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

View Videos sort by date sort by channel
Page

Business News

Business News

Brega Petroleum Marketing Co. Announcing Pre- qualification forPreparetion of pre-Engineering studies, scope of work, cost estimation and ITB for the of installation of (SPM) project for Janzur Coastal Depot .

Play
NOC

Brega Petroleum Marketing Co. Announcing Pre- qualification forPreparetion of pre-Engineering studies, scope of work, cost estimation and ITB for the of installation of (SPM)  project for Janzur Coastal Depot .

The main items for the required workare summarized asfollows:

 

A -Conducting the (EIA) environmental impact Assessment  of

  the project.

 

B - Preparing the FEED design, engineering drawing,  detailed

      scope of work and complete ITB for the EPIC (Engineering,

      Procurement, installation and commissioning of the project.

 

C – Preparing Bill of quantities, cost estimation time scheduling

   of the project .

 

D- Participating in the technical evaluation stage of the bidders,

      answering queries and follow-up of execution of the project).

 

So Companies possessing relevant experience, and has technical and financial capabilities are invited to express their interest in participation to execute this project, to submit their files for Pre-Qualification according to the following terms and conditions:

 

1.Fillthe PQQavailable via  WWW.BREGA.LY/APP_FORM.XLSX and return via e-mail HIGHERTENDERS@BREGA.LY also hard copy of PQQDocument to be enclosed with the company’s file.

2. Provide organisation's articles of incorporationa cover letter expressing of interest to participate in the tender, its chart, official evidence attesting registration at the commerce registration office, valid business license , valid tax clearance certificate.

3.Provide the financial status for the last) 3(years (20112-213-2014) authenticated by legal auditor.

4.Provide your previous experience of similar scope of work.

5. Provide list of technical crew and company’s equipment.

6. Full address of company headquarter and its branches, telephone, fax numbers, email & website address.

 

  • Important Notes:

 

  • Only officially assigned representative will be dealt with.
  • Documents shall be submitted to the Secretary of the High Tenders Committee in a sealed envelope addressed to Brega Petroleum Marketing Co. High Tenders Committee office, located at Tripoli International Airport Road, Brega’s Finance department building, Tripoli, near Tripoli Oil Terminal .
  • The invitation to tender and handing over specification and general terms & conditions documents only to companies that found qualified by pre-qualification evaluation final result.
  • The closing date for submission of documents is on Monday        12/ 10 / 2015.
  • Any file is not included the required documents will be rejected.

 

For any quarries please contact High Tenders Committee:

 

Tel. 021 362 0110       - fax  :0213619870      -Email: highertenders@brega.ly 

Comments:

News Releases

News Releases
Released:  09/10/20152015-10-09
Word count:  130

TRIPOLI, Oct 8 (Reuters) - Libya's total oil production is now running at more than 400,000 barrels per day, the spokesman for state-run National Oil Corporation in Tripoli said on Thursday.

Play
Yahoo news
The North African state's petroleum sector has been battered by strikes, protests and fighting between rival factions since the 2011 revolution ousted Muammar Gaddafi. Before the strongman's fall, Libya produced about 1.6 million bpd.

Oil production at Libya's Arabian Gulf Oil Co (AGOCO) is 250,000 barrels per day (bpd) and the al-Majida oilfield has reopened after a five-month closure due to worker protests, with output at about 5,000 bpd, an AGOCO official said on Thursday.

Al-Majida and Nafoura oilfield are feeding into Zueitina oil port.

The country's two main oil ports, Es Sider and Ras Lanuf, have been closed since December after fighting between rival armed factions each allied with one of the two competing governments in the country.

(Reporting by Ahmed Elumami and Ayman Al-Warfalli; writing by Patrick Markey; editing by David Clarke)
Comments:

Oil & Gas News

Oil & Gas News
Released:  09/10/20152015-10-09
Word count:  293

Crude futures rose in early Asian trade, with U.S. oil climbing above $50 a barrel, after an influential forecaster predicted that a market rally was not far off and U.S. Federal Reserve minutes suggested there was no hurry to raise rates.

Play
Reuters
The gains added to a surge in prices on Thursday, with Brent crude, the global benchmark, on track for a near 12-percent advance this week, the biggest weekly rise since early 2009.

