LCC’s Benghazi Hawari cement factory slated for 2018 reopening, but needs ample electricity and gas supplies

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Released:  04/12/20172017-12-04
Word count:  78

The seven-day Libya Desert Challenge, a car rally mainly for 4X4s across the southwest of the country, finished yesterday.

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Libya herald
In total, there were 32 SUVs and 77 drivers taking part in the event which started on the Algerian border near Ghat and took in the Acacus Mountains.

Rather than being a race, it was a challenge against the elements and for fun, driven in desert buggies, jeeps and other 4x4s.

It comes only a month after the Waddan “TeTe” Desert Rally, a race that started from Waddan and then ended about 25 kilometres south of the desert oasis town.
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Released:  01/12/20172017-12-01
Word count:  554

VIENNA (Reuters) - OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signalling a possible early exit from the deal if the market overheats.

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Reuters
Russia, which this year reduced production significantly with OPEC for the first time, has been pushing for a clear message on how to exit the cuts so the market doesn’t flip into a deficit too soon, prices don’t rally too fast and rival U.S.

shale firms don’t boost output further.

Russia needs much lower oil prices to balance its budget than OPEC’s leader Saudi Arabia, which is preparing a stock market listing for national energy champion Aramco next year and would hence benefit from pricier crude.

The producers’ current deal, under which they are cutting supply by about 1.8 million barrels per day (bpd) in an effort to boost oil prices, expires in March. Saudi Energy Minister Khalid al-Falih told reporters the Organization of the Petroleum Exporting Countries and non-OPEC allies had agreed to extend the cuts by nine months until the end of 2018, as largely anticipated by the market.

OPEC also decided to cap the combined output of Nigeria and Libya at 2017 levels below 2.8 million bpd. Both countries have been exempt from cuts due to unrest and lower-than-normal production.

Falih said it was premature to talk about exiting the cuts at least for a couple of quarters as the world was entering a season of low winter demand. He added that OPEC would examine progress at its next regular meeting in June.

“When we get to an exit, we are going to do it very gradually ... to make sure we don’t shock the market,” he said.

OPEC and Russia together produce over 40 percent of global oil. Moscow’s first real cooperation with OPEC, put together with the help of President Vladimir Putin, has been crucial in roughly halving an excess of global oil stocks since January.

With oil prices rising above $60 (44 pounds), Russia has expressed concerns that an extension for the whole of 2018 could prompt a spike in crude production in the United States, which is not participating in the deal.

A joint OPEC and non-OPEC communique said the next meeting in June 2018 would present an opportunity to adjust the agreement based on market conditions.

GLUT OR SHORTAGE?

Just as OPEC gathered in Vienna, U.S. government data showed that U.S. oil production rose 3 percent in September to 9.48 million bpd. But Falih said OPEC “won’t be quick on the trigger” to react to short-term U.S. output spikes. Slideshow (11 Images)

U.S. shale oil producers, which effectively triggered the global oil glut of recent years, have been adjusting their message over the past year, switching away from combative language with regard to OPEC actions.

“If producers in the U.S. increase their rig count over the next few months due to higher prices then I expect another price collapse by the end of 2018,” said Scott Sheffield, executive chairman of Pioneer Natural Resources Co (PXD.N), one of the largest producers in the Permian Basin of Texas and New Mexico, the largest U.S. oilfield.

“I hope that all U.S. shale companies will maintain their current rig counts and use all excess cash flow to increase dividends back to their shareholders,” he told Reuters.

Gary Ross, a veteran OPEC watcher and founder of Pira consultancy, said the market could surprise on the upside with Brent rising to $70 if there were a major supply disruption.  
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Released:  01/12/20172017-12-01
Word count:  638

TUNIS (Reuters) - The head of an eastern, parallel branch of Libya’s central bank said he may order more banknotes from Russia, in an effort to ease liquidity problems before a currency devaluation he hopes to work out with the country’s internationally recognised government.

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Reuters
The governor of the eastern bank, Ali al-Hibri is aligned with a rival government based in eastern Libya. He has little leverage, since the recognised central bank in Tripoli has continued to control oil revenues and disburse funds across the country, with international backing.

But four of six board members of the Tripoli-based Central Bank of Libya are aligned with the eastern-based factions that tried to set up parallel financial institutions as conflict in Libya escalated in 2014. Hibri’s central bank is one of those institutions.

The split between the eastern and the Tripoli governments is one consequence of the uprising that overthrew strongman Muammar Gaddafi in 2011. Libya was left with two governments and an assortment of armed factions vying for power.

