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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Business News

Business News
Released:  03/08/20152015-08-03
Word count:  291

Bunch of projects in the Middle East constitute the fifth largest in the history of overseas construction orders

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Hankyoreh
Five South Korean construction companies won large-scale projects in the Middle East totaling 6,287.6 trillion won, or around US$5.4 billion.

The amount is the fifth largest in the history of overseas construction orders.

Daewoo Engineering & Construction (E&C), Hyundai E&C, Hyundai Heavy Industries, SK E&C, and Hanwha E&C announced on July 31 that they had received letters of acceptance (LOA) on four packages with the Al Zour New Refinery Project (NRP) commissioned by the Kuwait National Petroleum Company (KNPC) between January and March of this year.

Kuwait’s NRP involves the building of an oil refining plant for the production of 615,000 barrels of low-sulfur fuel per day in the Al Zour region on the south coast. Once complete, it will be the second-largest such plant in the world. Total project expenses are US$13-14 billion, with South Korean construction company orders totaling US$5.37 billion.

The fifth package and first order was claimed by a consortium of Hyundai E&C (US$600 million), SK E&C (US$450 million), and Italy’s Saipem. The second and third packages, which involve the largest scale of construction, were won by a Daewoo E&C consortium with Daewoo E&C (US$1.95 billion), Hyundai Heavy Industries (US$1.95 billion), and the US’s Fluor Corporation. The first package went to the consortium of Spain’s Tecnicas Reunidas (TR) with Hanwha E&C (US$424 million) and China’s Sinopec.

The overseas order is the fifth largest in South Korean construction history after a United Arab Emirates nuclear power plant construction project (US$18.6 billion), the Bismayah New City project in Iraq (US$10 billion), the second stage of Libya’s Great Man-Made River (US$6.4 billion), and the Roy Hill iron ore project in Australia (US$5.8 billion). By Choi Jong-hoon, staff reporter  
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Oil & Gas News

Oil & Gas News
Released:  03/08/20152015-08-03
Word count:  93

MOSCOW (AP) — OPEC and Russia say they expect the global oil market to become more balanced and stable next year after the recent sharp drops.

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AP
OPEC'S secretary general, Abdullah al-Badri, said after talks Thursday with Russian Energy Minister Alexander Novak that he didn't anticipate a further drop in prices.

OPEC decided in June not to cut production, in a bid to retain its share of the global market in the face of a boom in shale oil production in the U.S. Russia, which is not part of OPEC but is the world's top crude producer and depends heavily on energy exports, hasn't made any cuts either.

Novak said that he and al-Badri didn't discuss any production cuts.
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Oil & Gas News

Oil & Gas News

Italian oil and gas group Eni raised its production targets for the year on Thursday as second-quarter net profit slumped due to lower oil prices and a heavy loss at oil contractor subsidiary Saipem.

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Al Wasat
State-controlled Eni said adjusted net profit in the second quarter was 0.14 billion euros ($153 million), below the consensus forecast of 0.48 billion euros in a Reuters poll of analysts.

Stripping out the Saipem effect, adjusted net profit was 0.45 billion euros. On Tuesday, Saipem reported a quarterly adjusted operating loss of 738 million euros after heavy writedowns as part of a turnaround plan.

Eni is looking to sell down its 43 percent stake in the subsidiary to get more than 5 billion euros of Saipem debt off its balance sheet.

Eni said it expected oil and gas production to rise more than 7 percent this year, up from a previous 5 percent target, boosted by output in Venezuela, Norway, the United States, Angola and Republic of Congo, as well as expectations of higher volumes in Libya.

The Italian major, whose output in the second quarter grew 10.7 percent, is focusing increasingly on the bread and butter business of finding oil and gas under its CEO Claudio Descalzi.

Eni, which will cut investment this year in step with other major oil companies, said it would pay an interim dividend of 0.4 euros per share.