Brent was up 82 cents at $53.87 a barrel at 0459 GMT. The contract rose $1.72 to close at $53.05 a barrel on Thursday. U.S. crude was $1 higher at $50.43 a barrel, after climbing 3.4 percent to close at $49.43 a barrel. The contract rose as far as $50.49, the highest since July 22.

"The price is really testing both the 100-day and 200-day moving averages," said Mark Pervan, senior commodity strategist at ANZ in Melbourne.

"The next level is ... nearly $51, so I think you might see a bit of technical trading here to see if they can push through that resistance level," he said, adding that resistance could be strong.

He also noted that seasonal demand was starting to pick up.

U.S. crude is heading for a gain of near 11 percent this week, its biggest weekly increase since August.

PIRA Energy Group, a closely watched forecaster that predicted the slump in oil prices a year ago, said on Thursday it expected crude prices to rise to $70 per barrel by the end of 2016 and $75 a barrel in 2017.

Also supporting prices was the release of the Fed minutes, which showed that policymakers are concerned that the global economic slowdown may affect the outlook for the U.S.

This led investors to further pare bets that the Fed is likely to raise rates later rather than sooner.

Gains in Chinese equities on Thursday, opening after a week long National Day holiday, added to the bullish tone, while Russia's military involvement in Syria has brought a geopolitical risk premium into the market.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Joseph Radford)
Comments:

News Releases

News Releases
Released:  09/10/20152015-10-09
Word count:  274

Libya’s crude export capacity increased as Zueitina, an oil port in the eastern region, resumed loadings after a five-month halt due to protests, a workers union said.

Play
Bloomberg
Zueitina began Thursday loading 600,000 barrels of crude on the Sea Faith tanker, the port’s workers union president, Ramadan Lefkaih, said by phone. The shipment, bound for Italy, is the first since May, when protesters seeking jobs at state-run National Oil Corp. shut the pipeline that supplies Zueitina with crude. The protesters agreed to reopen the export route after being promised jobs, Lefkaih said.

Zueitina receives crude from fields including the NOC-operated Nafoora, Wintershall AG’s concession C96, also known as As-Sarah, and Amal, operated by Harouge Oil Operations. It has 2 million barrels in storage and its current supply rate from the fields stands at 30,000 barrels a day, said Lefkaih. It has an installed export capacity of 70,000 barrels a day, according to the oil ministry.

Kassel, Germany-based Wintershall on Oct. 2 said it was pumping batches of stored crude from tanks in C96 to Zueitina as stable pumping depended on other producers using the same pipeline. C96 was exporting as much as 35,000 barrels a day through Zueitina before the pipeline closed on May 5.

Libya, with Africa’s biggest oil reserves, pumped about 1.6 million barrels a day of crude before the 2011 rebellion that ended Muammar Qaddafi’s 42-year rule. Political infighting and workers protests curtailed production to 350,000 barrels a day in September, data compiled by Bloomberg show.

The United Nations on Wednesday expressed hope that rival administrations established in 2014 in eastern and western Libya will be able to form a unity government on Thursday, a development that would eventually facilitate the resumption of exports from oil ports that remain closed, including Es Sider, the nation’s largest. UN-sponsored peace talks are under way in Skhirat, Morocco.
Comments:

News Releases

News Releases
Released:  08/10/20152015-10-08
Word count:  552

World stock indexes rose on Wednesday with a rebound in biotechnology shares boosting U.S. equities, while oil prices snapped a three-day rally after U.S. data showed a large inventory build.

Play
Reuters
The S&P 500 hit its highest in three weeks, but concern about corporate earnings just ahead of the U.S. third-quarter reporting season kept trading choppy. Reduced profit forecasts from Adobe Systems (ADBE.O) and Yum Brands (YUM.N) late Tuesday added to gloom about the earnings picture.

Oil prices struggled to extend their recent rally as U.S. government data showed domestic crude inventories rose 3.1 million barrels last week, more than forecast.

The U.S. dollar rose against the euro EUR=EBS and the Swiss franc CHF=EBS, while the yen gained against the dollar after the Bank of Japan left monetary policy unchanged. The dollar was last down 0.24 percent against the yen at 119.950 yen JPY=EBS.