The political split has contributed to an economic crisis that has left many Libyans struggling. Inflation is running at more than 30 percent and people queue for days to withdraw cash from banks. On the black market, the value of the dinar has slid more than 600 percent since 2014.

Western diplomats say unifying the exchange rates of the two governments could help curb corruption. Some well-connected Libyans get dollars at the official rate on the pretext of importing goods, then sell them at the black market rate.

Hibri said in a rare interview he would not meet the governor of Tripoli’s central bank, Sadiq al-Kabir, but he expected a devaluation and economic reform plan to be pushed through by the recognised Government of National Accord (GNA), headed by Prime Minister Fayez Seraj, and its central bank.

“I am cooperating with (Seraj),” Hibri said. “We are going to reform the exchange rate. We are going to find out how we are going to reform the liquidity problem. We are going to find how to control inflation.”

Under the evolving plans, bloated subsidy spending would be replaced by cash payments, he said.

The Tripoli central bank said earlier this month that an economic and financial reform plan had been agreed at a meeting in Tunis of the two governments and Libya’s Audit Bureau. It gave no details.

Kabir’s relations with the GNA have been tense, and it remains unclear when or how such plans might be implemented. There was no mention of changing the official exchange rate, which remains fixed at 1.36 dinars to the dollar, while the parallel rate has fallen to about 9.5 dinars.

The U.N. and Western powers have been pushing both central banks to work together as they seek to create a unified government to stabilise the oil-rich nation.

RUSSIA

Hibri said devaluation would “probably” ease the liquidity shortage, but that “you need some cover for the period until the exchange rate reform takes place”.

The bank would therefore likely discuss a fresh order for bank notes from Russia at a board meeting next month. “When we meet in the next board we shall decide – we need to study how much the market needs. We shall have to solve the problem of liquidity,” Hibri said.

The eastern central bank took its first delivery of banknotes from Russia last year, after failing to obtain supplies from British and German companies. The move came as eastern-based factions backing military commander Khalifa Haftar forged closer ties with Russia.

The final batch of the 4 billion dinars was delivered about three months ago, Hibri said.

Last month, the east took a first delivery of coins made in Russia, which Hibri said amounted to 15 million dinars. A further 85 million dinars in coins is due to be shipped by mid-2018.

Hibri restated claims that the east was receiving less than its fair share of funding for salaries and other costs from the Tripoli central bank, saying he had raised 15 billion dinars through treasury bonds since 2015 to support public spending in the east.

Editing by Ulf Laessing and Larry King
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Released:  30/11/20172017-11-30
Word count:  455

SINGAPORE (Reuters) - Oil markets were cautious on Thursday ahead of an OPEC meeting in Vienna, with producers set to debate an extension of the supply-cut agreement that came into effect in January with the goal of tightening supplies and propping up prices.

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Reuters
The Organization of the Petroleum Exporting Countries (OPEC) will be meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, most importantly Russia.

OPEC is scheduled to hold an open session, including media, at 10 a.m. in Vienna on Thursday (0900 GMT), before going into a closed session at noon, according to a tentative program on OPEC’s website. Non-OPEC ministers are set to join at 3 p.m., followed by a joint press conference after the meeting.

Spot Brent crude oil futures, the international benchmark for oil prices, were at $62.74 a barrel at 0428 GMT, up 21 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $57.41 a barrel, up 11 cents.

Trading activity was low during Asian trading hours and ahead of the meeting.

“Asia has unsurprisingly ... concluded that things are best left well alone until we hear from OPEC and non-OPEC later today,” said Jeffrey Halley, analyst at futures brokerage OANDA.

While there has not been an official statement, OPEC and Russia seem ready to prolong their oil supply cuts until the end of 2018. The cuts were put in place last January and are set to expire next March.

An extension may include a review in June should healthy demand amid ongoing supply restraint overheat the market.

“The current consensus is that members will agree on an extension to the production cuts but the duration of the extension is uncertain,” said William O‘Loughlin, investment analyst at Rivkin Securities.

ANZ bank said “anything less than a nine-month extension to the current production agreement could see the recent sell-off accelerate.”

SOARING U.S. PRODUCTION

One of OPEC’s biggest concerns is rising output in the United States, largely due to shale drillers, who are fast gaining market share - especially in Asia, the world’s biggest consumer region - and are undermining the producer club’s efforts to tighten the market.

U.S. crude oil production hit a new record of 9.68 million barrels per day (bpd) last week, according to government data released on Wednesday. [EIA/S]

Rystad Energy, a consultancy, said it expects U.S. oil production to reach 9.9 million bpd in December. That would bring U.S. output close to levels of top producers Russia and Saudi Arabia.