Earlier this year it became the first large oil company to cut its dividend after the slump in oil prices. ($1 = 0.9127 euros)
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Oil & Gas News

Oil & Gas News
Released:  31/07/20152015-07-31
Word count:  635

OPEC expects increasing oil demand to prevent a further fall in prices and sees a more balanced market in 2016, its secretary-general said on Thursday, the latest sign the group is sticking to its policy of defending market share.

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Reuters
Oil LCOc1 has dropped about 15 percent this month and halved in value in the past year but neither OPEC nor Russia, the world's top producer, have cut output to support prices, hoping cheaper oil will hit U.S. shale and other rival sources.

"I would not expect they (prices) are going to fall because demand is growing," OPEC Secretary-General Abdullah al-Badri told reporters in Moscow. OPEC pumps around 40 percent of global oil production.

"The current situation is a test for all producers and investors. While the prices ... no doubt will rebound, it is still too early to say when this will happen," Badri said. He did not indicate what price he expected.

OPEC faces a further challenge from the prospect of rising output from Iran, which has been lobbying for other OPEC members to curb supply to make way for a hoped-for rise in its exports following Tehran's deal with world powers over its nuclear work. But Badri, indicating confidence in the outlook, was quoted by Russia's Interfax news agency as saying the market could accommodate extra oil from Iran as demand increased - echoing the view of Gulf OPEC members.

Russian Energy Minister Alexander Novak, who met with Badri earlier in the day, said they did not discuss coordination to help the market rebound.

Badri added that even if OPEC had cut output by as much as 2 million barrels per day (bpd) - equal to around half of Russian exports - it would not have helped prices.

Novak said earlier that an oil price of between $50 and $65 per barrel - compared to the current level of around $54 - was "expected". He estimated that global oil demand would grow by 1.2-1.3 million bpd this year.

While some OPEC delegates have expressed concern over the recent fall in prices, Badri said he had received no request for an extraordinary OPEC meeting before the next scheduled gathering in December - which Russia would be ready to attend if invited.

Russia and OPEC have a history of bumpy relations, with the group having urged Moscow a number of times to join in a market-boosting supply cut. Moscow has never fully cooperated and refused to do so as recently as June.

WITHSTANDING THE DROP

So far, Russia has withstood low prices, maintaining oil output at a post-Soviet high of 10.71 million bpd as a weak rouble offsets some of its losses.

Saudi Arabia, the world's top oil exporter and largest producer in OPEC with one of the world's lowest costs, ramped up its crude production to a record in June.

"Russian majors' upstream cash flow break-evens are among the lowest in the world at less than $60 per barrel. Costs are largely rouble-denominated and among the lowest in the world," Valentina Kretzschmar, a research director for Wood Mackenzie, said in a recent report.

The Russian rouble has lost half of its value since last year due to weak oil and Western sanctions imposed against Russia over its role in the Ukraine crisis.

In a joint statement, Russia and OPEC said they saw the possibility for the market to become more balanced and stable next year - an OPEC position based on expectations that China and the developing world will increase oil consumption.

"Despite current uncertainties, signs of a more balanced market in 2016 may provide much desired stability to the oil market in the longer-term," the statement said.

Novak said in a statement: "We, Russia and OPEC members, being responsible participants on the global oil market, should conduct our policy based on the full ... understanding of its (global oil market) key factors and characteristics. Here we are pursuing the common goals of keeping the market in a balanced and stable state."

(Reporting by Katya Golubkova and Denis Pinchuk, additional reporting by Kiryl Sukhotski; Editing by Elizabeth Piper, Alex Lawler and Dale Hudson)
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Oil & Gas News

Oil & Gas News
Released:  30/07/20152015-07-30
Word count:  480

Oil settled higher on Wednesday, recovering from multi-month lows, after U.S. government data showed a surprisingly large crude stockpile draw that signaled the market may have been wrong in predicting slumping demand for energy.

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Reuters
Crude futures lost more than $10 a barrel over the past month on fear that peak summer demand for gasoline in the United States was not enough to offset a growing global glut in oil supply. A resurgent dollar weighing on commodities and a stock market tumble in No.1 energy consumer China contributed to the decline.

