Libya sovereign fund assets must remain frozen, says one of two rival chairmen

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Libya sovereign fund assets must remain frozen, says one of two rival chairmen
Released:  22/12/20152015-12-22
Word count:  205

One of the would-be chairmen of Libya's $67 billion sovereign wealth fund said on Monday that it would be wrong to unfreeze the fund's assets following last week's agreement to form a national unity government.

Reuters
AbdulMagid Breish, one of two rival chairmen of the Libyan Investment Authority (LIA), said that while negotiations on forming the government continue, it was "imperative" the LIA's assets remained frozen to safeguard them against the threat of "misappropriation and corruption".

About 85 percent of the fund's assets have been frozen since 2011 under sanctions imposed by the United Nations Security Council.

Delegates from Libya's warring factions last week signed a U.N.-brokered agreement to form a national unity government.

Libya remains divided between two rival parliaments. The LIA is also mired in a long-running power struggle between Breish, who claims to have been reinstated as head of the fund following a decision by Libya's Court of Appeal and Hassan Bouhadi, appointed by the government in the east.

"It would be dangerous, and deeply counter-productive, to let the prospect of peace provide an excuse for unfreezing any of the LIA's assets," Breish said in a statement.

"The international community, alongside and in support of all Libya's independent institutions, must remain highly vigilant to ensure that our country's wealth is preserved for all its people," he added.

Representatives of Bouhadi did not immediately respond to emails and calls from Reuters.

(Reporting by Claire Milhench; Editing by Hugh Lawson)
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Oil & Gas News

Oil & Gas News
Released:  29/07/20162016-07-29
Word count:  375

Oil prices fell to fresh April lows on Friday as slowing economic growth threatened to worsen ongoing oversupply of crude and refined products.

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Reuters
International Brent crude oil futures LCOc1 were trading at $42.51 at 0617 GMT, down 19 cents, or 0.4 percent, from their previous close, the lowest since April. U.S. West Texas Intermediate (WTI) crude CLc1 fell 26 cents, or 0.6 percent, to $40.88 a barrel, slipping below $41 for the first time since April. Both crude benchmarks are now down around 20 percent since their last peak in June. Because refiners produced too much fuel from cheap crude, margins in the Americas, Europe and Asia have fallen sharply this year, eroding revenues for oil producers and refiners like Royal Dutch Shell (RDSa.L), which this week reported poor results.

"Margins remain on a negative trajectory ... This seems a clear signal that Atlantic Basin refined product markets are currently oversupplied," Jason Gammel of U.S. investment bank Jefferies said on Friday.

Benchmark Singapore refinery margins DUB-SIN-REF are down 60 percent from their January highs to $4.28 per barrel, with stocks of product brimming near historic highs. STKLD-SIN

"We expect that the upcoming maintenance season combined with economic run cuts will correct the refined product markets... (and) the corresponding reduction in crude oil demand could weigh on Brent prices in the near term," he added.

On the supply side, Iranian exports to Asia's main buyers - China, India, Japan and South Korea - jumped 47.1 percent in June from a year ago to 1.72 million barrels per day, the highest levels in over four years.

The sales jump is the latest sign that Tehran's aggressive moves to recoup market share, lost under international sanctions, are paying off.

Because of ongoing oversupply, U.S. bank Goldman Sachs (GS.N) said this week that it did not expect a big recovery in prices any time soon.

"We continue to expect that oil prices will remain in a $45 per barrel to $50 per barrel trading range through mid-2017 with near-term risks skewed to the downside," the bank said.

Despite this, some analysts said recent price falls in oil had been overdone, especially as demand remains strong despite concerns over future economic growth.

"Investors have become overly bearish on oil as U.S. production and gasoline inventories continue to rise. We think those concerns are unwarranted. Underlying demand in the U.S. remains robust," ANZ bank said.

(Reporting by Henning Gloystein; Editing by Richard Pullin)
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Business News

Business News

Investment Promotion and privatization Body discusses with Misrata Municipality local financing of Corontia project.

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LANA - Libyan News Agency
Misrata, 27.07.2016 (Lana) Investment Promotion and privatization Body discussed with Misrata Municipality local financing of Corontia investment project estimated at 700 million euros according to investment law No 9/ 2010.

The project provides for establishing a resort on the beach with villa overlooking the sea, administrative centers, surrounding Misrata Hotel and Misrata Marina with its residential housing overlooking the sea besides cafés and sports and health centers.

