Libya to Rebuild Army

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Libya to Rebuild Army
Released:  11/02/20142014-02-11
Word count:  511

Shahat — Libya's interim authorities say they are making efforts to bolster the military and build a professional army.

All Africa
The most important of these efforts are represented in sending batches of new conscripts, current soldiers and former fighters against Kadhafi's forces overseas to receive military training. "There are about 400 trainees in Turkey, and we'll send 400 more in the coming days to Italy," interim Prime Minister Ali Zidan said January 8th. "Turkey will take about 3,000 trainees, Britain will start with 400, to be raised to 2,000. We've also prepared 10 camps across the country to absorb those trainees." "There are currently 5,000 army trainees overseas, not to mention those recently sent to Italy, Turkey and Britain," he added. "They include officers and non-commissioned officers, sent to Pakistan, the Gulf, Morocco, Algeria, Italy, Germany, Britain, the United States and other world countries for training."

Libyan troops will also be sent to southern Europe to be trained by US troops as early as this summer. As many as 8,000 Libyan soldiers will take part in a 24-week training programme. The day after Zidan's statements, a batch of 400 officers, non-commissioned officers and soldiers from an infantry battalion departed from Mitiga airport on their way to Italy to attend a training course lasting for three or four months as part of a programme to integrate former revolutionaries and rebuild the Libyan army.

Libyans, meanwhile, are urging Tripoli authorities to quickly bolster military forces in order to put an end to the relentless bombings and assassinations. "I have big questions about the slowness and failure to build the Libyan army, three years since liberation," political activist Nadia Jaaoda said.

"Events taking place now, including wars, conflicts, kidnappings and assassinations, indicate that there is no security, and show indifference and lack of desire to build the army," she told Magharebia. There is no hope "about building a state without first building the army", according to Jaaoda. "Building the army must not be arbitrary, but according to a clear plan and a comprehensive strategy, specifying the number of personnel in the army to be built, and determining whether it's going to be a defensive or offensive army," she continued.

She backed the idea of seeking international expertise, "to have a strategic ally that can help build the army". "We don't want our army to be just a soldier carrying a weapon and standing opposite a camp; rather, we want it to be a developed and educated soldier who can deal well with technology," the political activist concluded. Adel Elhasy is a former field commander of the Free Libyans Brigade. He disbanded the group following the GNC election in July 2012 and handed its weapons to the state. Now he recommends training those fighters in discipline, order and competency.

But according to Elhasy, groups with their own agendas, such as the "Libya Revolutionary Chamber", have impeded the building of an army. "All those are trying to form new entities under new names, such as the national guards, so they can have the deterrent military force in their hands," he told Magharebia.

These groups "won't accept a professional army with a correct doctrine, with army officers who joined the front and real revolutionaries forming its nucleus".
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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
5 days 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
5 days 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)

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Anonymous
5 days 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:

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Anonymous
5 days 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)  
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Anonymous
5 days 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)
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Anonymous
5 days 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.

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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:

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Anonymous
5 days ago

Oil & Gas News

Oil & Gas News
Released:  13/05/20152015-05-13
Word count:  378

Oil rose 3 percent on Tuesday, the most in three weeks, as a weak dollar lifted commodities denominated in the currency and OPEC raised slightly its forecast for world oil demand growth.

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Reuters
Violence in Yemen also boosted crude prices, raising concerns over the security of Middle East supplies. The dollar fell on bond market gyrations, making oil and other commodities priced in the greenback more affordable to holders of the euro and other currencies. [FRX/]

The Organization of the Petroleum Exporting Countries tweaked its 2015 world oil demand growth forecast to 1.18 million barrels per day (bpd), above a previous estimate of 1.17 million.

In Yemen, Saudi-led air strikes aimed at Iran-allied Houthis killed 90 people and wounded 300 ahead of a five-day truce to begin later Tuesday. Yemen is a marginal oil producer but its proximity to shipping lanes has raised concerns. North Sea Brent, a more widely used benchmark for oil, settled up $1.95, or 3 percent, at $66.86. The last time it rose 3 percent in a day was on April 23.