However, data from the U.S. Energy Information Administration showing a 4.2-million-barrel draw in crude stockpiles last week, more than twenty times analysts' expectations for a decrease of 184,000 barrels, indicated demand for energy may have been stronger than some thought. [EIA/S]

The draw diverged sharply from the prior week's inventory build, which had taken stockpiles to above a five-year seasonal average.

The EIA also reported that U.S. gasoline demand was up 6.2 percent from the year-ago period, averaging 9.51 million barrels per day over the past four weeks.

"Although just one data point, the latest weekly data may have been enough to provide some support in the face of major headwinds for oil prices," said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland.

Brent and U.S. crude futures jumped more than $1 each on the EIA data, before closing off their highs due to a stronger dollar. The U.S. currency gained in later afternoon trading on speculation that the Federal Reserve was on track to hike interest rates by September.

Brent LCOc1 settled up 8 cents, or 0.2 percent, at $53.38 a barrel, after a session high at $54.33.

U.S. crude CLc1 finished up 81 cents, or 1.7 percent, at $48.79. Its intraday peak was $49.52. Despite the surprisingly strong crude and gasoline drawdown cited by the EIA, the price rebound on Wednesday paled to the selloff in oil seen earlier in the week. On Tuesday, Brent traded at an early February low of $52.28 while U.S. crude fell to $46.68, its lowest since March.

"It's all a matter of expectations," said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington. "Given the vast majority of bearish pronouncements on crude over the past few weeks, any sort of draw was likely to elicit a response like this."

A mounting global surplus of oil has stripped about 8 percent off crude futures so far this year. Notwithstanding the weekly U.S. stock draw, the build in global inventory is showing few signs of reversing, analysts say.

A Reuters survey on Tuesday showed members of the Organization of the Petroleum Exporting Countries produced around 3 million bpd of oil more than daily demand in the second quarter. Mike Tran, commodities specialist at RBC Capital Markets, said U.S. crude could average in the low $50 range through the balance of the year.

"This remains a supply-driven market. Supply drove us into this low price environment and supply will have to be what ultimately digs us out," he said.

(Additional reporting by Amanda Cooper in London; Editing by Marguerita Choy and Meredith Mazzilli)
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Business News

Business News

The Libya Africa Portfolio (LAIP or LAP) is preparing an aggressive rescue plan for its troubled African telecoms subsidiary LAP GreenN, Libya Herald has learnt.

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Libya herald
LAIP is a wholly-owned subsidiary of the Libyan Investment Authority (LIA), Libya’s main sovereign wealth fund entity.

Sources have informed this publication that the shareholders of LAP GreenN are working on a restructuring plan. The plan will find solutions for the company to ensure its continuity and its ability to deliver better service and value for money for businesses and individuals across the countries where LAP GreenN has investments in the African market.

Moreover, this competitiveness will also include the capability of LAP GreenN to invest in new technology and grow in the years to come. It was feared that LAIP and the LIA might have been tempted to take a decision to disinvest from LAP GreenN in view of the difficulties it has faced in Africa. It will be recalled that in 2012, Zambia seized LAP GreenN’s telecoms investments (Zamtel), a move that Libya is appealing at the Zambian High Court. LAP GreenN also succeeded in regaining control of its telecoms investment in Uganda (Utl) in March 2012 after it paid its outstanding debts accrued during the 2011 revolution.

Meanwhile, earlier this month the Ivorian government agreed to a LAP GreenN plan to consolidate the four weakest operators – including LAP GreenN Ivory Coast – into one company in return for an increased shareholding to the Ivorian government. The increased shares would compensate the money owed by LAP GreenN Ivory Coast to the Ivorian government in licence and other fees.

However, this newspaper understands that LAP GreenN has been, and will continue to receive, support from its shareholder and the government of Libya as it is part of the Libyan sovereign wealth fund.

The sources would not reveal any details of the rescue plan for LAP GreenN but confirmed that the plan was backed by the Libyan government and that LAP GreenN would make a breakthrough soon. This suggests that the Libyan government is prepared to come up with new money for further investment in its African portfolios.