Despite this, U.S. crude inventories have fallen by more than 15 percent from their March record to 453.7 million barrels, below levels at this time in 2015 and 2016, although they remain above five-year averages.

Traders said the fall in inventories was largely down to a two-week interruption of the Keystone pipeline bringing Canadian crude to the United States, and as American companies increasingly export excess crude.

Reporting by Henning Gloystein; Editing by Joseph Radford and Tom Hogue
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Business News
Released:  30/11/20172017-11-30
Word count:  123

A trade show of Libya olives and olive oil has opened at the Tripoli International Fair ground.

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Libya herald
Libyan olive oil is highly appreciated by those who know it. However, it is not widely available. As with the orange industry, Libya’s largest export earner before the discovery of oil, the olive oil industry was effectively destroyed during the Qaddafi era. The regime decided that it was easier to import olive oil from Tunisia and Spain.

As a result, despite the quality, there is no proper grading or marketing. Most is said to be bought by Tunisian dealers. The rest is usually sold by the side of the road in unmarked plastic bottles.

As an indication of the lack of continuing state interest in the business, it is reported that there were no ministers or top officials at today’s opening.
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Released:  29/11/20172017-11-29
Word count:  50

GECOL engineers have completed work on a new electricity substation in Benghazi’s war-ravaged Ssbri district.

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Libya herald
The substation in the shadow of the uncompleted and now badly-damaged Hyatt Regency hotel has been connected to the high voltage distribution system.

Engineers are now working on local cabling. The state power company says that very shortly parts of Sabri will be getting their first electricity in four years.  
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SINGAPORE (Reuters) - Oil prices fell on Wednesday on doubts OPEC and Russia will agree on extending a crude production cut that the market has already priced in, and after a report of an unexpected rise in U.S. crude oil inventories.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $57.69 a barrel at 0543 GMT, down 30 cents, or 0.5 percent below their last settlement.

Traders said WTI was pulled lower by a report from the American Petroleum Institute (API) late on Tuesday that showed U.S. crude inventories rose by 1.8 million barrels in the week ended Nov. 24 to 457.3 million barrels.

Official U.S. oil inventory data is due later on Wednesday.

WTI was also weighed down by the gradual restart on Tuesday of the Keystone pipeline, which supplies Canadian crude to the United States.

Brent crude futures, the international benchmark for oil prices, were at $63.17 a barrel, down 44 cents, or 0.7 percent. Oil prices have received a broad lift this year, with Brent up by 40 percent since mid-2017, due to an effort by the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers, led by Russia, to withhold 1.8 million barrels per day (bpd) of output.

The deal expires in March 2018, but OPEC will meet on Nov. 30 and is expected to discuss ways of extending the cut.

“An extension to the cut has already been priced in,” BMI Research said on a note.

While OPEC and Russia are expected to extend their supply cuts for the whole of 2018, they are likely to include an option to review the deal in June, OPEC sources said on Tuesday, after Moscow expressed concerns the market could overheat.

“They plan to extend for 2018 but with the option to review the decision in June, i.e. they agree not to agree anything,” said Ralph Leszczynski, head of research at shipping brokerage Bancosta in Singapore.

Many analysts say an extension is needed to balance oil markets, and also to keep the economies of oil exporting nations afloat. Yet not all analysts agree.

“Given the agreement doesn’t expire for another four months, adding an additional nine months on that to the end of 2018 seems unnecessarily eager given the market does seem to be rebalancing,” said Greg McKenna, chief market strategist at AxiTrader.

Beyond cutting supplies, a healthy global economy has been helping oil markets back into balance after years of oversupply.

U.S. bank Morgan Stanley said global economic growth was “likely to gain momentum and breadth in 2018”.

Reporting by Henning Gloystein; Additional reporting by Keith Wallis; Editing by Tom Hogue and Richard Pullin
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Oil & Gas News
Released:  28/11/20172017-11-28
Word count:  300

SINGAPORE (Reuters) – Oil prices slipped in early Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.

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Reuters
U.S. West Texas Intermediate (WTI) futures () were down 24 cents at $57.87 a barrel at 0117 GMT, after falling 1.4 percent in the previous session.

U.S. crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fueled by the outage of the Keystone pipeline, one of Canada’s main crude export routes to the United States.

But TransCanada Corp (TO:) this week said it would restart the 590,000 barrel-per-day pipeline at reduced pressure later on Tuesday after getting approval from U.S. regulators.

Brent futures () fell to $63.73 a barrel, down 11 cents from the previous close.

Uncertainty over Russia’s determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other key producers, including Russia, will meet on Nov. 30 to discuss whether to continue with the cuts after they agreed last January to withhold 1.8 million bpd of output.

