Libya Oil Exports Resume from Brega

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Libya Oil Exports Resume from Brega
Released:  27/08/20132013-08-27
Word count:  220

Oil exports from the Libyan port of Marsa al Brega have resumed after a force majeure was lifted as protesters ended their blockade of the terminal, the deputy oil minister said Monday.

Nasdaq
"A few tankers have left the port after we lifted the force majeure on Aug. 22," Omar Shakmak told Dow Jones Newswires. "The port is now operating as normal and at full capacity," he said. Brega, with a capacity of around 90,000 barrels a day, is one of the four ports affected by the force majeure, declared after protests caused the facilities to be shut at the end of July, as workers demanded the payment of wages, as well as higher salaries or more jobs. However, officials said the situation was more precarious, with armed guards trying to sell oil without government approval.

The strikes in eastern and central Libyan ports had effectively shut down shipments from terminals there, which account for more than half of Libya's$60 billion of oil exports annually.

Es Sider, the largest of Libya's oil terminals with a 350,000 barrel-a-day capacity, as well as Ras Lanuf and Zueitina in eastern Libya remain closed. Storage facilities in the country, a member of the Organization of the Petroleum Exporting Countries, have filled with crude, crimping any new production. According to data supplied by the oil ministry, Libya's output fell in the first half of August to about 500,000 barrels a day -- about one-third of the highs reached last summer and the lowest since just after Libya's civil war ended in late 2011.
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Oil & Gas News

Oil & Gas News

Libya’s National Oil Corporation Chairman to Open Libya Oil & Gas Forum in London

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PRWEB
This year, at the 4th New Libya Oil & Gas 2015 Forum, organised by IRN on 19-21st in London under the official patronage of the National Oil Corporation of Libya, Mustafa Sanallah will give a keynote opening speech and the key NOC affiliate companies’ and joint ventures’ Chairmen will give an overview of operations and development plans in the country.

The 3rd day of the Forum will feature two workshops, the first one on oil and gas regulations and Petroleum Law in Libya and the second one on physical security and risk management in Libya.

During his first keynote speech in front of the oil and gas community at last year’s New Libya Oil & Gas 2014 Forum, Mustafa Sanallah, Chairman of the Libyan NOC, stated that production output is his highest priority. Indeed, a major oil company operating in the country just announced that their production in Libya has now exceeded the pre-revolution levels. On 22nd May, the same company announced an offshore discovery, something that proves the enormous role that Libya plays and is destined to play in the global oil industry.

This year, at the 4th New Libya Oil & Gas 2015 Forum, organised by IRN on 19-21st in London under the official patronage of the National Oil Corporation of Libya, Mustafa Sanallah will give a keynote opening speech and the key NOC affiliate companies’ and joint ventures’ Chairmen will give an overview of operations and development plans in the country. The 3rd day of the Forum will feature two workshops, the first one on oil and gas regulations and Petroleum Law in Libya and the second one on physical security and risk management in Libya.

Amongst speakers will be the Chairman of Mellitah Oil & Gas (joint venture between ENI and NOC), the Head of Downstream Development, the Chairman of AGOCO (Arabian Gulf Oil Company), the Head of Exploration, the Head of Reserves, the Head of Planning, the Head of Cooperation, the Head of Technical Information and the Head of Marketing. The Former Chairman of the NOC Libya, Nuri Berruin will also be present at the Forum. International oil companies with long operations in the country such as the Shell will also be sharing their insights.

Last year the Forum’s 300 senior level attendee delegation included Total, OMV, Statoil, Gazprom Neft, Petrobras, Hess Corporation Libya, ExxonMobil, Sonatrach Libya (SIPEX), Crosco, Technip, BB Energy Group, British Arab Commercial Bank, Shell International Upstream, Yokogawa Middle East & Africa, Occidental Libya Oil and Gas, Petrofac International Limited, Egyptian Drilling Company and GE Oil & Gas.