”Libya is not walking away from the African Market, one in which it has enjoyed considerable success since it was established in 2007 and one which still presents enormous opportunities for growth’’, the source said.

LAP GreenN has been working on a review of its operations and investments objectives in Africa under challenging conditions both back home in Libya and in the African states where it owns and operates investments.

It will be recalled that LAP’s management team has claimed that since taking over the management of the portfolio after the revolution in 2011, they have successively stabilised and asserted control over all its assets and re- built values close to levels prior to the revolution.

Now, sources say that having obtained a clearer picture, LAP is reviewing its growth strategy and its investment objectives. The shareholders and the management teams over the past few years have had to work under severe pressures as a result of domestic Libyan matters and pressures within African nations to keep the company on track.

However, it seems that the Libyan government and the LIA, under the authority of the only internationally recognized Prime Minister Abdullah Thinni, have taken a strategic decision to continue with African investments and with the telecoms division LAP GreenN.
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Business News

Business News

Harouge Oil Operation, is joint operating company on behalf of National Oil Operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender No (07/2015) for Design, supply and commissioning of (2) Tug Boats.

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NOC

Harouge Oil Operation, is joint operating company on behalf of National Oil Operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender No (07/2015) for Companies that have the required Legal and valid License documents.

Summary of the Work:

  • Design, supply and commissioning of (2) Tug Boats.

To all specialized companies and manufactures in this field wish to participate in this tender who are technically capable to executing this tender, should send an approved representative to collect the tender package.

Note that the date for collection of the tender package commences on Tuesday 11/08/2015until Thursday 13/08/2015from ( 9:30) am to (11:30) am.

The Collection of the package is from Tender Committee office, 6th floor at the company head office in Tripoli. The package will be issued according to the following criteria:

 

  1. Official letter addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender.
  2. Representative of the interested company shall be authorized to collect the tender package and shall present an official document stamped with a company seal.
  3. Provide a copy of the following documents:
    • Valid license compatible with the required work.
    • Commercial Registration
    • Certificate of Registration in Chamber of Commerce.
    • Payment of tax certificate
    • Article of association.
    •  Previous experience in similar work.

 

  1. In case of no  queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.
  2. Paying value of (1000) LD (one thousand Libyan dinars) cash or by a certified check which is non refundable, issued by a Libyan bank in favor of Harouge Oil Operations.
  3. Bid bond with a value of (25,000) LD (twenty five thousand Libyan Dinars) submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations.

 

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

 

If you have any questions please contact the Tender Committee via:

 fax no :+218- 21- 3330090

 Email to: sac@harouge.com

tender.sec-committee@harouge.com 

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Design, supply and commissioning of (2) Tug Boats.

Osama Al Rawaf
5 days ago

Oil & Gas News

Oil & Gas News
Released:  29/07/20152015-07-29
Word count:  331

LONDON, July 28 (Reuters) - Oil prices fell to their lowest point in nearly six months on Tuesday as a meltdown in Chinese equities deepened doubts about the outlook for crude demand in the world's top commodities consumer.

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Reuters
China's already volatile benchmark stock index, with a combined market capitalisation of $4.6 trillion, has lost 10 percent in the last two days of trade.

Most household debt is linked to real estate rather than the stock market but with Chinese economic growth struggling to stick at 7 percent, analysts say demand for crude may not be enough to help mop up a global supply glut.

"Typically, equity markets do have a high correlation to quarterly GDP growth," Deutsche Bank strategist Michael Lewis said. "Naturally, there is some risk that this could spill into the real economy. The more these things go down on a day-by-day basis, that is starting to affect the potential of Chinese demand growth being weaker."

Brent was down 97 cents at $52.50 a barrel by 1410 GMT, having hit a session low of $52.28, its lowest since early February, bringing losses for July to nearly 18 percent.

Brent crude is on track for its longest stretch of daily losses since March, when the price hovered just dollars away from six-year lows.