Russia’s economy was negatively affected in October by the ongoing curbs, which saw Moscow agree to cut output by 300,000 bpd, Economy Minister Maxim Oreshkin said on Nov. 23. Goldman Sachs (NYSE:) said the outcome of the meeting was “much more uncertain than usual”, adding that the market faced downside risks.

“We view risks to oil prices as skewed to downside this week as we believe current prices, timespreads and positioning already reflect a high probability of a nine-month extension,” the bank said.

Consultancy Wood Mackenzie said it looked as if producers had nearly concluded an agreement to extend cuts until the end of next year.

“(But) if the production cut agreement ends in March 2018, our forecast shows there would be a projected 2.4 million bpd year-on-year increase in world oil supply for 2018,” Ann-Louise Hittle, vice president, macro oils, said in a note on Monday.
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2 weeks ago

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Released:  27/11/20172017-11-27
Word count:  103

The Dutch government has given $1.65 million to help with the next round of elections in Libya. It has been handed to the UN Development Programme for it electoral project fund which is aimed at ensuring that the High National Elections Commission’s (HNEC) management of the election processes is in line with internationally recognised best-practice.

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Libya Herald
There was a signing ceremony in Tunis yesterday at which the transfer was formally made to the UNDP.

“For elections to be free and fair, certain technical, political and security conditions have to be met.

I do not think that is the case today. We want to support HNEC in preparing for transparent, inclusive and credible elections,” said Dutch ambassador Eric Strating. “HNEC must be ready whenever the conditions change.

Only under the right circumstances will new elections contribute to stability in Libya.”

Under UN envoy Ghassan Salamé’s action plan, the aim is to have elections by the end of next year.  
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2 weeks ago

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Released:  27/11/20172017-11-27
Word count:  364

SINGAPORE, Nov 27 (Reuters) - U.S. oil prices remained near two-year highs on Monday on the back of the ongoing closure of the Keystone pipeline connecting Canada and the United States, while expectations of extended OPEC-led supply cuts also supported markets.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $58.91 a barrel at 0029 GMT, 4 cents below their last settlement but still close to two-year highs of $59.05 reached on Friday. Brent crude futures were at $63.84 a barrel, virtually unchanged from their last close.

The closure of the 590,000 barrels per day (bpd) Keystone pipeline following a spill has helped drive up U.S. crude as it reduces stocks.

“WTI prices ... continue to be supported by the shutdown of the Keystone pipeline,” said French bank BNP Paribas. “WTI (is) currently trading very close to $59 per barrel. This represents a 38-percent increase in price since mid-June and makes oil one of the best performing assets over that period,” said William O‘Loughlin, analyst at Rivkin Securities. Markets have also been tightening globally due to an effort by the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers, including Russia, to withhold 1.8 million bpd of output since January.

The deal expires in March 2018, but OPEC will meet on Nov. 30 to discuss its policy.

“With the OPEC meeting occurring this week, oil traders are expecting an extension to the production cuts,” O‘Loughlin said.

Russian Energy Minister Alexander Novak said on Friday that Russia would discuss the details of an extension on Nov. 30, but made no mention of how long this should last beyond its March expiry.

The uncertainty of how committed Russia is to ongoing cuts, as well as rising production in the United States, mean crude prices are being prevented from rising much further, traders said.

“There is plenty of room for disappointment ... Should the outcome of the next OPEC meeting fall short of expectations, the large net-long speculative position on oil futures can unwind, sending prices lower and volatility higher,” BNP Paribas warned.

In the United States, crude production C-OUT-T-EIA has risen by 15 percent since mid-2016 to 9.66 million bpd, and increasing drilling activity for new production means output is expected to grow further.

U.S. energy companies last week added oil rigs, with the monthly rig count rising for the first time since July, to 747 active rigs, as producers are attracted by climbing crude prices.

(Reporting by Henning Gloystein; Editing by Joseph Radford)
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2 weeks ago

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Released:  24/11/20172017-11-24
Word count:  479

SINGAPORE (Reuters) - U.S. crude oil rose to a two-year high on Friday, as the shutdown of a major crude pipeline from Canada to the United States tightened North American markets.

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Reuters
Trading activity is expected to be very low on Friday due to the U.S. Thanksgiving holiday. U.S. West Texas Intermediate (WTI) crude futures were at $58.44 a barrel at 0550 GMT, up 42 cents, or 0.7 percent from their last settlement. Price rose to as much as $58.58 a barrel early on Friday, the highest since July 1, 2015.

Brent crude futures LCOc1 were at $63.42, down 13 cents.