=Lana=
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Business News

Business News
Released:  29/07/20162016-07-29
Word count:  109

Eni drilling Exploratory Well in Sabrata Off-shore Basin.

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NOC
Tripoli, 28 July 2016(Lana) The Italian Eni Group has started drilling an exploratory well in the off-shore basin of Sabrata, a concession granted to the oil and gas company by virtue of an exploration and Production partnership agreement between the company and the Libyan National Oil Company.

The NOC said in a report on its website the well was being drilled at an area located 88 km from the Libyan coast, 23 km from Al Salam gas field and at a depth of 515 feet (157m).

The final depth of the well is expected to be 10845 feet, (3300 m), and is expected to be finished in 77 days from the start of drilling operation.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  28/07/20162016-07-28
Word count:  198

The World Bank raised its crude oil forecast for 2016 to $43 a barrel on Tuesday, from $41 a barrel, citing supply outages and robust demand in the second quarter.

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Reuters
Disruptions in oil supply during the second quarter, including from militant attacks in Nigeria and wildfires in Canada, helped oil prices rebound from 12-year lows hit early in the year.

However, since peaking at about $51 a barrel early in June, a growing overhang in refined products has damped the demand outlook and resurgent supply from many of the outages has slowed the rebalancing of the crude oil market.

The World Bank said its latest forecast takes these recent developments into account.

"We expect slightly higher oil prices for the second half of 2016 as oil market oversupply diminishes," John Baffes, senior economist and lead author of the World Bank's quarterly commodities markets outlook, said in a statement.

"However, inventories remain very large and will take some time to be drawn down."

U.S. crude on Tuesday fell 26 cents to $42.87 per barrel, a 0.6 percent loss after hitting a three-month low of $42.36.

U.S. crude stockpiles have fallen for nine straight weeks. But at about 519 million barrels, inventories are at historically high levels for this time of year, data from the U.S. Energy Information Administration showed last week.

(Reporting by Devika Krishna Kumar in New York; Editing by Alan Crosby)
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Business News

Business News
Released:  27/07/20162016-07-27
Word count:  468

Libya’s electricity shortage crisis should be over within two months, a senior government official has pledged.

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Libya business news
Deputy Prime Minister Ahmad Maiteeq, who is coordinating government and private sector action on the problem, told Libya Business News: “We hope in eight weeks the situation will get much better. But the problem is we are heading into August and the temperature in Libya will be quite high and people will feel it.”

Maiteeq said the government would be looking at ways to help those most vulnerable in society. “I know that a lot of people in Libya are suffering from this, especially people who cannot get any help and older people and this is where the government needs to focus more,” he said.

The crisis has seen regular power cuts in Tripoli, Libya’s capital, as temperatures soar into the mid 40s, and has undermined the authority of the UN-backed Government of National Accord (GNA).

Foreign diplomats have made it clear to the new government that the electricity crisis is a priority. One senior Western diplomat, who spoke to Libya Business News on condition of anonymity, said: “The GNA really needs to get to grips with things fast or it will lose popularity in the country. The first thing on their list should be the electricity in Tripoli.”

Creating enough electric power and transmitting it to major conurbations, in particular the capital, has become difficult in Libya because of the security situation, which has seen large parts of Libya’s power infrastructure damaged.

The Al-Khaleej power station in Sirte, which can provide up to 1,400 megawatts of power, was crippled by Islamic State militants, who occupied the city until recently but are now largely on the run thanks to GNA military action with Misratan armed forces.

This week the first turbine of the plant came back on line, providing 350 megawatts of power. “We hope in a few days that our supply from Sirte will be stable, which will bring us 350 megawatts,” said Maiteeq, who has made the electricity crisis his main focus. “We have a shortage of 1,500 MW. But this in only when the temperature is over 40 and people use their air conditioners.”

Mr Maiteeq said that another problem was uncoordinated attacks by the forces of General Khalifa Haftar of the so-called Libyan National Army, a large militia in the east of the country, which does not accept the GNA mandate to govern. Recent bombing raids around Ajdabiya have cut 250 megawatts of power to local communities.

“He [Haftar] is causing a lot of humanitarian issues,” said Maiteeq. “But the man is not listening to us. He is not listening to the Libyan agreement. He is not listening to the international community. Mr Kobler [the UN special envoy to Libya] has asked him many times to stop bombing where there are utilities for people and he is not listening.” Adam can be contacted at adam@libya-businessnews.com and +44 7900 783662.
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Anonymous
2 days ago

Oil & Gas News

Oil & Gas News
Released:  27/07/20162016-07-27
Word count:  192

SINGAPORE Oil prices dipped in Asian trading on Wednesday as plentiful supplies and slowing economic growth weighed on markets, although some analysts said that the current downtrend would be modest and see a recovery later this year.