Although the Bank of Japan held off on expanding stimulus on Wednesday, expectations are growing of more support rather than less as worries mount over a global economic slowdown. This week, the International Monetary Fund again cut its global growth forecast.

The potential for more stimulus from the European Central Bank and the Bank of Japan has contributed to a backdrop of accommodative central bank policy, along with expectations that a Federal Reserve rate increase will remain on hold until 2016. On Wall Street, the S&P 500 health care index .SPXHC was up 1.5 percent, in the biggest boost to the S&P 500, while the Nasdaq Biotech Index .NBI climbed 2 percent after recent steep losses.

"On days where investors are looking for fallen angels, healthcare helps fill that equation today," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "What was a drag over the past few days is now the leader."

The Dow Jones industrial average .DJI rose 122.1 points, or 0.73 percent, to 16,912.29, the S&P 500 .SPX gained 15.91 points, or 0.8 percent, to 1,995.83 and the Nasdaq Composite .IXIC added 42.79 points, or 0.9 percent, to 4,791.15.

Energy and materials shares also rose, extending recent gains. On the downside, shares of Adobe fell 5.3 percent to $80.65 while Yum Brands slumped 18.8 percent to $67.71.

Analysts have been cutting estimates for U.S. third-quarter earnings since the start of the quarter, and results now are forecast to have declined 4.4 percent from a year earlier, Thomson Reuters data showed.

But even as Citi strategists have warned that analyst earnings forecasts are too optimistic, they have backed the view that the bull market has yet to die, predicting global equities will rise 20 percent through the end of 2016. The market is "already pricing in" a gloomier scenario, they argued.

The pan-European FTSEurofirst 300 .FTEU3 closed up 0.1 percent, while MSCI's all-country world stock index .MIWD00000PUS was up 1 percent.

Brent LCOc1, the global crude oil benchmark, settled a volatile session down 59 cents at $51.33 a barrel. U.S. crude CLc1 slid 72 cents to settle at $47.81.

Brent and WTI had gained around 8 percent, or about $4, over the past three days, breaking above a month-long trading range. U.S. Treasuries prices fell, with benchmark yields hitting their highest in a week as a recovery in global stock markets and bets on more stimulus from foreign central banks pushed investors away from bonds.

Benchmark 10-year Treasuries US10YT=RR were down 10/32 in price to yield 2.070 percent, up 3.5 basis points from late Tuesday. Earlier, the 10-year yield hit a one-week high of 2.086 percent.

(Additional reporting by Noel Randewich, Tanya Agrawal, Sam Forgione and Lionel Laurent; Editing by Leslie Adler and James Dalgleish)
Comments:

Business News

Business News

Tender | Brega Petroleum Marketing Compny Announcing for Pre- qualification of Construction of pipeline for pumping petroleum products from Zawia Refinery complex to Brega Zawia Terminal running with length Approx. (2.5) km. which its scope of work is summarized in the following essential items:

Play
NOC
  • Site survey for the existing pipeline and cables in the proposed route to make sure that there are no any obstacles on the new pipeline rout.
  • Supply and installation of (14")and Approx. (2.5) km length of carbon steel 5L grade B (sch 40) pipeline.
  • Excavation, preparation trench and lay the underground part of the pipeline and backfill.
  • Supply and install all the required material for cathodic protection system for the new pipeline and all related work .
  • Supply and construction all electric and instrument required in scope of work such as (new filtration unit, motorized valves, flow meter, pressure and temp indicator …etc.) and providing all necessary cables and connected to power and control room.
  • Proceeding all necessary tests for welding and all devices including providing water for hydrostatic test of the pipeline.

 

So Companies possessing relevant experience, and has technical and financial capabilities are invited to express their interest in participation to execute this project, to submit their files for Pre-Qualification according to the following terms and conditions:

 

1.Fill the PQQ available via  WWW.BREGA.LY/APP_FORM.XLSX and return via email   HIGHERTENDERS@BREGA.LY also hard copy of PQQ Document to be enclosed with the company’s file.