In a sign of a tightening market, both crude benchmarks are in backwardation, where spot prices are higher than those for future delivery, which makes it unattractive for traders to store oil for later sale.

The closure of the 590,000-barrel-per-day (bpd) Keystone pipeline following a spill last week has driven up U.S. crude as stockpiles at the storage hub of Cushing, Oklahoma, have declined, traders said.

Markets have also been tightening globally due to an effort by the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers, including Russia, to withhold 1.8 million bpd of production.

The deal to restrict output expires in March 2018, but OPEC will meet on Nov. 30 to discuss its policy, and it is expected to extend the cuts.

“The agenda for the OPEC meeting is out and it’s only a 3-hour meeting. That suggests that a broad consensus has been built and the meeting is really just a rubber stamp to agree the extension of the Saudis’ favored 9-month extension period,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader, in a note on Friday.

Despite this expectation, McKenna said there was a slight risk of the collaboration derailing. “Imagine though if all the tensions in the Middle East, between the Saudis and Iranians and between other Gulf states and Qatar, somehow derail the meeting. It’s a low probability, high-impact possibility,” he said.

Overall, however, analysts said market fundamentals were balanced, supporting prices. “Oil market fundamentals are improving with... robust global demand growth of around 1.7 percent this year,” U.S. investment bank Jefferies said.

“Growth in U.S. output of 900,000 bpd this year (and in 2018) should not overwhelm the market,” it added.

U.S. oil production C-OUT-T-EIA has jumped by 15 percent since mid-2016 to a record 9.66 million bpd, thanks largely to shale drilling.

The increased production is likely to translate into higher exports, especially to Asia. China’s Unipec, the trading arm of Asia’s largest oil refiner Sinopec (600028.SS), said on Friday that it would double the volume of crude oil it imports from the U.S. to around 12 million tonnes next year.

But Richard Robinson, manager of the Ashburton Global Energy Fund, warned U.S. output growth could slow as operators struggle to get enough sand and water, both of which are needed in the shale production process, known as fracking.

“Logistics are a big bottleneck,” he said.

Reporting by Henning Gloystein; Additional reporting by Keith Wallis; Editing by Richard Pullin and Christian Schmollinger
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3 weeks ago

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Released:  24/11/20172017-11-24
Word count:  294

Algeria’s state electricity and gas company, Sonelgaz, and Libya’s General Electricity Company of Libya (GECOL) started discussions to implement mechanisms to export electrical energy and other services from Algeria to Libya, Sonelgaz CEO Mohamed Arkab told Algeria’s news agency APS on Tuesday.

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Libya herald
”We have an excess of national production in electrical energy, notably in winter. In this period, our Libyan brothers need this energy. We are studying the possibilities of a high-voltage electrical connection between Algeria and Libya through Tunisia to export our energy and offer our services through these cables,” said Arkab on the sidelines of a meeting which brought together officials from the two companies.

Underlining that the visit of the Libyan delegation to Algeria comes following a request from Sonelgaz, Arkab said that the visit was about relaunching a study that started in 2010 by the two countries, but which was delayed because of the political upheavals in Libya since 2011. ”Several projects are frozen in Libya, others haven’t yet taken off. So, we want to be the first to be present in the Libyan market,” he underlined.

Pointing out that Sonelgaz has managed to construct, by national means, power plants, power lines, power substations, gas pipelines for gas supply, as well as the manufacturing of some equipment in Algeria, the same official affirmed that with the acquired abilities, it is time to start the operations of exporting services, studies and equipment manufactured in Algeria.

It will be recalled that Libya has been suffering a 2,650 MW power generation deficit in peak-time electricity production since the 2011 revolution that toppled the Qaddafi regime. The deficit represents 37 percent of total peak load and has caused long and crippling nation-wide power cuts as well as a number of total blackouts.

The power-generation deficit is caused mainly by increased consumption as well as damage and the lack of maintenance to electricity infrastructure. The continued instability and insecurity in Libya has also made it difficult for foreign workers to re-enter Libya and carry out much needed work to electricity infrastructure.
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3 weeks ago

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Waha Oil is looking to replace large sections of its pipelines suffering from corrosion as well as the 12 oil tanks destroyed in 2014 at its terminal in Sidra. However, it lacks the finance to pay for them. As a result, according to Waha chairman Ahmed Ammar, it is looking to alternative means of payment.

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Libya herald
Speaking to a business conference in Tunis today organised by the Libyan British Business Council and the British Arab Commercial Bank (BACB), Ammar did not explain what the alternative payment systems might be, whether by oil barter, deferred higher payments or any other means. His sole comment on the matter was that the funding would have to be done in ways different to the traditional payment systems.