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Reuters
International Brent crude oil futures LCOc1 were trading at $44.81 at 0148 GMT, down 6 cents from their previous close. U.S. West Texas Intermediate (WTI) crude CLc1 were at $42.87, down 5 cents.

Brent hit $44.14 the previous day, the lowest since May, and the contract has shed over 15 percent in value since peaking in June as a refined product glut as well as slowing economic growth dent the demand outlook for crude oil.

Analysts said they expected more price declines in the short-term as oversupply continued while demand growth stutters. "My view is that oil prices will find a low between $39 and $42 per barrel over the coming weeks due to headwinds," said Ric Spooner, chief market analyst at CMC Markets in Sydney, Australia.

"After that, however, we are coming closer to seeing a balanced market again," he added, saying that $50-60 per barrel would represent such a supply and demand balance.

Oil markets have been dogged by oversupply in the last two years, which pulled down prices by as much as 70 percent between 2014 and early 2016, when Brent hit a more than a decade low of around $27 per barrel.

(Reporting by Henning Gloystein; Editing by Ed Davies)
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Anonymous
2 days ago

Oil & Gas News

Oil & Gas News
Released:  26/07/20162016-07-26
Word count:  305

Oil prices rebounded from over three-month lows on Tuesday, lifted by a drop in the dollar, but concerns of ongoing oversupply weighed on markets and many traders are raising their bets on further price falls.

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Reuters
International Brent crude oil futures were trading at $44.93 per barrel at 0501 GMT, up 21 cents from their last close. U.S. West Texas Intermediate (WTI) crude was at $43.23, up 10 cents per barrel. Brent hit its lowest level since May the previous day, while WTI hit its lowest level since April.

Traders said the higher prices were partly a correction after the previous day's sharp falls, and also reflected a more than 1 percent fall in the dollar against the Japanese yen on Tuesday.

As oil is traded in dollars, a drop in its value makes fuel imports cheaper for countries using other currencies, potentially spurring demand.

Despite the slightly higher oil prices, analysts said the overall mood in oil markets had turned bearish.

"Ongoing fears of oversupply are encouraging hedge funds to liquidate their recent record bullish position; at the same time, we are also seeing a corresponding increase in speculative short positions," said Matt Smith of U.S.-based ClipperData in a note.

Hedge funds selling crude futures and options to close out these bullish positions has put downward pressure on oil prices in recent weeks.

Now, the liquidation of old long positions, which profit from rising prices, is being replaced by the establishment of short positions, which make money out of lower prices, as fund managers try to capitalise on the downward cycle in prices.

Hedge funds and other money managers cut their net long position in Brent and WTI futures and options by 31 million barrels to 453 million in the week ending on July 19.

The money managers short positions in WTI rose to 141,237 contracts in the week to July 19, up from 53,377 contract for the week to May 31.

During the same period, short positions in ICE Brent held by money managers climbed to 78,351 contracts from 33,111.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger) 
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Business News

Business News
Released:  25/07/20162016-07-25
Word count:  960

The Main Tender Committee of the Arabian Gulf Oil Company desires to release the following project:-

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NOC

 

No.

MTC No.

Projects Title

1

MTC-16/2016

·      Supply of the existing aged gear box of the gas Turbine TB-5000 (first stage) at GTP Sarir Oil Field

·      Supply of the existing aged gear box of the gas Turbine TB-5000 (Second and Third stages) at GTP Sarir Oil Field

2

MTC-17/2016

·      Supply of the over head line Truck at Hamada Oil Field

·      Supply of the well head maintenance Truck at Nafoora Oil Field

 

 

 

 

 

 

 

 

 

Bidding procedure:

 

All specialized  companies  which have the true desire to participate in this tender, and have the efficiency, ability, previous experience and specialized in the above mentioned field, please be informed that  tender documents shall be withdrawn during the period from: (Day: Sunday, Corres. To: 17/07/2016 A.D To Day: Sunday, Corres. To: 31/07/2016 A.D), (from: 12:00  P.M   to: 14:00 P.M)  through a direct delivery  to their representatives who have to fill the attached receipt   form  to be brought later on the date of  delivery,

 

·      Prepare and submit by Email or a direct delivery the below listed documents (Requirements) to the Main Tender Committee (MTC) of AGOCO.           