U.S. crude settled up $1.50, or 2.5 percent, at $60.75 a barrel.

Oil had its biggest monthly gain in six years in April, rising up to 25 percent on signs a global glut was easing. The market has been beset with volatility due to fears that higher prices were encouraging more production.

"The market is really torn between wanting to be on the bullish side when you have a weaker dollar and geopolitical situations like today, and staying in accordance with fundamentals, when there's already a deluge of West African crude barrels out there without buyers," said Andrew Lipow, president of Houston-based Lipow Oil Associates.

Industry group American Petroleum Institute said its numbers showed crude inventories down 2 million barrels to 481.9 million in the week to May 8. Analysts polled by Reuters had expected a rise of 400,000 barrels instead. The U.S. Energy Information Administration (EIA) will publish on Wednesday last week's official stockpiles data. [API/S][EIA/S]

On Tuesday, the EIA cut its 2015 forecast for crude output growth to 530,000 bpd from 550,000, and 2016 growth to 20,000, from 80,000 previously.

Saudi Arabia pumped 10.31 million bpd in April, up from 10.29 million in March, and Iraq plans record oil exports from its southern ports in June, sources said.

Goldman Sachs said the recent rally was "premature" and crude prices were "expensive relative to current and forecast fundamentals."

(Additional reporting by Himanshu Ojha in London and Henning Gloystein and Florence Tan in Singapore; Editing by Lisa Von Ahn, Andrew Hay, Ted Botha and Phil Berlowitz)  
Comments:

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Anonymous
5 days ago

Oil & Gas News

Oil & Gas News
Released:  13/05/20152015-05-13
Word count:  54

MILAN May 11 (Reuters) - Italian gas imports from Libya are to recover on Monday following the end of maintenance work at the Mellitah gas export complex in Libya, which had sharply curtailed flows since Friday, two industry sources with knowledge of the matter said.

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Reuters
Gas deliveries to Italy through Libya's Greenstream pipeline fell to around 3 million cubic metres (mcm) on Friday, from 23 mcm earlier, but flows had recovered to around 10 mcm over the weekend.

The disruption was caused by maintenance work at the Mellitah complex, which supplies Italy with gas.

(Reporting by Stephen Jewkes, writing by Oleg Vukmanovic)
Comments:

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Anonymous
5 days ago

Business News

Business News
Released:  12/05/20152015-05-12
Word count:  431

Carlson Rezidor, one of the most dynamic hotel groups worldwide, re-enters Libya by announcing the Radisson Blu Hotel, Misrata: the 126-rooms property is scheduled to open in early 2016 and will be the first internationally branded hotel in Misrata.

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rezidor.com
It is the conversion of an existing hotel and currently undergoing full renovation to meet Radisson Blu’s high service and safety standards.

“We look forward to arriving in Misrata. We know Libya from our time in Tripoli where we operated the Radisson Blu Al Mahary Hotel until its suspension in August 2014. Libya remains an attractive emerging market for us, and we carefully monitor its development. Although the overall situation is still at risk, we are confident that Libya will continue to recover from the unrest and to offer opportunities for international investments across all sectors”, said Wolfgang M. Neumann, President & CEO of Rezidor. Misrata, Libya’s third largest city and located on the Mediterranean Sea, is considered to be the most secure city in the country and is an active business hub due to its port and free zone.

The Radisson Blu Hotel, Misrata will be situated in the downtown area within a developing business district. Besides 126 guest rooms and 24 studios with kitchenette the upper upscale hotel will offer an all-day-dining restaurant, a speciality restaurant, and outside pool restaurant, a lobby lounge bar, 4 meeting rooms and a ballroom, a cinema night club, a gym and spa, and a business class lounge. Misrata’s international airport is just 6 kilometres away from the hotel.

“We drive our business through profound market knowledge, trustful relationships with our regional partners, and a pragmatic yet creative hands-on approach. Our aim is also to be a leading employer in the market where we trade. By offering jobs to local talent and engaging with the communities we are active in, we can make a huge difference”, commented Elie Younes, Executive Vice President & Chief Development Officer at Rezidor.