Waha had suffered enormous damage since 2011, Ammar said. Its storage capacity at Sirda was down to 1.5 million barrels from the pre-revolution figure of 6 million, he explained. This was a result of tanks being destroyed, first during the revolution itself, then in 2014 when Libya Dawn attacked the terminal. Two fields had also been badly damaged during the attack, he added.

Waha could probably build one or two tanks from its own funding, but not the 12 required.

As to the pipelines, a survey had been carried out in 2009 which indicated corrosion in many places, but the problem had become much worse in the three years since the start of the Libya’s divisions in mid 2014 .

“Many lines need replacement,” he told the conference.

There was no point, he added, trying to increase production if the pipelines were leaking and not fit for purpose. They had to be repaired first.

Nonetheless, noting that Waha production is currently 260,000 barrels a day, the aim was to increase this 600,000 b/d, Ammar said. “We require international companies to help us to enhance our production in future,” he stressed.

He acknowledged that foreign companies were hesitant to become involved in Libya because of security issues. As a result, only a few were in the country and most of the contracts aimed at increasing production had been put on hold or suspended. But, he stressed, security was less of an issue than before.

“Waha’s door is open,” he said. “Everyone is welcome.”

Foreign service companies that did not start talking to it now about development projects, he warned, risked be left behind when conditions improved.

“If you don’t get here now you will be last on the list [in the future],” he said.
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3 weeks ago

Oil & Gas News

Oil & Gas News
Released:  23/11/20172017-11-23
Word count:  382

SINGAPORE (Reuters) - Oil prices eased on Thursday, with U.S. crude dipping away from two-year highs reached the day before, but the shutdown of the Keystone pipeline and a drawdown in fuel inventories continued to bolster markets despite worries over rising output.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $57.89 a barrel at 0437 GMT, down 13 cents, or 0.2 percent, from their last settlement, but still close to 2015-highs of $58.15 a barrel reached on Wednesday.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.17 per barrel, 15 cents, or 0.2 percent, below their last close.

WTI has been buoyed by the shutdown of the 590,000 barrel-per-day (bpd) Keystone pipeline, one of the largest crude pipelines from Canada to the United States, as well as by another drawdown in commercial fuel inventories that came despite record U.S. oil production.

U.S. crude inventories C-STK-T-EIA fell 1.9 million barrels in the week to Nov. 17, to 457.14 million barrels. Stocks have dropped by 15 percent from their records in March, to below 2016 levels.

“Another large drawdown in inventories buoyed investor sentiment,” ANZ bank said.

The inventory drop came as the Keystone pipeline connecting Canada’s Alberta oilfields to the United States was shut last week after an oil spill in South Dakota. Operator TransCanada Corp (TRP.TO) is cutting deliveries through at least the end of the month. nL1N1NS10X

The tightening U.S. oil market means the WTI forward price curve has moved from contango, when prices for future delivery are more expensive than those for immediate dispatch, into backwardation, where spot prices are higher than those for later delivery.

Backwardation indicates a tightening market as it incentivises traders to sell oil immediately instead of putting it into storage.

Markets are also tightening globally due to an effort led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to withhold output.

The deal to curb production is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy, and it is expected to extend the cuts. Top exporter and de-facto OPEC leader Saudi Arabia is lobbying for extended output restrictions.

Threatening to undermine OPEC’s efforts, however, is U.S. production C-OUT-T-EIA, which has risen by 15 percent since mid-2016 to a record 9.66 million bpd.

This has turned the United States from the world’s biggest importer of crude oil into a significant exporter, with production now second only to Russia and Saudi Arabia.

Reporting by Henning Gloystein; Editing by Joseph Radford
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Oil & Gas News

Oil & Gas News
Released:  22/11/20172017-11-22
Word count:  316

SINGAPORE (Reuters) - Oil prices rose on Wednesday as ongoing cuts of piped Canadian crude to the United States added to falling U.S. crude inventories, while expectations of a prolonged OPEC-led production cut also offered support.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $57.68 a barrel at 0454 GMT, up 85 cents, or 1.5 percent from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.97 per barrel, up 40 cents, or 0.6 percent.

Traders said the firm price lift was due to drop in crude supplies from Canada to the United States.

TransCanada Corp (TRP.TO) said it will cut deliveries by at least 85 percent on its 590,000-barrel-per-day (bpd) Keystone crude pipeline through to the end of November. The pipeline, which links Alberta’s oil sands to U.S. refineries, was shut last week after a 5,000-barrel spill in South Dakota.