More information about the Forum is available on the website: http://www.libyaoilgas.com and released bimonthly in the Forum’s newsletter to which someone can subscribe here.
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News Releases

News Releases
Released:  28/05/20152015-05-28
Word count:  397

Tunis, Tunisia – 25 May 2015 – As part of UNESCO’s regional projects that promote and support freedom of expression, a three-day practical training on basic standards of reporting was organized for eighteen (18) Libyan journalists from different media backgrounds.

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UNSMIL
The training took place at the Centre d’Apprentissage et de Perfectionnement des Journalistes et Communicateurs (CAPJC) in Tunis from 20-22 May 2015.

The participants expressed their enthusiasm during the practical training conducted by UNESCO’s resident Media Development Expert, in which participants worked together to produce a thirty minutes “talk show” designed to expose issues of hate speech in programming.

The journalists agreed on the importance of such training, particularly in the current context. Khadija Alamami, a Libyan journalist, stated: “Practical training like this can really make a significant change for Libyan journalists, especially with the focus on the importance of establishing ethical principles in the practice of the profession, showing clearly what hate speech is, and what needs to be avoided”.

Ali Bilal, another Libyan journalist, stated that this was the first time he participated in a training of reform and development of the media. He added that the talk show production experience during training was an enriching experience for all and one that will help prevent the repetition of wrong practice.

“This workshop has really been about helping the Libyan colleagues visualize ethics in practice”, emphasized Michael Croft, UNESCO’s Representative to Libya. “UNESCO wanted to give the opportunity to a diverse group of Libyan media professionals to see how ethical issues play out in television, print, radio and online journalism and provide them with a framework based on international norms and standards so they can better navigate difficult situations and subjects. The idea is to foster a cadre of journalists who, by their actions, can set a positive example for their peers by incorporating basic professional standards in their daily work.”

This activity is implemented by the UNESCO Tripoli Project Office in partnership with the Media Development Center in Tunis, and made possible through the generous support of the Government of Sweden. It is part of the Organization’s efforts to reinforce the capacity of Libyan media to make a positive contribution to reconciliation and to promote conflict-sensitive reporting. As the agency within the United Nations system with the lead mandate to promote freedom of expression and freedom of the press, UNESCO works in cooperation with Libyan stakeholders and actors across the various UN agencies, and leading global and regional NGOs promoting press freedom and freedom of expression.

For more information please contact:

Raja’a El Abasi, Program Officer, UNESCO

r.el-abasi@unesco.org

+216 71 655 000
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Oil & Gas News

Oil & Gas News
Released:  27/05/20152015-05-27
Word count:  111

Wintershall Holding GmbH is interested in picking up assets held by Occidental Petroleum Corp., or Oxy as it is more commonly called, in Libya. Occidental has been looking to gain permission from Libya’s NOC to share data on its assets.

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Petroleum Africa
Occidental’s Libyan fields have been producing below par for some time according to a report filed by the company with the US Securities and Exchange Commission, and the company has been trying to offload them since 2013 without much success.

Libyan officials said terms of any deal being discussed for assets owned by a JV that includes Occidental, Austria’s OMV AG and Libya’s NOC haven’t been completed.

“It could be for a stake in the assets or just some of them,” a Libyan oil official said. Other Western firms have tried to sell off stakes to their more risk-taking counterparts but NOC nixed those buys with a pre-emption.
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Oil & Gas News

Oil & Gas News
Released:  27/05/20152015-05-27
Word count:  55

Eni has made a second discovery at its exploration prospect off the coast of Libya.

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Energy voice
The company said it had made a natural gas and condensate discovery about 85 miles away form the coastline.

Production tests have given a preliminary flow rate from the well at 1,340 barrels of oil equivalent per day (boe).

Eni has estimated the well will be able to produce at least 3,000 boe per day at its peak.  
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News Releases

News Releases
Released:  27/05/20152015-05-27
Word count:  190

The Libyan airline Afriqiyah has set up a company base in Malta, MaltaToday is informed.