2. Provide organisation's articles of incorporationa cover letter expressing of interest to participate in the tender, its chart, official evidence attesting registration at commerce registration office, valid business license , valid tax clearance certificate.

3.Provide the financial status for the last) 3(years (20112-213-2014) authenticated by legal auditor.

4.Provide your previous experience of similar scope of work.

5. Provide list of technical crew and company’s equipment.

6. Full address of company headquarter and its branches, telephone, fax numbers, email & website address.

 

  • Important Notes:

 

  • Only officially assigned representative will be dealt with.
  • Documents shall be submitted to the Secretary of the High Tenders Committee in a sealed envelope addressed to Brega Petroleum Marketing Co. High Tenders Committee office, located at Tripoli International Airport Road, Brega’s Finance department building, Tripoli, near Tripoli Oil Terminal .
  • The invitation to tender and handing over specification and general terms & conditions documents only to companies that found qualified by pre-qualification evaluation final result.
  • The closing date for submission of documents is on Monday        12/ 10 / 2015.
  • Any file is not included the required documents will be rejected.

For any quarries please contact High Tenders Committee:

 

Tel. 021 362 0110       - fax  :0213619870     -Email: highertenders@brega.ly 

Comments:

News Releases

News Releases

Discussing the strategic plan project 2016-2020 for Briqa marketing oil company.

Play
LANA - Libyan News Agency
Tripoli, 05.10.2015 - (Lana) - The meeting which was held in the NOC headquarters lately , dedicated for discussing the strategic plan project 2016-2020 , that was launched by the administrative committee of Briqa marketing oil company.

The meeting , was attended by head and members of Briqa company , and members of the technical committee , for preparing the strategic plan project in the company.

During the meeting , they provided a televised technical show for the project plan , and stages which were executed in the project , as well as the remaining ones.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  07/10/20152015-10-07
Word count:  317

Crude oil futures rose further in thin Asian trade on Wednesday after breaking out of a month-long trading range on a forecast suggesting a global glut in supply may be easing.

Play
Reuters
Oil prices jumped more than $2 a barrel in the previous session with the global benchmark, Brent crude, closing above $50 (33 pounds) a barrel for the first time in a month. The contract had risen 41 cents to $52.33 a barrel by 0348 GMT, after settling up $2.67, or 5.4 percent on Tuesday. But the volume was low with Chinese traders away for National Day holidays that last through Wednesday.

The West Texas Intermediate (WTI) benchmark for U.S. crude gained 67 cents to $49.20 a barrel. The contract climbed $2.27, or 4.9 percent, on Tuesday.

Oil prices are also being given a continued boost from the U.S. jobless numbers on Friday that pushed back expectations for a rate rise by the Federal Reserve to next year, amid a dearth of data early this week, said Avtar Sandu, senior commodities manager at Phillip Futures in Singapore.

But the market is likely to get further direction from the release of official crude stockpile data later on Wednesday by the U.S. Energy Information Administration (EIA).

"We expect slightly lower numbers and that will add another boost to the market," Sandu said. Global oil demand is expected to increase by the most in six years as supply from non-OPEC countries stalls, the EIA said in its Short Term Energy Outlook on Tuesday.

U.S. production, which has surged in recent years and caused a roughly 50-percent decline in prices since June last year, is also starting to decline.

The slowdown in U.S. output is giving heart to members of the Organization of Petroleum Exporting Countries (OPEC), which has held production steady to force out more expensive producers, despite the pain to the finances of its members.

OPEC Secretary General Abdullah al-Badri told an industry conference in London on Tuesday that the market is improving, suggesting the grouping is unlikely to change its strategy of defending market share.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Joseph Radford)
Comments:

Business News

Business News

Tripoli, 05.10.2015 - (Lana) - In the headquarters of the national oil company 'NOC' , yesterday Sunday , a meeting was held between , the corporation and the national company for drilling and oil wells maintenance.

Play
LANA - Libyan News Agency
During the meeting , they discussed the company's situation and problems facing its work , and the necessary procedures to increase the company's income in the future.

'Mustafa Sona'a Allah' the board chairman of the corporation , pointed out the current circumstances and its negative effects on the oil and gas sector in the country , asserting on the importance of the company's role and all national companies , in contributing for supporting the national economy.