Bidding Requirements(Provided by all applicants)

                     

1.    A copy of work license.(Valid)

2.    A copy of a recent  Commercial Record Extract .(Valid)

3.    A copy of  record certificate of the Chamber of Commerce .(Valid) and financial file

4.    A proof of tax payment. (Valid).

5.    A copy of the decree of formation.

6.    A copy of the basic structure.

7.    A copy of a partnership  agreement (if any)- if the company had incorporated or joined another legal person - certified by the local competent authorities or by those at the state headquarters-If the other party in the partnership agreement is a foreigner  and  approved by the Libyan embassy at the State Headquarters.

8.    Work permission from the competent ministry for the foreign companies.

9.    The applicant’s qualification and previous experience, supported with documents of the related field, including copies of the handing –over minutes of projects executed for the interested bodies.

10.The participant, if accepted, shall facilitate the  field visit procedures to his  company's headquarter for the Arabian Gulf Oil company representatives who authorized to examine all his available  material and human capabilities .

Offers Submission:

 The Tender should be submitted through a direct delivery or by courier in (4) separated  envelopes, closed with red  sealing wax and with the stamp of the bidder, writing clearly the name of the project, the bid number and the name of the participating Body on each envelope.

 

  1. The first envelope should include a priced financial proposal (original + 1 copy)
  2. The second envelope should contain an un-priced financial proposal without price (original + 1 copy) (do not mention the price); otherwise, it will be rejected   and has to contain the required financial conditions and the required method of payment, with the necessity to agree on all AGOCO general terms and conditions.
  3. The third envelope includes a technical proposal (original + 2 copies). As well as the validity of the proposal shall be three months at least from the closing date stated in this announcement. (Plus an electronic copy of the technical proposal ONLY).

 

The proposals shall be submitted during the official working hours to the main Tender Committee at the Arabian Gulf Oil company Headquarter- Alkeish- Benghazi- B.O. box 263  the  dead line is: (Time: 14:00 P.M Day Wednesday, corresponding to: 31/08/2016 A.D)

  

Any proposal not complying with the above mentioned procedures shall not be accepted, i.e. any offer which does not comply with such tender ,or not clearly reflects the ability of the bidder to execute the work in a required precision ,shall be ignored, and the lower prices shall not be the only standard for winning the bid.

 

The Arabian Gulf Oil Company has the right to cancel the tender without stating the causes, as well as the Arabian Gulf Oil Company shall not bear any expenses incurred by the participant after the tender cancellation, taking into account that all offers and the attached document submitted by the participant in this tender will be owned by the Arabian Gulf Oil Company, 

 


 

For any inquiries, please, contact the main tender committee secretariat on the following address:

The Main Tender Committee–Office No.(4)-New building- The    Company's main  headquarter - Alkiesh- Benghazi – Libya  - P.O.box:263

Fax No.:218-61-2229006

Tel. No.: 218-061—2228931-44 –Ext.: 3883

E.mail address: mtc@agoco.com.ly

 

Note: All correspondence   shall be addressed to the chairman of The Main Tender Committee of the Arabian Gulf Oil Company. 

 

Comments:

Oil & Gas News

Oil & Gas News
Released:  25/07/20162016-07-25
Word count:  234

Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come.

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Reuters
International Brent crude oil futures LCOc1 were trading at $45.59 per barrel at 0424 GMT, down 10 cents from their previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $44.09, also down 10 cents a barrel. Both benchmarks were close to two-month lows reached last week.

Traders said that ongoing oversupply and growing economic headwinds were weighing on oil.

"Headwinds (are) growing for 2H16, hence our bearish oil bias," Morgan Stanley said on Monday in a note to clients, pointing to resilient U.S. supply, falling demand for transport fuels, and oversupply by refiners, particularly in gasoline.

"As a result, crude oil demand from refineries is underperforming product demand by a wide margin," the U.S. bank said, adding that growing economic risks added to downside risks for oil.

A strong dollar and a fourth weekly rise in the U.S. oil rig count also weighed on prices, traders said. [USD/] [RIG/U]

Money managers cut their net long U.S. crude futures and options positions, which would profit from rising prices, to a four-month low in the week to July 19, the U.S. Commodity Futures Trading Commission said on Friday.

Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports.

(Reporting by Henning Gloystein and Osamu Tsukimori; Editing by Richard Pullin)
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Business News

Business News
Released:  25/07/20162016-07-25
Word count:  177

Afriqiyah Airways is to start a weekly flight between Tripoli Mitiga and Obari in the south west of the country. The service will begin on Monday, 25 July.

