركات .

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LBTV Team
*
Comments:

Construction News

Construction News Business News

Tuscor Lloyds has just completed the transportation of some heavy equipment needed for the construction industry in Libya. The cargo involved 4 pieces making up an Asphalt Plant and Scalping Screen which together weighed more than 80 tons.

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Tuscor Lloyds
Tuscor Lloyds took over management of this cargo once the equipment had been delivered to the Port of Veracruz in Mexico (the delicate equipment had been built around specially manufactured trailer chassis. Due to the delicate nature of the cargo they could not be top lifted by conventional cranes and could only be lashed to the shipment from dedicated points on each chassis.) The cargo was delivered to the port of loading Veracruz in Mexico and was transported as RO-RO cargo and was loaded / unloaded to the vessels using truck / tractor units.

Once the RORO cargo was loaded to the vessel each unit was securely lashed to the vessel hold using heavy duty ratchet straps which would keep the cargo completely fixed during the sea transportation between ports.

This heavy equipment shipment was trans-shipped from the Port of Veracruz to the Port or Antwerp, Belgium where it was loaded and lashed to another vessel for the final journey to the port of Misurata, Libya.

Tuscor Lloyds experienced project management in Mexico and the United Kingdom handled this RORO project cargo every step of the way and the equipment arrived safely at the port of Misurata where it was unloaded from the vessel and released to the local handlers who transported the cargo by road to its final delivery point.
Comments:

Dear Sir/Ma,

Financial Instrument for Lease and Sales

I represent a financial institution that provide financial instrument basically for lease or sale. We adhere to a prompt and quick delivery of any financial instrument for your choice instruments, BANK GUARANTEE MT760,SBLC MT760,MT103 Financial upon your interest indication. We have the below instrument for lease or for sale. we can also provide instruments below the stated amounts.

1) BANK GUARANTEE (BG) issued by UBS AG Switzerland with face value of 30 billion Euros. 2) STANDBY LETTER OF CREDIT issued by INDUSTRIAL AND COMMERCIAL BANK OF CHINA with face value of SBLC 50 Billion USD. 3) STANDBY LETTER OF CREDIT issued by BNP PARIBAS FRANCE, BARCLAY'S BANK PLC, HSBC BANK PLC,DEUTCHE AG AND JP MORGAN CHASE BANK with face value of SBLC 40 Billion USD.

The above instruments are ready for outright lease out or sell off.So the leasing fee for any of the instrument is outright 5% and commission agents gets 2% While for an outright purchase of any of the above instrument is from 43% to 45% and the commission agents remains 2% Therefore, the attorney has resolved to offer you 2% as agent commission for any client that purchases or leases from your side. So therefore,you should source for urgent and potential clients that will need financial instruments of the three (3) above categories i.e MT760 BG . MT760 SBLC and MT103 2ways.. Futher information's will be divulged upon your reply.

Thank you. Mr.Kevin smith Financial Consultant Company Name :kevin smith London - United Kingdom Email: ks679938@gmail.com

BG/SBLC
9 months ago

Business News

Business News
Released:  25/07/20142014-07-25
Word count:  34

Libyan dinar drops again against USD, Sterling

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Mubasher
Libyan dinar (LYD) fell again against the British and US currencies, while it rallied against the European single currency (Euro).

Sterling hit 2.1442 LYD and US dollar reached to 1.2561 LYD, while Euro declined to 1.6912 LYD.
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Oil & Gas News

Oil & Gas News
Released:  25/07/20142014-07-25
Word count:  57

Oil output up to 500,000 bpd

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Reuters
A spokesman for the state-run National Oil Corporation said on Thursday production had risen to 500,000 bpd, but he said there was still no progress on reopening the Brega oil port after a deal with protesters to end a blockade there.

Reopening Brega would help increase crude output by bringing the stalled Sirte oil operations back into production.
Comments:

News Releases

News Releases
Released:  25/07/20142014-07-25
Word count:  594

Mellitah Oil & Gas -Tender No 764 -Offshore Bouri Field (DP3) Platform Kitchen Revamping.

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NOC

Mellitah Oil &Gas Company,intends to issue the below tender and wish to invite for pre-qualification interested, experienced and reputable Companies specialized in providing similar services stated below to submit including all requirements for inclusion in the bidders list to be  invited to participate in the following tender:

Tender Number  764

Offshore Bouri Field (DP3) Platform Kitchen Revamping.

Scope of Work

Mellitah Oil & Gas B.V. (Oil Division) intends to rehabilitate and refurbish the existing Kitchen with the following work to be carried-out:

  • Replacement of all Kitchen Equipments and Furniture.
  • Replacement of the entire Kitchen   Finishes (Floors, Walls, and ceiling system.
  • Replacement of Kitchen drainage system, water system, air supply and Ventilation system.
  • Upgrading of electrical systems.

QUALIFICATION REQUIREMENTS

 

Interested companies for the above tender must satisfy the stipulated requirements and submit by English language  the required information below. Failure to submit any of the under listed documents will render automatic disqualification:

  1. Letter on Company's letterhead Addressedto the "Contract Department Manager"

(Oil Division)

Stating expression of interest on the respective tender.

  1. Valid copy of Company Registration in Libya, if already registered, or details of Branch Office, Representative or Agent in Libya and Tax department declaration.
  2. Lists of completed and on-going projects shall be supported by clients duly signed “acceptance completion certificate likewise on-going projects shall be supported with any documents from clients certifying of contracts award and any additional information that will enhance the potential of the applicant /consortium.
  3. Submission of Financial Status document of the Company turnover for the last 3 years and confirmed by third auditing firm.
  4. Lists of owned resources (i.e. .offices, warehouses, manpower, organization chart, equipment, tools and others).
  5. HSE Procedures &Risk Management (with Certification from international authority body).
  6. Two copies of the Prequalification Documents containing the above stated requirements shall be submitted in envelopes and marked:

Tender Number  764

Offshore Bouri Field (DP3) Platform Kitchen Revamping.

Addressed to the " Contracts Department Manager")Oil Division)

  to the following address:

Mellitah Oil & Gas Company

Dahra Kebira Street, P.O. Box 346,

Tripoli-Libya

The prequalification documents shall be submitted at 12amon4/8/2014

Company has the right to exclude any file does not meet the above stipulated requirements.

Important Notes:

  1. The pre‑qualification request is not an invitation to tender. Company is neither committed nor obligated to undertake the work described above or to issue any call for tender or to include any respondent to this invitation or other company on any Bidders List or to award any form of contract.
  2. The Invitation to Tender (ITT) and full ITT Package will only be issued to qualified companies that have been pre-qualified.
  3. Company will not be responsible for whatsoever costs incurred for preparation and submission presented in response to this notice.
  4. Company shall deal only with authorized officers of the bidding companies and not through individuals or agents.
    1. Company shall not consider any pre-qualification request all the Conditions been provided as resolution 207),2012) from the economic minister.
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Find out what contracts are on offer in Libya
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