U.S. crude was last down 24 cents at $47.15 a barrel after ending the previous session down 75 cents. Compounding the uncertainty over the health of the Chinese economy is concern about rising global oil production, particularly from the United States, in a market already oversupplied by some 2 million barrels a day.

"Essentially, we see prices staying lower for longer, but that is a function of crude supply response, primarily from the U.S., which remarkably has not shown any signs of slowing at the moment," said Virendra Chauhan, an analyst at consultancy Energy Aspects, in a discussion in the Reuters Global Oil Forum.

"We think Brent could dip below $50," he said.

Investors are watching for weekly data on U.S. inventory levels to gauge the strength of demand.

U.S. commercial crude oil stocks are expected to have fallen by 300,000 barrels to 463.6 million barrels in the week to July 24, according to analyst estimates.

(Additional reporting by Keith Wallis in Singapore; Editing by Mark Heinrich)
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News Releases

News Releases
Released:  29/07/20152015-07-29
Word count:  352

Greece has impounded 16 armoured vehicles destined for Libya, the Piraeus Sixth Customs Directorate announced on 21 July.

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IHS Jane’s 360
According to a customs spokesman, the vehicles contravene the UN embargo on deliveries of military and paramilitary equipment to Libya.

The customs office announced that the vehicles included eight Streit Group Typhoon 4x4 mine-resistant ambush protected vehicles (MRAPs), five armoured Toyota Land Cruisers, two armoured BMW sedans, and one armoured Mercedes sedan.

According to the Greek announcement, the armoured vehicles had been transported on MV Tychy , which had called at La Spezia, Italy, prior to calling at Piraeus, and was scheduled to travel to Turkey and then Libya. The delivery of arms to Libya has been banned since 19 March 2013 under UN Security Council Resolution 1970. This specifically prohibited the delivery of "arms and related materiel of all types, including weapons and ammunition, military vehicles and equipment, paramilitary equipment, and spare parts for the aforementioned" to Libya.

Resolution 1970 does allow the transfer of "non-lethal military equipment intended solely for humanitarian or protective use", but only if previously approved by a UN committee. None of the vehicles shown by the Greek authorities were armed, although the Streit Typhoons appear to have protected roof cupolas that could be fitted with machine guns.

Streit Group is one of the world's largest armoured vehicle manufacturers, and specialises in uparmoured civilian vehicles and internal security vehicles. Although registered as a Canadian company, the firm has strong links to the United Arab Emirates (UAE), where three of its main production facilities are, and to Ukraine, where the company does joint design work with AutoKrAZ. The company also has production facilities around the region, including Algeria, Turkey, Jordan and Iraq.

Streit Group was contacted by IHS Jane's for comment on the seizure of the vehicles, but had not responded by the time of publication.

Tychy is operated by the Reefer & General Ship Management Co Inc, registered in Liberia but with Greek nationality of control. The vessel is a roll-on/off cargo ship of 15,652 tonnes that was built in Poland in 1988 and flies the Panamanian flag. It is manned by 16 crew: 15 Ukrainians and one Greek. The vessel itself was not seized by the Greek authorities and was allowed to proceed to Turkey.
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News Releases

News Releases
Released:  28/07/20152015-07-28
Word count:  377

Crude oil futures hit four-month lows on Monday after a steep drop in China's stock markets sparked concern about the economic health of the world's biggest energy consumer, while evidence of a growing crude glut mounted.

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Reuters
Oil was also pressured by a sharp increase in U.S. drilling activity with data on Friday showing producers added 21 rigs last week, the most in over a year, suggesting a ramp up in output as crude futures recovered from six-year lows seen in the first quarter. A weaker dollar .DXY on Monday cushioned some of oil's losses as crude and other commodities denominated in the greenback saw higher demand from users of the euro EUR=. [FRX/] Chinese stocks tumbled more than 8 percent in Asian trading, the biggest one-day drop in eight years, driving European equities markets to a two-week low.