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Malta today
The company PanAfriqiyah set up home at BizAv Services Ltd in Lija, a company constituted of aviation management professionals specialising in EU-OPS air operator certification, airworthiness and quality and safety disciplines, business aviation consultancy, and VIP aircraft charters

BizAv also operates Alpha One, a joint venture with Meridian 8 and QuAero Ltd.

BizAv also includes former Air Malta captain Philip Apap Bologna.

Turkish Airlines was recently reported to be the European carrier which has been in talks with Afriqiyah Airways over the planned lease of the latter’s two A330-300s. The two airplanes were in storage at Teruel in Spain.

Turkish Airlines took delivery of the first of the two A330-300s on an eight-year lease. Its sister ship will join it later on this year and will be re-registered as TC-JON.

Owing to Libya’s ongoing civil war, Afriqiyah has never deployed either of the two aircraft into commercial service despite taking delivery of them from Airbus Industrie back in 2014.

Air Malta management are also in contact with their counterparts at Turkish Airlines over a possible strategic partnership, with talks revolving around the privatisation of the airline.  
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Oil & Gas News

Oil & Gas News
Released:  26/05/20152015-05-26
Word count:  364

CALGARY, Alberta, May 25 (Reuters) - Crude oil futures rose on Monday as firm global demand offset a strong dollar, although a holiday in the United States and much of Europe kept trading muted.

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Reuters
Front-month Brent crude gained 53 cents to $65.90 a barrel by 1750 GMT, after touching an intraday low of $64.72. U.S. crude was up 8 cents at $59.80 a barrel.

The market drew support from figures showing strong demand across Asia and the United States. "Global oil demand continues to surprise to the upside, with April data showing no signs of slowdown despite a pick-up in prices," Energy Aspects said in a note.

Japan's customs-cleared crude oil imports rose 9.1 percent year-on-year to 3.62 million barrels per day (bpd) in April, the Finance Ministry said.

In China, crude imports hit a record 7.4 million bpd last month, with healthy car sales countering a slowing economy.

In the United States, the peak summer driving season started with Memorial Day on Monday, and the American Automobile Association said road travel was expected to reach a 10-year high over the long weekend.

The dollar held near two-month highs against the euro and yen, as well as a one-month peak against a basket of currencies.

A strong dollar makes greenback-denominated crude oil less attractive for holders of other currencies.

"The overall fundamentals still point to a well-supplied market, a fact that should continue to put a ceiling on prices," Barclays said.

Iran plans to raise its oil output by 170,000 bpd by March 2016, the official IRNA news agency cited an Iranian oil official as saying.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), aims to boost crude exports by up to 1 million bpd if Tehran and six major powers finalise a nuclear agreement by a June 30 deadline.

Unrest in the Middle East intensified on Monday as Islamic State poured fighters into the western Iraqi city of Ramadi.

In oil exporter Libya, warplanes from the official government attacked an oil tanker docked outside the city of Sirte on Sunday, wounding three people and setting the ship on fire, officials said.

It was the third confirmed strike by the internationally recognised government on oil tankers, part of a conflict between competing administrations and parliaments allied to armed factions fighting for control of the country.

(Additional reporting by Himanshu Ojha in London and Henning Gloystein in Singapore; Editing by David Goodman, Dale Hudson and Marguerita Choy)

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News Releases

News Releases
Released:  26/05/20152015-05-26
Word count:  518

Online application for new biometric Libyan passports will commence from June, the National ID Number (NIDN) Authority has revealed.

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Libya herald
The announcement is part of a wider and long term move by the Libyan authorities to introduce e-government in Libya for better services to citizens, to reduce bureaucracy and to combat corruption.

It is also part of a move to solve the chronic bottlenecks in the issuing of new passports – bottlenecks that are invoking the rage of the general Libyan public.

On Friday the NIDN Authority announced that it had held a meeting with the Passports Authority and had put the finishing touches to the new electronic passport application system.

The NIDN Authority said that, besides the completion of the online passport application system it has also ordered the print of a new batch of passports, which is awaiting the release of a budget.