The Radisson Blu Hotel, Misrata will be operated by The Rezidor Hotel Group.

About Carlson Rezidor Hotel Group Carlson Rezidor Hotel Group is one of the world’s largest and most dynamic hotel groups and includes more than 1,350 hotels in operation and under development totaling 180,000 rooms and a footprint spanning 105 countries and territories. The Carlson Rezidor portfolio includes a powerful set of global brands: Quorvus Collection, Radisson Blu®, Radisson®, Radisson Red, Park Plaza®, Park Inn® by Radisson and Country Inns & Suites By CarlsonSM. In most hotels, guests can benefit from Club CarlsonSM, one of the most rewarding loyalty programs. Carlson Rezidor Hotel Group employs 88,000 people worldwide and is headquartered in Minneapolis, Minn., and Brussels, Belgium. Visit www.carlsonrezidor.com for more information. For further media information please contact: Christiane Reiter, Senior Director Corporate Communication, Christiane.Reiter@rezidor.com Renu Snehi, Senior Director PR, Brand & Marketing Communication, Renu.Snehi@rezidor.com
Comments:

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Anonymous
5 days ago

We are specialist in providing direct and geniune provider of BG, SBLC, MTN, CD,LC , Non collateral loan, confirmable Bank Draft and other financial assistance from AAA rated bank (Prime Bank) our Leasing price of (3.0% + 0.5% + X) of face value of the instrument. The financial instrument can be invested in High Yield Trading Program or Private Placement Programme (PPP). thus our Bank Guarantee lease , the Direct Bank Guarantee and Indirect Bank Guarantee, which is used as Bid Bond, Payment Guarantees, Letter of Indemnity,Guarantee Securing Credit Line, Advance Payment Guarantees, Performance Bond Guarantee E.T.C.

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Sekaran Sebastian
1 week ago

Oil & Gas News

Oil & Gas News
Released:  12/05/20152015-05-12
Word count:  602

Oil dropped a third day in London amid speculation that a global oversupply will persist.

Play
Bloomberg
An excess of oil around the Atlantic may curb rallies, according to Morgan Stanley and Barclays Plc. Unsold exports from West Africa, Azerbaijan and the North Sea are piling up, resembling conditions last summer when oil began a 60 percent plunge, the banks said. Futures also fell as the dollar rose against the euro, reducing the appeal of commodities priced in the U.S. currency.

Oil rebounded through last week from a six-year low in March amid speculation record U.S. output from shale will slow. The rally may still falter as the nation’s crude inventories are more than 100 million barrels above the five-year average for this time of year, government data show.

“There’s extra oil in the Atlantic basin,” Tom Finlon, Jupiter, Florida-based director of Energy Analytics Group LLC, said by phone. “There are North Sea cargoes floating around and a large number from Nigeria. We’re also seeing some oil get out of Libya even with the chaos in the country.”

Brent for June settlement declined 48 cents, or 0.7 percent, to close at $64.91 a barrel on the London-based ICE Futures Europe exchange. Total volume was 10 percent below the 100-day average at 2:48 p.m.

West Texas Intermediate for June delivery dropped 14 cents to settle at $59.25 a barrel on the New York Mercantile Exchange. Volume was down 20 percent from the 100-day average. The U.S. benchmark crude closed at a $5.66 discount to Brent.

Remained Unsold

About 80 million barrels of Nigerian and Angolan crude remained unsold in the first week of May, Barclays estimated. That’s equivalent to about three weeks of combined production from those countries, according to data compiled by Bloomberg.

“Key physical crude oil market indicators in the Atlantic Basin are showing signs of weakness at present, highlighting the disconnect between the futures and physical markets,” Miswin Mahesh, an analyst at Barclays in London, said in a report.

There’s at least 2 million barrels a day of excess supply, Abdullah bin Hamad al-Attiyah, Qatar’s former minister of energy and industry, told reporters in Kuwait Monday. The Organization of Petroleum Exporting Countries should maintain its production target when the group’s ministers meet on June 5 in Vienna unless non-OPEC producers agree to collective action, he said.