Sona'a Allah , urged the company to take drastic steps , and to provide a work plan , for the company's activity in the future.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  06/10/20152015-10-06
Word count:  234

Crude oil prices rose in early Asia trade, adding to gains in the previous session, after Russia signalled it was willing to meet with other big oil producers to discuss the market following the decline in prices in the last quarter.

Play
Reuters
But gains were limited with investors awaiting U.S. government data on crude inventories this week. Some analysts are predicting the data will show further builds in crude stocks, putting oil prices under renewed pressure.

A Reuters poll on Monday indicates U.S. crude stockpiles were up last week for a second straight week, gaining 1.8 million barrels on average in the week to Oct. 2.

The U.S. Energy Information Administration, which reports official storage data on Wednesday, said last week that inventories were up about 4 million barrels in the week to Sept. 25.

Brent crude, the global crude benchmark, was up 12 cents at $49.37 a barrel at 0057 GMT. It rose 2.3 percent on Monday to settle at $49.25 a barrel.

The U.S. benchmark, West Texas Intermediate crude, increased 8 cents to $46.34, after gaining 1.6 percent in the previous session.

Russia, one of the world's top three oil producers, said it was prepared to meet OPEC and non-OPEC oil producers to discuss the market if such a gathering is called.

A separate meeting between Russian and Saudi officials was being planned for the end of October, Russian Energy Minister Alexander Novak has said.

Brent crude fell 24 percent last quarter and is down 14 percent this year, following a 48-percent decline in 2014.

U.S. crude is down 13 percent this year, after falling 46 percent last year. The contract also fell 24 percent in the last quarter.

(Reporting by Aaron Sheldrick; Editing by Joseph Radford)
Comments:

Oil & Gas News

Oil & Gas News
Released:  06/10/20152015-10-06
Word count:  307

Oct 5 (Reuters) - Libya's oil production has dropped to 300,000 barrels per day, less than a quarter of what it produced before the 2011 fall of Muammar Gaddafi, mostly because of insecurity and closed pipelines, a top official said.

Play
Reuters
The North African state is caught in a conflict between two rival governments and their armed allies -- one internationally recognised, and the other a self-declared administration that took over Tripoli last year.

Naji Moghrab, the top state oil official with the recognised government, told a local television channel late on Sunday output was at 300,000 bpd because of fighting between various armed factions and the closure of 50,000 km of oil pipeline.

Following the government split, Libya now has two rival state oil companies. One is with the recognised government and one with the Tripoli government, yielding often conflicting accounts of who controls what oil assets.

"The main problem behind the low production is insecurity, and of course the presence of Daesh near the oilfields," Moghrab said, referring the Islamic State militants who have gained ground in Libya in the chaos.

Fighters allied with Islamic State, the Islamist militant group controlling parts of Iraq and Syria, attacked forces guarding one of Libya's main oil ports on Thursday with a gun assault and an attempted car bomb.

But that eastern port, Es Sider, and the other main port, Ras Lanuf, have been closed since December because of fighting between armed factions allied to the opposing governments. Several oilfields have been shut for months by protesters blocking pipelines.

Before the 2011 uprising that ousted Gaddafi, Libya produced around 1.6 million bpd. But in recent years, its production has been almost constantly less than half that because of fighting or protests over jobs and salaries by local residents and workers. The internationally recognised government has been campaigning for oil companies to abandon contracts signed with Tripoli's National Oil Corporation, but many partners are wary given that much of the state oil company's infrastructure and contracts remain in the capital.

(Reporting by Ahmed Elumami in Tripoli; writing by Patrick Markey, editing by David Evans)
Comments:

Construction News

Construction News
Released:  05/10/20152015-10-05
Word count:  45

Tarhona, 04.10.2015 - (Lana) - The company in charge of building medical clinics complex in Tarhona city , had resumed its work , after reaching an agreement with the municipal council in the city.

Play
LANA - Libyan News Agency
Tarhona mayor 'Ey'ad Albie' in a press statement said , that the municipal council , will ensure the provision of protection for the company executing the project , and would overcome all the difficulties that hinder its work.