Brent crude oil LCOc1 settled down $1.15, or 2 percent, at $53.47 a barrel. In post-settlement, it fell to as low as $52.90, its lowest since mid-March.

U.S. crude CLc1 closed down 75 cents, or 1.6 percent, at $47.39. It fell below $47 post-settlement, the lowest since late March.

"The combination of the Chinese stock market rout and creeping crude glut is weighing on oil," said Carl Larry, director of business Development for oil and gas at Frost & Sullivan.

"That said, Brent's still seeing support above $50 and U.S. crude is staying above $45. There's a lot of hedging going on at those levels."

Global oil supplies remain ample, with major producers in the Middle East Gulf competing for market share and pumping 2-3 percent more than needed, analysts say.

Exports from Iraq's southern oilfields were on track for a monthly record, having topped 3 million barrels per day so far this month.

"In the next couple of months, even if the global oversupply and seasonal weakness are becoming priced in, it is difficult to see where any price uplift will come from," said Societe Generale oil analyst Michael Wittner.

Speculators have cut their bets on a longer-term rise in oil prices, InterContinental Exchange data showed. Hedge funds and other money managers slashed their net long positions in Brent for the first time in four weeks in the week to July 21.

Investors will also look to the U.S. Federal Reserve for direction this week. The Fed starts a two-day policy meeting on Tuesday amid speculation of a September rate hike that could boost the dollar.

(Additional reporting by Karolin Schaps in London and Keith Wallis in Singapore; Editing by Marguerita Choy; and Peter Galloway)  
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Oil & Gas News

Oil & Gas News
Released:  28/07/20152015-07-28
Word count:  183

Libyan Information Minister Omar Qweri said that all of Libya's oil fields are under full control and protection of pro-government armed forces.

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CAIRO (Sputnik) – All of Libya's oil fields are under full control and protection of pro-government armed forces, Libyan Information Minister Omar Qweri told Sputnik Arabic.

“Libyan crude deliveries are currently insufficient, but all the oil fields are well-protected and under the army's control,” Qweri said in an interview.

The oil-rich North African country has been torn by in-fighting between two rival governments since the UN-backed Western invasion helped overthrow Libyan strongman Muammar Qaddafi. The country is controlled by an internationally recognized government in the east and its Islamist-backed rival in the west.

Oil fields have been one of the key targets for Islamist militants fighting in the country. In March 2015, they seized control of the Bahi and Mabruk oil fields in central Libya.

One of Libya's biggest oil depositories, Sidra, has been subject to a series of attacks over the past two years and was closed for months as pro-government forces fought for its control.

In April, the Libyan government made an agreement with the rebels to unblock four oil terminals. Two of them, Zueitina and Hariga, were later transferred to government forces.
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All of Libya's oil fields are under full control and protection of pro-government armed forces, Libyan Information Minister Omar Qweri told Sputnik Arabic.

Osama Al Rawaf
5 days ago

News Releases

News Releases
Released:  27/07/20152015-07-27
Word count:  368

Oil prices slipped lower in early Asian trade on Monday after closing the previous session at their lowest level since March on renewed oversupply concerns after data showed U.S. drilling activity increased last week.

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Reuters
U.S. oil producers added 21 oil rigs last week, the biggest rise since April 2014, oil services company Baker Hughes Inc BHI.N said in on Friday.

That was despite a 21 percent collapse in U.S. crude prices since mid-June when prices hit $61 a barrel on June 23 leading U.S. oil prices to enter a bear market. A 20 percent downturn is considered by many traders to constitute a bear market. U.S. crude for September delivery CLc1 was down 14 cents at $48 as of 0024 GMT, after closing the previous session down 31 cents at $48.14, its lowest settlement since March 31 and down 5.5 percent on the week.

Brent crude futures for September delivery LCOc1 fell 4 cent to $54.58 after ending the previous session 65 cents down, the lowest close since March 19 and a drop of 4.3 percent for the week.

Hedge funds and other money managers slashed long bets on U.S. crude futures and options to the lowest level in five years last week, as crude continued to tumble, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Crude oil exports from Iraq's south are on course for a new monthly record this month having risen above 3 million barrels per day (bpd) so far this month, loading data and an industry source said on Friday.