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Libya herald
Until now residents in the Obari area have had to travel 400 kilomtres south-west to Ghat or 200 kilomtres north-east to Tamenhint, near Sebha, in order to fly to Tripoli.

The decision to launch a service to Obari reflects stability in the town and confidence in the effectiveness of the ceasefire between Tuareg and Tebu fighters in the area.

A prolonged conflict between the two which started in September 2014 resulted in over 300 lives lost and saw most residents flee the oasis town. There were various ceasefires culminating in efforts by the Qataris last November to mediate between both sides. However, all failed. In the end, it was an agreement mediated in Rome with the help of the Sant’Egidio community that worked. As a result, residents have returned home.

The Italian community has since been involved in ensuring the provision of humanitarian aid to Obari and the wider area. Earlier this month, a first container of medicines arrived at Obari hospital, the result of a humanitarian agreement signed the previous month in Rome by Fezzan activists and political figures.
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Oil & Gas News

Oil & Gas News
Released:  22/07/20162016-07-22
Word count:  391

Crude oil futures eased on Friday, extending big falls in the previous session as investors reassessed U.S. data underlining the glut in petroleum, while Iraqi crude exports are also on the rise.

Play
Reuters
The global oversupply of oil has been easing but with huge amounts of crude being held in tanks and tankers on land and water, the rebalancing has taken longer than many expected.

"The market is getting a little bit nervous about the medium term. The inroads into global stockpiles of oil are not as great as anticipated," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

Brent crude fell 13 cents, or 0.3 percent, to $46.07 a barrel as of 0605 GMT after closing 2.1 percent lower in the previous session. Brent is on track for a decline of more than 3 percent for the week.

U.S. West Texas Intermediate (WTI) dropped 25 cents, or 0.6 percent, to $44.50 a barrel after ending the previous session down 2.2 percent.

A weaker U.S. dollar helped support prices, which scraped into positive territory earlier in the session.

The dollar index slipped against a basket of currencies on Friday. A weaker greenback it makes dollar-traded commodities, including oil, cheaper for holders of other currencies.

While U.S. production has been falling, crude inventories are at a historically high of 519.5 million barrels for this time of year, the EIA said earlier this week.

Total U.S. crude and oil product stocks rose 2.62 million barrels to an all-time high of 2.08 billion barrels as gasoline stocks posted a surprise build of 911,000 barrels during summer driving season.

"There is so much oil in storage that it will take months to truly feel the erosion of the overhang," Energy Aspects said in a note.

In the Middle East, Iraq's oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC's second-largest producer back on track after two months of declines.

Exports from southern Iraq in the first 21 days of July have averaged 3.28 million barrels per day (bpd), according to loading data tracked by Reuters and an industry source. That would be up from 3.18 million bpd in June.

The rise came as a report by BMI Research on Friday said fundamentals in the Asian diesel market remain weak, as demand for the fuel continues to wane in key Asian markets.

"Tight margins, ample supplies and brimming stockpiles at key diesel storage hubs suggest that a pullback in diesel output is imminent," the report said.

(Reporting by Keith Wallis; Additional reporting by Aaron Sheldrick; Editing by Richard Pullin)
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Anonymous
5 days ago

Business News

Business News

The Tripoli-based Audit Bureau and the Public Prosecutor’s Office have ‘‘temporarily’’ suspended the Commerce and Development bank’s cheque clearance activity for suspicion of fraud.

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Libya herald
The Audit Bureau, within its oversight powers, issued instructions to the Central Bank of Libya, in its role as the ultimate Libyan banking body and the operator of the cheque clearing system, to freeze the cheque clearance of Commerce and Development. The Audit Bureau and Public Prosecutor’s Office said that there is suspicion that there is a link between the crash in the black market exchange rate of the Libyan dinar and the very high volume of cheques cleared by the Commerce and Development bank at the time of the dinar’s crash.

As a result, the Audit Bureau has meanwhile advised against dealing in Commerce and Development cheques until it concludes its investigation. The Public Prosecutor’s Office also confirmed that it was investigating the matter, adding that the ‘‘intelligence agency was asked to investigate’’ the allegations.

Libya Herald today contacted some foreign exchange dealers in Tripoli but none could or would admit to any linkage between the sudden crash in the dinar’s black market exchange rate and Commerce and Development bank.