It is also planning to open new passports offices across the country; the doubling of the number of current printers in use across passports offices, as well as the increase of the number of photography stations – all subject to receiving the necessary budget.

The opening of specific passport offices at organizations with a large number of employees such as banks and the Man-Made River Project, is already under implementation, it confirmed.

The Authority also said that it plans to introduce evening opening hours at passport offices subject to completion of the above mentioned improvements.

The NIDN Authority revealed that initially the online passport application service would only be available within the Tripoli-based passports offices.

It was also very keen to point out that the new electronic system was designed and implemented in-house and without the need (and cost) for outside contractors.

Workshops and public information broadcasts to better inform the general public about using the new online passport application system will also be held.

On another level, the NIDN Authority also revealed that Libyans overseas would also be able to obtain new passports from embassies abroad.

It revealed that the necessary equipment for processing has been sent to 50 Libyan embassies. Successful tests were carried out on three embassies, the Authority confirmed.

However, the system at Libyan embassies will be an offline process, with applications being sent through the diplomatic bag, it explained.

It will be recalled that the issue of the issuing of the new biometric passports has caused much uproar in Libya as queues at passport issuing offices have formed partly due to lack of capacity in human resource as well as raw material and equipment.

But also due to allegeblockages caused by corruption as new passports are made available at prices of up to LD 1,500 – as opposed to the official LD 55 cost.

The right and access to a new electronic passport in Libya is beyond just the principle of the right to having a passport, but is more of a practical necessity.

Beyond holidays and business trips, a valid passport is a necessity for healthcare abroad in countries like Tunisia and Jordan for most ordinary Libyans and Europe for the better off.

Equally, many countries are now imposing conditions on letting in Libyans with the old non-electronic handwritten green passports that are very old and beyond certain dates due to security fears.
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Oil & Gas News

Oil & Gas News
Released:  25/05/20152015-05-25
Word count:  62

BENGHAZI, Libya, May 24 (Reuters) - Libya's state oil firm AGOCO operating in the east is producing between 250,000 and 290,000 barrels a day (bpd), a company spokesman said on Sunday.

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Reuters
A tanker bound for Italy left the Hariga port operated by the firm after lifting 400,000 barrels of crude, another official said.

Oilfields such as Nafoura operated by the firm and connected to the Zueitina port, as well as the western El Feel field, remain closed due to protests, official said.

(Reporting by Ayman al-Warfalli; writing by Ulf Laessing; editing by David Clarke)

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News Releases

News Releases

BENGHAZI, Libya (Reuters) - A tanker bound for Croatia left the Libyan port of Brega on Friday after lifting 600,000 barrels of crude there, a Libyan oil official said.

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Reuters
"The port is working normally," said the official, asking not to be named. Brega is located in eastern Libya where several oilfields have stopped working due to protests.  
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Oil & Gas News

Oil & Gas News
Released:  22/05/20152015-05-22
Word count:  85

Libya’s National Oil Corporation (NOC) has announced gas & condensate discovery in the Eni North Africa-operated exploration well A1-01/01 in Area D in Sabratah Basin, 140 km offshore Libya.

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Offshore Energy Today
NOC and Eni are partners in exploration in Area D in Sabratah Basin and, according to the announcement from NOC, this is the second gas discovery well drilled by the company this year.

The first gas discovery was in March in the Bahr Essalam South exploration prospect in Area D.

According to Libya Herald, the well A1-01/01 is located about 20 km North of the massive Bouri gas field and in testing, the find produced some 868 barrels per day of condensate.

Offshore Energy Today Staff
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Business News

Business News
Released:  22/05/20152015-05-22
Word count:  528

Libyan steelmaker Lisco is struggling to keep its mill rolling in a war zone, no easy feat when the power cuts off every night, shippers are reluctant to dock and foreign contractors are long gone.