The completion rate of the building had exceeded 60 percent.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  05/10/20152015-10-05
Word count:  371

Crude oil futures rose on Monday after Russia said it was ready to meet other producers to discuss the situation in the global oil market, where prices have more than halved from last year's highs due to a persistent supply glut.

Play
Reuters
A report showing a fifth weekly fall in the U.S. oil rig count also underpinned crude prices. Trading, however, was thin with key consumer China away on holiday.

Brent rose 30 cents to $48.43 a barrel by 0527 GMT after ending up 44 cents on Friday, while U.S. crude rose 28 cents to $45.82 a barrel after settling up 80 cents.

"As Russia requested talks, investors seem to expect a possible reduction in oil output to be agreed during rebalancing procedures, with global supply surplus being too burdensome," said Yoo-jin Kang, commodities analyst at NH Investment & Securities based in Seoul.

Top oil producer Russia has been unwilling to cut output to support crude prices. Last November, it refused to cooperate with the Organization of the Petroleum Exporting Countries (OPEC) in order to defend its market share.

Russian oil output hit a new post-Soviet monthly high of 10.74 million barrels per day in September, despite a drop in global crude prices to 6-1/2-year lows in August.

But the country is now prepared to meet with OPEC and non-OPEC oil producers to discuss global oil markets if such a meeting is called, its energy minister said. He said a separate meeting between Russian and Saudi officials was being planned for the end of October.

Given the weaker oil prices, global oil investments are on track to drop by 20 percent this year - their biggest decline in history, Fatih Birol, head of the International Energy Agency, has said.

Data on Friday showed U.S. energy firms reduced the number of oil rigs by 26 in the latest week, the most since April and the fifth straight weekly fall, a sign low prices were pushing drillers away from the well pad.

Saudi Arabia, however, is continuing with its investments in the oil and gas industry as well as solar energy, its oil minister said. On the geopolitical front, tensions have intensified with Russia saying its planes had struck 10 Islamic State targets in Syria.

The oil market is now waiting for an indication on when the U.S. Federal Reserve will hike interest rates for further trading cues. The prospect of an imminent hike faded after Friday's weaker-than-expected U.S. employment data. [MKTS/GLOB]

(Reporting by Meeyoung Cho; Editing by Himani Sarkar)
Comments:

News Releases

News Releases
Released:  02/10/20152015-10-02
Word count:  74

AGUCO produces 220 thousand barrels p/d.

Play
LANA - Libyan News Agency
Benghazi, 01.10.2015 - (Lana) - An official in 'al-Khaleej al-Arabi company for oil 'AGUCO' , on Thursday in Libya , said that the company's production had topped 220 thousand barrels per day ,

as its field 'Nafura' has been re-opened on experiments' levels , after reaching an agreement with protesters who were demanding for job opportunities.

Zuitina port is working as normal , after resuming production in its connected fields. Also Briqa and Hariqa ports are working normally , he added.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  02/10/20152015-10-02
Word count:  302

Crude prices rose on Friday as fighting in Syria intensified, but remained on course to end the week largely unchanged as a hurricane was seen as less likely to affect U.S. oil facilities.

Play
Reuters
Hurricane Joaquin, which on Thursday had prompted fears of storm damage to U.S. East Coast oil installations, was downgraded and is now seen as less likely to pose a major threat, the U.S. National Hurricane Center said.

Still, U.S. crude CLc1 was 50 cents higher at $45.24 a barrel by 0454 GMT, after settling 35 cents lower in the previous session.

U.S. gasoline futures RBc1 first rallied then slipped on Thursday to end a volatile session flat at $1.3668 a gallon.

Global benchmark Brent LCOc1 was 33 cents higher at $48.02 a barrel. The contract had closed the previous session down 68 cents.

Traders said a political risk premium had re-entered oil markets over Syria, where Russia and the United States are carrying on bombing campaigns.

The situation was complicated by the arrival of hundreds of Iranian troops in Syria to join a major ground offensive in support of government troops, a sign the civil war is turning still more regional and global in scope.

U.S. crude production unexpectedly rose last week despite a drop in active drilling rigs. "Fundamentals remain weak," analysts at ANZ said in a note to clients.