All they would say is that Commerce and Development offered ‘‘the best cheque clearance system in Libya by a very wide margin’’ when compared to all the other Libyan banks – and especially compared to state-owned banks. Commerce and Development has become so efficient and reliable at cheque clearance that any of its cheques are ‘‘treated as if they were crossed/guaranteed’’ cheques, one foreign exchange dealer told me.

Another dealer said that it was simply the only means that the Libyan authorities could exert pressure on the black market foreign exchange dealers after the dinar crashed to over five dinars. They had worked out that most black market dealers used the Commerce and Development bank, simply because it was the fastest at clearing cheques, and therefore targeted them to halt the crash of the dinar’s exchange rate.

One other possible cause is the reactivation of foreign currency visa cards by Jumhouria bank, Libya’s largest bank, causing a run on dollars at the official 1.39 exchange rate.

Whatever the real causes of the sudden collapse of the dinar exchange rate, there is pressure on the Faiez Serraj-led Government of National Accord to do something.

It will be recalled that the black market Libyan dinar exchange rate against the dollar crashed to an all-time low two days ago. It broke the five-dinar ceiling against the dollar peaking at LD 5.30 against cash payments and LD 5.80 against Commerce and Development cheques. Even during the worst years of the Lockerbie embargo and sanctions under Qaddafi it had never reached the LD 5 mark against the US dollar.

Tripoli black market foreign exchange dealers put the crash to a loss of confidence in the politics of the country after they assessed that nothing positive had come out of the latest UN-brokered Tunis round of talks between all the contending Libyan parties.

Yesterday, the main black market foreign exchange market in the Medina’s Old Souk and the secondary market in Dahra were forcibly shut down by the RADA force..

The authorities have never commented in the past about the frequent closures of the market by RADA. They neither confirm nor deny whether RADA acts autonomously or on instructions from the government of the day. The dinar gained value today, quoted at LD 4.95/dollar by one dealer, but there was little activity in the market, he added.
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Anonymous
5 days ago

Oil & Gas News

Oil & Gas News
Released:  21/07/20162016-07-21
Word count:  242

Crude oil prices edged up in early Asian trading on Thursday after the U.S. Energy Department reported a ninth consecutive weekly drawdown of crude stocks but a surprise build in gasoline supplies.

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Reuters
U.S. West Texas Intermediate crude for September delivery, the new front month contract from Thursday, was up 2 cents at $45.77 a barrel at 9.02 p.m. ET. The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel.

Brent crude's front-month contract, LCOc1 was up 5 cents at $47.22 a barrel. The contract, also for September delivery, rose 51 cents, or 1.1 percent, to $47.17 a barrel the previous day.

"Many market participants had expected far larger crude stockdraws during peak runs season in the United States. Clearly these expectations have not been met," Energy Aspects said in a note.

U.S. crude inventories USOILC=ECI fell 2.3 million barrels in the week ending July 15, data from the U.S. Energy Information Administration showed.

But at 519.5 million barrels, inventories are at historically high levels for this time of year, the EIA said.

Gasoline stocks USOILG=ECI rose 911,000 barrels, against a forecast for remaining unchanged, and are well above the upper limit of the average range, the EIA said.

July is considered the peak of a summer when Americans were expected to take to the road and put in record miles with prices relatively low.

Stocks of the motor fuel rose in spite of gasoline output slipping by 168,000 barrels per day and refinery crude runs USOICR=ECI rising 319,000 bpd as utilization rates edged up 0.9 percentage points to 93.2 percent of total capacity, the EIA data showed.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin)
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Qun
5 days ago

Business News

Business News
Released:  21/07/20162016-07-21
Word count:  175

Oil exports at Libya’s only functioning oil terminal have resumed following the intervention of the president of the House of Representatives Ageela Saleh.

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Libya herald
According to HoR spokesman Abdullah Bilhaig, striking members of the Petroleum Facilities Guard (PFG) suspended their action after Saleh promised them they would be paid back salaries.

They say they have not been paid for five months. They started their strike las week.

As a result of the return to work, the Maltese-flagged tanker Panagia Armata which arrived in Hariga four days ago started taking on oil this morning: 600,000 barrels for delivery to Italy.

However, production of 1000,000 b/d at the Sarir oilfield which feeds into Hariga and which stopped as a result of the strike, will remain on hold for a few days, according to an official from the Arabian Gulf Oil Company (AGOCO) which operates both the field and the terminal.