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Al-Arabiya
Lisco Chairman Mohamed Abdelmalik al-Faqih may have an office overlooking the Mediterranean, but the steel plant in Libya’s third-largest city Misrata looks more like a military base. A tank guards the melt shops, mills and furnaces, and the nearby port is protected by anti-aircraft guns.

“The position of the company is not good, even worse than 2013 or 2014, (but) we are working,” Faqih told Reuters in an interview.

Power and gas shortages are perhaps the biggest day-to-day challenge for the energy-hungry steel business as more than a dozen oilfields across Libya have been forced to shut due to protests, fighting and militant attacks.

The Tripoli-based electricity ministry had forced Lisco, one of North Africa’s largest steelmakers, to cut output to one third of capacity for six months to save power. That’s on top of having to shut furnaces down each evening.

The Libyan Iron and Steel Company (Lisco) is caught up in the armed struggle that has enveloped the country as two rival governments vie for control four years after the ousting of Muammar Qaddafi.

“The main problems are shortages of natural gas and electricity,” Faqih said.

Yet the company hopes to keep output near steady this year compared to 2014, planning to produce between 500,000 tons and 600,000 tons of liquid steel, its main base product, in 2015. This is roughly in line with last year’s output, already hit hard by gas shortages.

Output at iron plants will reach up to 700,000 tons or half of the annual target, Faqih said. Last year, it was around 800,000 tons, then only half the intended amount.

This included around 300,000 tons of hot briquetted iron, a steel making ingredient, short of the goal of 500,000 tons. Lisco’s bar mill would produce 350,000 tons, missing an original plan of 485,000 tons, he said. The hot-strip mill would reach 250,000 tons, short of a plan of 332,000 tons.

Shippers reluctant

The firm has also struggled to persuade foreign shipping companies to dock at Misrata after the commercial port in the free zone was hit in January by war planes.

“Sometimes it is difficult to fix a ship but eventually we succeed,” Faqih said.

Lisco managed to offset weaker demand from its main market Egypt by selling more to China while keeping a presence in Turkey and North African markets such as Tunisia and Morocco.

“Demand from Egypt is not that big but we still are exporting HBI (hot-briquetted iron) and hot-rolled coils.”

Yet exporting is not easy. Air strikes have scared off Turkish Airlines, the last major foreign carrier serving Libya while local carriers are booked out for weeks -- making it difficult to stay in touch with foreign business partners.

Yet it has plans to boost production with a new 800,000-tonne mill, although a lack of foreign workers means development will have to be done remotely by engineers based in Italy.

Foreign contractors from Italy’s Daniele, helping with the $2.5 billion-expansion, have left Misrata for security reasons. “It’s (the mill) ready for commissioning,” Chairman Mohamed Abdelmalik al-Faqih said. “Now we are in negotiations with them (Danieli) to assist us with the commissioning... with remote assistance. They will train some of our people at their plants in Italy.”
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Oil & Gas News

Oil & Gas News
Released:  21/05/20152015-05-21
Word count:  337

The head of Libya's National Oil Corp (NOC) sees higher oil prices and said the company is working to boost output and regain market share taken by other producers.

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Reuters
Speaking on a visit to London, NOC Chairman Mustafa Sanallah said he saw signs of oil demand increasing across the globe and a fall in the supply of shale oil in the United States.

"There is a general consensus that oil prices will recover. The worst of the market is behind us now," he said on Tuesday at the Platts Global Crude Oil Summit.

"It is expected that the oil price will start to rise by the beginning of the second half of this year and continue to rise in 2016." Brent crude was trading at around $65 a barrel, up from a low near $45 seen in January but still nearly half the level set in June 2014 before a collapse due to a global glut.

OPEC member Libya produced almost 1.6 million barrels of oil per day (bpd) before the 2011 revolution which ousted Muammar Gaddafi, but output is now far lower due to unrest.

Sanallah said Libya is pumping around 436,000 bpd, a total he hoped would increase by 200,000 bpd in the next two months through the repair of damaged fields and keeping dialogue with elements who have blocked pipelines and oilfields.