Traders said there was also some price support from a weekly report on Tuesday by the American Petroleum Institute which said U.S. crude inventories fell by 6.4 million barrels in the week to Nov. 17.

The latest official U.S. production and inventory data is due on Wednesday.

Outside North America, markets have been supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang.

The deal to curb production is due to expire in March, but OPEC will meet on Nov. 30 in Vienna to discuss the outlook for the policy.

“The meeting’s outcome will ultimately determine oil prices’ near-term fate,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA.

J.P. Morgan said in its 2018 commodities outlook, released late on Tuesday, that “oil markets in 2018 will be balanced on the back of extended ... production cuts”, but added that without extended cuts, markets would be in surplus.

”We expect Brent to trade at the top of the $40 to $60 per barrel range, with Brent averaging $58 per barrel in 2018,“ the U.S. bank said. ”WTI is expected to average $54.6 per barrel.

Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Business News

Business News
Released:  22/11/20172017-11-22
Word count:  394

The Tripoli Chamber of Commerce held a meeting yesterday at its headquarters on renewable energies (RE).

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Libya herald
The meeting of Libyan private sector companies engaged in the RE sector discussed ways in which the Libyan authorities can help facilitate the development of the sector and create a localized industry.

Specifically, the meeting discussed the need to develop the nascent RE sector in Libya to generate electricity in order to ease the burden on the state electricity generation sector which has been struggling since the 2011 revolution to meet peak demand.

With this regard, the meeting called on the state to prioritize the sector by making the opening of Letters of Credit for the import of RE related equipment, knowhow and material more readily available.

It will be recalled that Libya is currently in the midst of an acute economic and financial crisis. Demand for LCs at the official exchange rate (LD 1.40 per US dollar) outstrips the availability of foreign exchange in the Central Bank of Libya.

With Libya suffering budget and balance of trade deficits, the state has been making up the short fall by spending from its reserves. To this end, foreign exchange is reserved for what the Libyan authorities deem as essential items such as food, medicine, fuel, the electricity sector etc. The Tripoli Chamber meeting was seeking to add RE to that list.

It will also be recalled that the meeting comes in the week when Tripoli witnessed the return of power cuts. The country as a whole had enjoyed about two months of uninterrupted power supply as the hot summer gave way to autumn.

However, with the fall in winter temperatures kicking-in this week, power cuts of about 2 hours have returned, and as the temperature continues to fall, longer power cuts are expected.

The RE lobby at its Tripoli Chamber meeting wishes to launch a RE sector in Libya, in line with the world-wide trend, to break the dependency on the fossil-fuel dependent state power generation sector.

It is worth also noting that the UNDP has been engaged in a nationwide project across Libya to install solar panels in hospitals to mitigate the crippling power cuts.

At a Libya investment conference in Istanbul in May, even GECOL, the monopoly Libyan state power generating body called for further investment in the RE. The GECOL speaker recognized that the state has very limited resources to invest and called for the RE sector to be opened up to the private sector.
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Business News

Business News

Harouge Oil Operation, is joint operating company on behalf of National Oil Operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender No (11/2017) For specialized companies For Design & Supply (4) Drain Sump Pump for the New Fiscal Metering System – Amal Field

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NOC

SCOPE OF SUPPLY:

 

•The requisition and its attachment define functional and technical requirements for the supply of 2 No (1duty/1standby) closed drain pump and 2 No (1duty/1standby) open drain pump located within Amal field.

               

•The supplier shall provide services and be responsible for the detailed design and engineering documentation , quality assurance and control, supply of all materials, fabrication, assembly, inspection, testing, NDT, external painting/protective coating, packing of the pump packages including all equipment and ancillaries. This shall be in accordance with this requisition, appendices, data sheets and all referenced documentation. And the supplier shall guarantee the mechanical design, fabrication, materials, and performance of the equipment supplied. The equipment shall be suitable for operation in the conditions specified within this requisition.

 

the participation will be as following:

 

1.Tender Committee will only accept bids from Local specialized companies which have the licenses necessary to carry out the activity and have sufficient experience in this field, in addition bids will be accepted from manufacturers and foreign companies registered in Libya as manufacturers' agents.

 

2.Items of origin will be accepted from Western Europe and North America only.

 

3.All companies who wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to:

tender.sec-committee@harouge.com

 

4.Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.

 

5.Provide a copy of the following legal documents attached with the participation letter as applicable:

•             Valid license compatible with the required work.

•             Commercial Registration

•             Certificate of Registration in Chamber of Commerce.

•             Payment of tax certificate

•             Article of association.

•             Previous experience in similar work.