"We continue to see weaker fundamentals drive crude oil prices lower in the short term." Asian stocks edged up on Friday and looked likely to end the week with tiny gains, although the outlook remained grim, while the dollar crept higher.

BMI Research, a subsidiary of rating agency Fitch, said that although it expected a short-term price rise in crude due to a dip in U.S. production over the coming months, the longer-term outlook remained weak.

"Any price recovery though will be short-lived as the pipeline of major projects coming online globally, high stock levels and new Iranian supply will pressure Brent prices over 2016," BMI said.

(Editing by Joseph Radford and Gopakumar Warrier)
Comments:

Business News

Business News
Released:  02/10/20152015-10-02
Word count:  237

(Reuters) - The Italian government sought to attract investment from sovereign wealth funds at a meeting on Wednesday, as Rome prepares to sell shares in its post office in what is set to be its biggest privatisation in a decade.

Play
Reuters
"Italy is a land of opportunity ... Our public finances are sound, growth (this year) is stronger than expected and ... the government is committed to support investments," Economy minister Pier Carlo Padoan told representatives from more than 30 sovereign wealth funds at a meeting hosted by Italy's state-owned strategic fund in Milan.

He also held individual meetings with managers from five sovereign funds, including China Investment Corporation (CIC), Singapore's GIC and Libya's LIA.

The minister presented the plans of Prime Minister Matteo Renzi's government to raise money to reduce the country's public debt through the sale of state-owned assets, two sources familiar with the matter said.

The first asset to go on the block will be Poste Italiane , which is valued at up to 11.2 billion euros ($12.5 billion), according to research from analysts at Mediobanca Securities, a global coordinator of the share sale.

The treasury, which plans to sell up to 40 percent of the post office, is expected to launch the initial public offering on Oct. 12.

China's sovereign fund is looking to make fresh investments in Italy, CIC's chief investment officer Li Keping told Reuters after the meeting with Padoan.

Li declined to comment on a report in the Italian press saying CIC was ready to buy a stake in Italy's post office, saying any concrete investment project had to be studied in detail before a decision could be made. ($1 = 0.8947 euros)

(Additional reporting by Elvira Pollina; Editing by Pravin Char)
Comments:

Business News

Business News
Released:  01/10/20152015-10-01
Word count:  112

Libyan Sovereign Fund satisfied about its investment in Italy.

Play
LANA - Libyan News Agency
Milano, 30.09.2015(Lana) Chairman of the Board of the Libyan Investment Corporation told Reuters Wednesday that the Corporation is satisfied about its investments in Italy and intends to maintain its shares in leading companies such as Uni-Crédit and Eni.

At the sideline of the Sovereign Funds conference in Milano, Hassan Buhadi said we are satisfied about our portfolio in Italy.

Hassan Buhadi who chairs the corporation since last October, met the Italian Minister of Economy Wednesday morning to discuss cooperation between the two countries.

The fund owns 1.25 percent of Uni-Crédit, the biggest Italian bank in terms of assets and less than 25 in Italian giant oil company Eni, Fiat, and others.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  01/10/20152015-10-01
Word count:  371

Crude oil prices edged up on Thursday as demand was estimated to have remained strong despite slowing growth in Asian economies, and as Russian and western air campaigns in Syria worried markets.

Play
Reuters
World oil demand surged in the first six months this year against the same period in 2014, due to a halving in crude oil prices and significant declines in the price of most fuels in many consuming countries, according to national estimates submitted to the Joint Oil Data Initiative (JODI).

JODI reported consumption averaged 71.4 million barrels per day (bpd) in the first six months of 2015, up from 69.1 million bpd in the year-ago period, an increase of 2.3 million bpd or 3.3 percent.

Traders also said that a political risk premium had re-entered oil markets over Syria, where Russia and the United States are both carrying on bombing campaigns without coordination, triggering fears of unintentional clashes. In U.S. markets, hurricane Joaquin strengthened in the Atlantic and could become a major storm, the U.S. National Hurricane Center said, although forecast models did not agree on whether it would make landfall in the United States.