An increase in Libyan oil production would not weaken prices, he said, citing the expectation for a stronger market. The Organization of the Petroleum Exporting Countries (OPEC) meets on June 5 to review its 2014 decision not to cut production and focus on market share. Sanallah said his priority was boosting Libyan output rather than the OPEC meeting.

"For the last three years, the other members, not only from OPEC but the others, they get advantage of Libya being outside of the market," he said. "So my colleagues work very hard to increase our production, to make the required maintenance. I'm not relying too much on the OPEC meeting."

He said he shared the view of Saudi Arabian Oil Minister Ali al-Naimi, seen as the driver of OPEC's 2014 decision not to cut output. "I do agree with him. So we are focusing on our market share also."

(Editing by David Holmes)
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Contract News

Contract News Business News

The Libyan government has authorized the Local Government Ministry to contract directly through a (non-open tender) purchase order process with Swedish company, Nordic Waste Services, specializing in the cleaning of cities, public parks and gardens, pest control, waste collection and recycling.

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Libya herald
The decision was made during its cabinet meeting held on Sunday in the eastern city of Al-Beida, the seat of Libya’s only internationally recognized government.

Libyan towns and cities have experienced numerous problems with rubbish collection since 2011, including industrial action by unpaid state-sector rubbish collectors.

The announcement by the Thinni government to contract out to a foreign company for rubbish collection and recycling is not a new policy decision.

As was reported by Libya Herald in January this year, the Thinni government had reported then that it had approved the use of international companies in dealing with rubbish and recycling.

The approval to sign ‘’contracts with international companies’’ for cleaning services and rubbish recycling in January was to give priority to companies in the rubbish collection sector first.

Equally, it was stated at the time that these contracts would stipulate the condition that foreign companies would receive no-upfront payments and no payments for the first six months of the contract.

In the first stage of the contracts, the companies would be obliged to gather rubbish in pre-approved sites, thereafter the companies could move to the second stage of the contract of recycling.

Contracted companies would also be obliged to train or retrain the current employees of the General Services Company – the state company currently tasked with rubbish collection.

It must be recalled that British firm Rentokil had been operating in Libya prior to the 2011 revolution, but the company had suspended its operations when the Libyan authorities failed to pay it its debts.
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Anonymous
1 week ago

Business News

Business News
Released:  19/05/20152015-05-19
Word count:  471

The Tripoli-based authorities have passed a decree banning the import of 32 items through letters of credit (LCs) for 6 months as of 13 May.

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Libya herald
The Tripoli authorities through their Ministry of Economy circulated the decree to the Tripoli-based Central Bank of Libya, the Customs Authority, the Chamber of Commerce and the Business Council.

Meanwhile, the Tripoli authorities assured that the ban would not affect the basic necessities and foodstuffs as well as raw materials for local industry and consumption.

The move by the Tripoli authorities to freeze the opening of official documentary letters of credit for imports is seen as a move to stem the haemorrhaging of Libya’s fast depleting foreign currency reserves.

It will be recalled that Libya has been forced into making up its deficits over the last few years by dipping into its foreign currency reserves ironically amassed by the outgoing Qaddafi regime over a few decades. Moreover, the foreign currency shortage has led to the black market exchange rate for the US dollar to peak at two dinars to the dollar, compared to the official rate of LD 1.30 to the dollar.

Equally, the move to freeze the opening of LCs is also seen as an attempt to control the outward flow of Libya’s hard currencies through either exaggerated or fake invoices and LCs.

It is not clear if this move is a short term move to save hard currency or in view of Libya’s low oil production and the collapse in international crude oil prices or if it will be extended beyond November.

Equally, some businessmen have expressed surprise at the timing of the move coming a month before the fasting month of Ramadan, the peak month for consumption in Libya. There are also concerns on the inflationary effect of the import ban on prices in the Libyan market.

It is also seen as encouraging blackmarketeering and as an abrogation of responsibility by the Tripoli authorities for imports and the economy in its region.