Prices tumbled the first quarter of this year as U.S. output surged to the highest level in more than four decades and OPEC members pumped more barrels.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major counterparts, rose 0.4 percent. The index is up 16 percent from this time last year.

U.S. Stockpiles

WTI dropped less than Brent because of the U.S. supply and demand outlook. U.S. crude inventories dropped for the first time in four months in the week ended May 1, according to Energy Information Administration data.

“WTI is resisting the downward tug of Brent somewhat,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. “This implies that the U.S. crude market is tighter than that for the European benchmark.” The U.S. oil rig count fell by 11 to 668 last week, extending a slide that started in December, according to Baker Hughes Inc. Oil drillers cut the number of active machines for a 22nd week. The rotary-rig count has fallen 58 percent since Dec. 5, according to the oil-services company.

Gasoline futures for June delivery decreased 0.54 cent, or 0.3 percent, to close at $1.9864 a gallon. June ultra low sulfur diesel fell 0.83 cent, or 0.4 percent, to close at $1.9454.

The average price for gasoline at the pump advanced 0.1 cent to $2.659 a gallon Sunday, according to the Heathrow, Florida-based AAA, the nation’s biggest motoring group.  
Comments:

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

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

Anonymous
5 days ago

News Releases

News Releases
Released:  11/05/20152015-05-11
Word count:  52

BENGHAZI, Libya (Reuters) - Eastern Libyan state oil company AGOCO is producing between 230,000 and 260,000 barrels per day, a company spokesman said on Sunday.

Play
Reuters
Its Hariga port is expecting three tankers to lift oil this week, an oil official said, adding that another tanker was docked at the eastern port to deliver petrol for the local market.

The western El Feel oilfield was still closed due to a strike by security guards, a field engineer said.  
Comments:

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

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

Anonymous
5 days ago

Oil & Gas News

Oil & Gas News
Released:  11/05/20152015-05-11
Word count:  279

A tanker has docked at the eastern Libyan port of Zueitina port to lift 750,000 barrels of crude, an oil official said on Saturday.

Play
Reuters
The ship had begun loading from the port's tanks, the official said, adding that crude flows from connected fields were still blocked by protests that started a week ago.

Unemployed local people have blocked pipelines to the port demanding that the state oil firm hire them, shutting down the Nafoura oilfield which had pumped between 30-35,000 barrels a day to Zueitina.

"The port is working normally but there are no new crude flows," said the oil official. "They are now emptying the port's tanks."

Zueitina was one of the few Libyan ports still exporting oil after the largest, Ras Lanuf and Es Sider, closed in December because of clashes between armed groups allied to Libya's two governments.

The closures have knocked down Libya's oil production to 380-400,000 bpd, an industry source told Reuters on Friday. The OPEC member had pumped up to 1.6 million bpd in 2010 before an uprising toppled Muammar Gaddafi, sending the country and industry into turmoil.

Last month the western El Feel oilfield, run by state firm NOC and Italy's ENI, shut down due to a strike by security guards demanding state jobs. The neighboring El Sharara field had closed in November due to a pipeline blockage. 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, according to official data.

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

(Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by Andrew Roche)  
Comments:

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

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Anonymous
5 days ago

News Releases

News Releases
Released:  08/05/20152015-05-08
Word count:  110

Following the recent report that the law firm representing the Libyan Investment Authority (LIA) in its legal battles against Goldman Sachs and Societe Generale (SocGen) had resigned from the case, the LIA has vowed to continue with its litigation.

Play
Libya business news
In a statement issued through London-based strategic communications consultancy Davidson Ryan Dore, the sovereign wealth fund said:

“The Libyan Investment Authority (LIA) will pursue the litigations it has against parties in the Commercial and Chancery Courts in London.

“The parties are Goldman Sachs and Société Générale. The decision by Enyo Law LLP to come off the record earlier this week will not change this objective.

“The LIA is presently finalising arrangements for a new firm to be instructed and to pursue the litigations.

“The LIA is a sovereign wealth fund. Its principal function is to safeguard and grow sovereign wealth for the benefit of the Libyan people.“
Comments:

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

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

Anonymous
2 weeks ago
Find out what contracts are on offer in Libya
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