U.S. West Texas Intermediate (WTI) futures CLc1 were at $45.71 a barrel at 0456 GMT, up 62 cents from their last settlement. Brent crude futures LCOc1 were at $48.75 per barrel, up 38 cents.

CHEAPER PHYSICAL CRUDE

Despite stronger crude futures, physical crude markets weakened amid concerns over whether the growth in consumption could last if slowdowns continue in Asia's leading economies. Asia's benchmark physical price, Dubai crude, averaged $45.375 a barrel for September, the lowest since February 2009, traders said on Thursday.

South Korea's crude oil imports in September fell 0.8 percent from a year earlier to 76.1 million barrels, preliminary official data showed.

Across Asia, there were more signs of economic slowdown.

In China, Asia's biggest economy, activity in the manufacturing sector contracted for a second straight month in September, an official survey showed on Thursday.

In Asia's second-largest economy, Japan, manufacturers' confidence worsened in the three months to September, a central bank survey showed, as they felt the pinch from volatile financial markets and slumping shipments to China.

Data from Indonesia and Malaysia implied a worsening economic outlook for Southeast Asia, and Morgan Stanley said it expected "growth in ASEAN4 (Singapore, Philippines, Indonesia and Thailand) will likely be lower for longer."

Asia's slowdown contributed to a fall in Brent and WTI prices by almost a quarter since June.

(Editing by Ed Davies and Jacqueline Wong)
Comments:

News Releases

News Releases

Rome, 29 September 2015(Lana) The CEO of the Italian group Eni Claudio Descalese has said his company would not leave Libya under any circumstances.

Play
LANA - Libyan News Agency
Descalese was quoted by the Italian Egi as saying the company had no intention to leave and stressed that the group remained in the country after the fall of Gaddafi, and our strategy never changed in this country.

The company has managed to make several new oil and gas discoveries in Libya, the Eni boss said, adding that they were capable of doubling production or even more which is good for Europe.

The Italian boss said the giant company was awaiting the outcome of the negotiations and political consultations taking place in Libya currently, and expressed optimism that a solution would be find to the crisis in the country.

=Lana=
Comments:

Oil & Gas News

Oil & Gas News
Released:  30/09/20152015-09-30
Word count:  307

(Reuters) - Crude oil futures fell in Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst expectations.

Play
Reuters
The American Petroleum Institute said late on Tuesday that U.S. crude oil stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to Sept. 25. Analysts polled by Reuters had expected an increase of only 102,000 barrels. .

Front-month U.S. crude had dropped 51 cents, or more than 1 percent, to $44.72 a barrel by 0418 GMT. The contract settled Tuesday's trade at $45.23 a barrel, up 80 cents, or 1.8 percent, on the day.

Brent crude, the global oil benchmark, fell 42 cents to $47.81 a barrel. On Tuesday, the contract rose 89 cents, or 1.9 percent, to $48.23.

The U.S. government's Energy Information Administration (EIA) will issue official weekly inventory data on Wednesday.

"We anticipate U.S. oil inventories to drop due to lower U.S. crude oil production," Daniel Ang, investment analyst at Philip Futures in Singapore wrote in a note on Wednesday.

"U.S. crude oil production should continue on its decline with falling rig counts," Ang said. Wednesday's session may have added volatility due to the close of September and third-quarter trading, according to some analysts.

U.S. crude is heading for a 9 percent decline this month as the slump in commodities continues amid deepening concerns over China's slowing economic growth.

Brent crude is on track to round out September with a near 12 percent drop.

Prices are unlikely to move substantially higher in the near term because demand growth is easing and likely to continue slowing into 2016, Rhidoy Rashid, oil analyst at consultancy Energy Aspects, told Reuters Global Oil Forum.

"We see demand growth easing from 1.5 million bpd (barrels per day) to 1 million bpd next year," Rashid said.

He expects supplies to swing into a year-on-year decline, but prices "need to be low for at least the next six months - so in the $45-$55 range - to ensure a proper rebalancing."

(Reporting by Aaron Sheldrick; Editing by Ed Davies and Gopakumar Warrier)
Comments:
Find out what contracts are on offer in Libya
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
Share the link for
Page
  • 1
  • ...
Page
  • 1
  • ...
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...
View Videos
Page
  • 1
  • ...