Furthermore, this LC import ban is imposed by the authorities in western Libya but not by the internationally recognized government in eastern Libya.

The Tripoli-based authorities have passed a decree banning the import of the following 32 items through letters of credit (LCs) for 6 months as of 13 May:

1-Cars and vehicles – old or new

2-Motorbikes and bicycles

3-Powered boats

4-Cosmetics

5-Entertainment products

6-Toys, and sports goods

7-Papper tissues, napkins

8-Car accessories

9-Leather products

10 -Hunting guns and fireworks

11-Cement and wooden poles

12-Sanitary (bathroom fixtures) products, marble, tiles and ceramics

13-Wood – raw material

14-Carpets, curtains and accessories

15-Leather and non-leader bags (except school bags)

16 -Reinforcement iron bars

17-Mobile phones and accessories

18-Office and domestic furniture

19-Workshop tools

20-Artificial drinks/juices

21-Chocolates, biscuits (except raw material chocolate for manufacturing)

22 -Artificial fruit drink powders

23 – Canned, preserved, dried vegetables and pickles

24-Crisps and corn flakes

25-Fizzy and mineral water

26 – Chlorine and liquid soaps

27 – Pastas

28-Nuts (edible)

29-olive oil

30 –Harissa (spicy chilli sauce/past)

31-Energy drinks

32 -Caviar and sea foods
Comments:

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Anonymous
1 week ago

Oil & Gas News

Oil & Gas News
Released:  18/05/20152015-05-18
Word count:  238

BENGHAZI, Libya May 17 (Reuters) - Libyan state oil company AGOCO, which is active in the east of the OPEC member country, is producing about 270,000 barrels a day of crude, unchanged from a week ago, a company spokesman said on Sunday.

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Reuters
The company's Hariga export port and connected Sarir and Messla oilfields are working normally, he said, adding: "We are facing no problems at all."

The port located in the eastern city of Tobruk has had to close several times this year because of protests and a pipeline blast.

The Arabian Gulf Oil Co (AGOCO) is part of the NOC state oil company controlling the country's oil and gas sector. But crude supplies to the Zueitina port, also located in the east, are still blocked due to a protest by locals demanding jobs, another oil official said.

The Arabian Gulf Oil Co (AGOCO) is part of the NOC state oil company controlling the country's oil and gas sector. The closure of several oilfields across the North African country has reduced Libya's oil production to between 380,000 and 400,000 bpd, an industry source has told Reuters. Libya had pumped up to 1.6 million bpd in 2010, before an uprising ousted leader Muammar Gaddafi.

The loss of oil revenue has triggered a public-finance crisis, forcing the central bank to use up a quarter of its foreign currency reserves in 2014, official data shows.

Libya is now caught in a struggle between two governments, one based in the east and a rival administration controlling Tripoli, as rebels who helped to oust Gaddafi in 2011 have fallen out along political, regional and tribal lines.

(Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by Hugh Lawson and David Goodman)

Comments:

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Anonymous
1 week ago

Business News

Business News
Released:  18/05/20152015-05-18
Word count:  222

During the first quarter of 2015, MedServ continued to meet its targets both as to turnover and to profit margins

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Malta today
During the first quarter of 2015, MedServ plc continued to meet its targets both as to turnover and to profit margins.

As previously reported, all the Company’s offices, warehouses, and open storage areas continue to be almost fully utilised.

The Malta base remains busy servicing exploratory and production projects offshore Libya which include the further development of the Bahr Essalam field.

The current operations are expected to take two to three years to complete. The previously announced maintenance contract relating to offshore Libya has commenced and performance is on target.

The rig drilling offshore Cyprus has been withdrawn for planned maintenance. During the maintenance period which is expected to last some months, the 24/7 work basis on the Cyprus base is no longer required.

This has necessitated making a number of employees temporarily redundant until full time operations restart. In the meantime the Company continues to generate revenue from the base facilities.