Despite the reopening and uplifting, holding tanks at Hariga are almost all full. However, it is also alleged that AGOCO was having problems paying staff at Sarir because of cash flow issues. In addition, there is maintenance needing to be done. AGOCO has just issued tenders for gas turbine gearboxes for Sarir.  
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Anonymous
5 days ago

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Anonymous
5 days ago

Business News

Business News
Released:  21/07/20162016-07-21
Word count:  119

Tripoli, 19 July 2016(Lana) Libya remains the wild card in terms of additional short term oil supply of oil, an expert said.

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LANA - Libyan News Agency
The Libyan state despite the conflict between rival factions in the country could be the next key catalyst for the international market, said Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets.

Countries such as Saudi Arabia and Iran have defied expectations, and not flooded the market with more barrels, Croft told the CNBC 'Futures Now' programme last week.

Global oversupply and economic and political issues in countries like Nigeria and Venezuela have been putting downward pressure on crude prices, Croft said.

She added that other economic factors such as Britain's decision to leave the EU and fluctuations in China's economy would also weigh on the oil market and may drive prices down.

=Lana=
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Anonymous
5 days ago

Oil & Gas News

Oil & Gas News
Released:  20/07/20162016-07-20
Word count:  336

Oil futures rose in Asian trading on Wednesday but gains were limited and U.S. crude traded sideways in advance of the release of official weekly inventory figures later in the day.

Play
Reuters
Brent crude LCOc1 was up 18 cents at $46.84 a barrel at 0349 GMT. On Tuesday, the contract settled down 30 cents, or 0.6 percent, at $46.66 barrel.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 4 cents at $44.69 a barrel, after initially trading higher then falling. It fell 59 cents, or 1.3 percent, to settle at $44.65 in the previous session. The front-month August contract will expire at the end of Wednesday's session.

Crude is "looking rather trepidative ahead of another weekly inventory report, while dollar strength is also helping to put the kibosh on a rally," Matt Smith, an analyst at oil cargo tracker and energy data provider ClipperData, said in a blog post.

The dollar firmed in Asian trading on Wednesday, as strong U.S. data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs. [FRX/]

U.S. crude rose earlier after industry group the American Petroleum Institute reported crude stockpiles fell by 2.3 million barrels last week. That was just above a 2.1 million-barrels draw forecast in a Reuters poll.

For distillate inventories including diesel, API reported a surprise draw of 484,000 barrels. But it also showed there was an unexpected gasoline build of 805,000 barrels.

The U.S. government's Energy Information Administration (EIA) will issue stockpile data later on Wednesday. If the EIA confirms a drawdown, it will be the ninth straight week that U.S. crude stockpiles have fallen.

Adding to the sense of oversupply for oil products, China's June gasoline output rose 8.7 percent from a year ago to 11 million tonnes, or about 3.1 million barrels per day, the Statistics Bureau said on Wednesday.

Diesel output last month fell 4.5 percent from a year ago, while kerosene supply shot up 10.5 percent, the bureau said. Liquefied petroleum gas, used mainly in cooking and sometimes for petrochemical feedstocks, rose 18.9 percent and naphtha production, mainly used for petrochemicals, climbed 15.7 percent from a year ago.

China is the world's second-largest oil consumer.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger)
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Oil & Gas News

Oil & Gas News
Released:  19/07/20162016-07-19
Word count:  389

Oil prices eased on Tuesday as concerns over a crude and refined fuel glut outweighed an expected cut in U.S. shale production and a probable further draw in U.S. crude inventories.

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Reuters
Crude prices fell more than 1 percent in the previous session after worries about potential supply disruptions stemming from an attempted coup in Turkey proved unfounded.

"Prices are a bit softer in the Asian trading period - traders and investors are torn which way prices are going to break. It's a knife edge between optimism and pessimism," said Ben Le Brun, market analyst at Sydney's OptionsExpress.

The market is waiting for U.S. crude stocks data on Tuesday and Wednesday to help give direction to prices, he said.

Brent crude slipped 13 cents to $46.83 a barrel as of 0349 GMT after finishing the previous session down 65 cents, or 1.4 percent.

U.S. crude, known as West Texas Intermediate (WTI), fell 14 cents to $45.10 a barrel after settling 71 cents, or about 1.6 percent, lower in the previous session.

Fuel inventories in the United States, Europe and Asia are brimming despite this being the peak summer driving season, leading traders to store diesel on tankers at sea amid wilting demand growth. With landed oil product storage nearly full as well, there is little support for any sustained recovery in crude prices even as output tapers.

U.S. shale oil production is expected to fall in August for a tenth straight month, by 99,000 barrels per day to 4.55 million bpd, according to a U.S. drilling productivity report on Monday.