 

6.ITT Package will be received (free of charge) to the bibbers via the written e mail mentioned in the consultant information from Tuesday 05/12/2017 To Thursday 07/12/2017 , any request after this day will not be accepted.

 

7.In case of no  queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.

 

8.Bid bond with a value of (9000LD) (Nine thousand Libyan Dinars) submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations, or by letter of bank guarantee available for (6) months from the date of submitting the offer, the letter shall be issued by a Libyan bank in favor of Harouge Oil Operations.

 

Notes: Any company or contractor interested in participating in this tender is responsible for all costs involved.

If you have any questions please contact the Tender Committee via: fax no :+218- 21- 3330090

 Email to: sac@harouge.com

tender.sec-committee@harouge.com 

Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Oil & Gas News

Oil & Gas News
Released:  21/11/20172017-11-21
Word count:  387

SINGAPORE (Reuters) - Oil prices were little changed on Tuesday as the impact from expectations of an extended OPEC-led production cut was cancelled out by rising output in the United States.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.20 per barrel at 0301 GMT, 8 cents above their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $56.50 a barrel, also up 8 cent from their last settlement. Traders said they were avoiding taking on large new positions due to uncertainty in markets.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and buoy prices. The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy.

OPEC is expected to agree to extend cuts as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to continue to restrict their production.

“If the OPEC/non-OPEC cuts continue, the stocks surplus will reduce to just some 50 million barrels above the 5-year average in 3Q 2018 (down from 140 million barrels above that average now) and prices will hit $65-70 per barrel,” energy consultancy FGE said on Tuesday.

Outside the group of producers voluntarily withholding output, the biggest headaches for OPEC has been rising U.S. drilling activity, led by shale oil producers.

Energy consultancy Westwood Global Energy Group said U.S. output would climb even faster than implied by the rising rig count, which has jumped from 316 rigs in mid-2016 to 738 last week, as producers get more productive per well.

“Westwood Global Energy forecasts an 18 percent increase in active rigs in 2018, but more rapid demand growth in certain service areas as operators focus on efficiency and delivering more for less,” the consultancy said.

For 2018, FGE warned potential supply disruptions during an already tighter market could trigger oil price spikes, but it added that the market could slump again towards 2019 as U.S. output continues to soar and OPEC and its allies at some point will stop withholding output.

“We see another big rush with (U.S.) production growth of some 1-1.5 million bpd in 2018 and 2019,” FGE said. It added that OPEC also “has some 1.5 million bpd of spare capacity (while) Russia and Kazakhstan could also add another 500,000 bpd”.

Additional reporting by Keith Wallis; Editing by Richard Pullin and Joseph Radford
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Business News

Business News
Released:  20/11/20172017-11-20
Word count:  165

South Korea has given a further $1.5 million for reconstruction and development projects in Libya.

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Libya herald
One million of this will go to the Stabilization Facility for Libya (SFL), to which the Koreans had already given another million, while the other half million will go to support local services in Ajdabiya as part of the United Nations Development Programme’s Strengthening Local Capacities for Resilience and Recovery project.

“We were already contributing to SFL and we were able to see results,” said Korean ambassador Kim Young-Chae. “Now we are thrilled to continue our support to SFL and add more to the new project so that people in Ajdabiya also have access to health facilities, schools, electricity and water.”

A ceremony to hand over the money to the UNDP was held today at the South Korean embassy, currently operating out of Tunis.

The SFL has as a result of the latest donation almost reached its target of $40 million. The amount given now stands at $38.6 million. A month ago, France gave another $1 million and further donations are expected in the next few weeks.
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago

Oil & Gas News

Oil & Gas News
Released:  20/11/20172017-11-20
Word count:  294

SINGAPORE (Reuters) - Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.

Play
Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

Traders said they were avoiding taking on large new positions due to uncertainty in markets.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices. The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy. OPEC is expected to agree an extension of the cut as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to continue to restrain output.

“(The) OPEC meeting remains the key sector catalyst into year-end ... The market expectation is for an extension through 2018, created by OPEC comments early this fall ... (but) there is increased risk that OPEC delays the extension decision,” U.S. bank Morgan Stanley said on Monday in a note to clients.

Morgan Stanley said that the question over extended cuts “has shifted to non-OPEC participants’ willingness to extend, primarily Russia”.

Despite this, Greg McKenna of futures brokerage AxiTrader said it was “worth noting data showed more longs added by the speculative community”, indicating expectations of rising prices.

In the United States, the number of rigs drilling for new oil production remained unchanged in the week to Nov. 17, at 738, data from oil services firm Baker Hughes showed on Friday.

Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
Comments:

We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
3 weeks ago
Find out what contracts are on offer in Libya
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