The Misurata base remains dormant but the Tripoli office is very active in managing a number of administration contracts. Several international oil companies and service providers have relocated their Libyan operations to the Malta base taking advantage of the Company’s forty years experience and know how of operating in Libya.

The Company continues to actively search for additional opportunities both in the Mediterranean region and further afield including possible acquisitions.  
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Anonymous
1 week ago

Business News

Business News
Released:  15/05/20152015-05-15
Word count:  175

May 13 UniCredit, Italy's biggest bank by assets, has restored ties with its Libyan shareholders that had previously run into difficulty after a temporary seizure of Libyan assets in Italy, it said on Wednesday.

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Reuters
In a statement the Italian lender said Chairman Giuseppe Vita and Chief Executive Federico Ghizzoni met earlier on Wednesday with the Libyan central bank governor, Saddek Omar Elkaber, and Libyan Investment Authority Chairman Abdulrahman Benyezza.

"All parties were joined by a willingness and mutual interest in re-establishing ... cooperative ties that had been interrupted in recent years," the statement from UniCredit said.

UniCredit said documents at its annual shareholder meeting on Wednesday showed the Central Bank of Libya owned a stake of 2.914 percent jointly with the Libyan Foreign Bank, while the Libyan Investment Authority had 1.25 percent.

In 2012 Italian police seized more than 1.1 billion euros ($1.25 billion) worth of assets that it said belonged to ousted leader Muammar Gaddafi's family, at the request of the International Criminal Court.

The assets included UniCredit shares, which were later unfrozen.

Libya rmains in a state of political turmoil with two separate governments -- the internationally recognised one in the east and the rival administration in Tripoli - vying for control of territory. ($1 = 0.8818 euros)

(Reporting by Stefano Bernabei; Editing by Greg Mahlich)  
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Anonymous
1 week ago

Oil & Gas News

Oil & Gas News
Released:  15/05/20152015-05-15
Word count:  57

BENGHAZI, Libya May 13 (Reuters) - One tanker has left Libya's eastern port of Hariga carrying 600,000 barrels of crude while another is set to load 650,000 barrels of oil from the eastern port of Zueitina, oil officials said on Wednesday.

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Reuters
The Zueitina crude came port storage, one official said, noting fresh supplies by pipeline were still being blocked by protesters demanding state jobs.

A third tanker was waiting outside Hariga to lift crude, while another tanker was about to bring imported fuel to the port.

(Reporting by Ayman al-Warfalli, writing by Ulf Laessing; editing by Jason Neely)
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Anonymous
1 week ago

Oil & Gas News

Oil & Gas News
Released:  14/05/20152015-05-14
Word count:  210

Eni SpA is producing around 300,000 barrels of oil per day in Libya, bringing output above pre-civil war levels despite ongoing strife in the African country.

Play
Bloomberg
“Our commitment in Libya is very strong, we are there, we are producing about 300,000 barrels per day,” Eni Chief Executive Officer Claudio Descalzi said in an interview in Rome after the company’s shareholders’ meeting.

The number cited is higher than the 280,000 barrels a day that Rome-based Eni produced in Libya before the ousting of former leader Muammar Qaddafi in 2011. Eni, Libya’s biggest oil producer, is one of the few foreign companies still operating there even after a face-off between rival governments and a surge in strikes and terrorist attacks forced most foreign businesses to leave the country.

“We don’t have any expatriates there, all the expats are offshore and onshore we have local staff working,” Descalzi said. While the company is concerned about potential terrorist attacks, he said there is a strong push for dialogue among the warring parties and he’s confident the situation will improve in Libya “in the medium-to-long term.”

Descalzi also said he expects the oil price to average around $55 to $60 this year, and to rise to about $70 by 2016. Low oil prices contributed to a 46 percent slump in Eni’s first quarter net income. “There is a positive trend because the demand for oil is increasing and the supply is falling,” he said.
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

Contact : Mr. Petrovic Dorde Email: directmandate@gmail.com Skype ID: petrovic.dorde

Anonymous
1 week ago
Find out what contracts are on offer in Libya
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