Further weighing on supply, U.S. commercial crude oil inventories likely fell by 2.2 million barrels last week, a Reuters poll of analysts showed on Monday. [API/S] [EIA/S]

That would be the ninth consecutive week stocks have fallen.

The poll was taken ahead of weekly oil stocks reports due on Tuesday from the American Petroleum Institute (API) and on Wednesday from the U.S. Department of Energy's Energy Information Administration (EIA).

Giving some support to prices, China's crude oil imports - which slowed partly due to seasonal refinery maintenance in May and June - could rebound in the second half of the year as refineries there further diversify sources of supply, shipbroker Banchero Costa (Bancosta) said in a report on Tuesday.

China's crude imports grew 14.2 percent over January-June, with most of the gains coming from huge increases in supply from Russia, Oman, Iraq and Brazil, said Ralph Leszczynski, head of research at Bancosta. [O/CHINA1] [O/CNTRADE]

(Reporting by Keith Wallis; Editing by Richard Pullin and Tom Hogue)
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Business News

Business News

The Tripoli-based Central Bank of Libya (CBL) has today announced that it has increased the amount of hard currency it is setting aside in its annual budget for the import of five broad categories of goods through Letters of Credit (LCs) from 5 to 10 percent.

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Libya herald
In a circular dated 17th July but published today, it updated its previous circular confirming the prioritization of the opening of hard currency LCs for industrial goods, telecoms, aviation, children’s milk and medicines.

The CBL said that it will now also permitted companies importing the above categories of goods to use three different local banks to open their LCs and will allow importing companies to use money from their existing bank balances as part of the 130 percent cover required for opening an LC.

The announcement will come as welcomed news to Libyan consumers and businesses importing goods into the country. The shortage of foreign currency, caused by decreased state revenues and the use of currency purchased on the black market at over three times the official exchange rate to import goods, has sent prices and inflation sky-high.

It will be recalled that Libya is going through a financial and economic crisis with a budget deficit caused by a drastic drop in its oil production to just 27 percent of its 2012 1.5 million barrels per day production peak as well as the fall in international rude oil prices. The country is currently fast depleting its foreign currency reserves believed to have halved from around US$ 100 bn to around US$ 50 bn since the 2011 revolution.
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Oil & Gas News

Oil & Gas News
Released:  18/07/20162016-07-18
Word count:  349

Oil prices rose in Asian trade on Monday, following gains last week, as traders shrugged off the impact of Friday's attempted coup in Turkey, while a weaker dollar and upbeat economic data from the United States lent price support.

Play
Reuters
Brent crude futures rose 26 cents to $47.87 a barrel as of 0402 GMT after closing up 24 cents in the previous session, having gained nearly 2 percent for the week.

U.S. crude futures climbed 10 cents to $46.05 a barrel after ending the previous session up 27 cents, gaining more than 1 percent for the week.

Both benchmarks rebounded after declining early in Monday's session as investors digested the impact from the coup bid.

"The market is looking past the coup," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

"There is no disruption to shipping. There is nothing in terms of short-term risk (to oil supply)," he said.

Istanbul's Bosphorus Strait, a key chokepoint for oil which handles about 3 percent of global shipments, mainly from Black Sea ports and the Caspian region, was reopened on Saturday after being shut for several hours after Friday's attempted military coup.

The dollar index slipped against a basket of currencies in early trade on Monday. A weaker greenback makes dollar-priced commodities cheaper for holders of other currencies, boosting demand for crude.

Buoyant economic data from the U.S. and China on Friday, the world's two biggest economies, lent support to oil prices.

U.S. retail sales rose more than expected in June as Americans splurged on motor vehicles and other goods, while U.S. industrial production recorded its biggest increase in 11 months in June, official data on Friday showed.

But Morgan Stanley raised concerns about the longer term outlook for oil consumption as demand for petrochemicals rather than fuels such as diesel and gasoline is clouding the outlook for crude demand, according to a report on Monday.

"Fundamental headwinds are growing, supply-demand rebalancing is likely still a mid-2017 event, but tail risks are admittedly large in both directions, as geopolitics add to uncertainty," the report said.

"A rapid rise of non-petroleum products is boosting total product demand, but this is unhelpful for crude oil. Based on the latest data, even our tepid 800,000 barrels per day growth estimate for global crude runs looks too high," the report added.

(Reporting by Keith Wallis; Editing by Richard Pullin and Christian Schmollinger
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