Market dynamics are changing in OPEC countries, with an increasing focus on earning diversification to protect state revenues in a low crude oil price environment," ANZ said in a report on Monday.

"Saudi Basic Industries Corp is looking at investing in U.S. shale and some other options in China using coal to convert to chemical products. The potential also exists for the Middle East to become a larger refined product export hub," the ANZ note added.

Iranian refining and petrochemical firms could be partially sold off as part of a package of measures to attract foreign investors once western sanctions officially end, Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said at a conference last week.

The state-owned Nigerian National Petroleum Corporation (NNPC) will be soon be split into two entities - an independent regulator and investment vehicle, a spokesman for Nigerian President Muhammadu Buhari said on Saturday.

(Reporting by Keith Wallis; Editing by Michael Perry)
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Oil & Gas News

Oil & Gas News
Released:  27/07/20152015-07-27
Word count:  305

BENGHAZI, Libya, July 22 (Reuters) - Output from eastern Libyan state oil firm AGOCO has dipped to around 220,000 barrels per day (bpd), a company spokesman said on Wednesday, highlighting the production challenges in the conflict-ridden North African country.

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Reuters
AGOCO runs OPEC member Libya's biggest oilfield Sarir and the Hariga port. Its Nafoura oilfield remains closed due to a protest, while the Bayda field is also shut due to power problems, the spokesman said.

On June 30, the Arabian Gulf Oil Co (AGOCO) reported output in the range of 250,000-290,000 bpd.

State oil firm NOC has not given a production figure for weeks, but a Libyan oil analyst said national output was around 450,000 bpd. That is a far cry from the 1.6 million bpd Libya produced before an uprising that began in February 2011 ousted leader Muammar Gaddafi after 41 years in power.

Production and ports have since suffered major disruption due to a conflict between the internationally-recognised government in the east and a rival administration that took control of the capital Tripoli in August 2014.

"A tanker is expected to lift tomorrow one million barrels of crude at Hariga," the spokesman said. "Exports are going normally."

One tanker left Hariga on Tuesday after loading 750,000 barrels of crude, another oil official said. Another tanker was lifting 600,000 barrels at the Brega port.

The port of Zueitina, also located in the east, had no loadings as crude flows from connected fields are still interrupted due to a protest by locals demanding state jobs, another oil official said.

Brega port was also receiving ships to deliver cement and barley, a port official said.

The eastern ports of Es Sider and Ras Lanuf, the country's two biggest, would stay closed, another official said. The terminals closed in December when fighting between rival factions allied to Libya's two governments erupted.

Attacks by Islamic State militants have made it impossible to reopen fields connected to the two ports.

The western El feel and El Sharara oilfields are closed to strikes and pipeline blockages.

(Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by Mark Potter)
Comments:

Hope to return to normal output soon

Son of Horus
5 days ago

News Releases

News Releases
Released:  27/07/20152015-07-27
Word count:  343

The International Monetary Fund said on Friday it has recognised the central bank governor named by Libya's official government as its sole contact and ended ties with a rival bank chief in Tripoli.

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Reuters
The move risks making it even harder for foreign states to foster cooperation between the warring administrations because the official government sits in eastern Libya and the central bank in Tripoli controls the country's vital oil revenues.

The internationally recognised premier Abdullah al-Thinni left the capital a year ago when a rival fraction seized the city and set up its own administration.

The elected parliament, also based in the east, fired the Tripoli bank governor Sadiq al-Kabir last year and appointed his deputy Ali Salim al-Hibri as his replacement. But Kabir continued working in the Tripoli bank headquarters.

The IMF and western countries dealt with both bankers, trying to forge a joint budget. The Tripoli-based bank has sought to stay out of the conflict by refusing to approve expenditures for either government and limiting spending to public salaries and subsidies.

Hibri set up a new bank headquarters in the east but has failed to convince oil clients to pay though its accounts as ownership proof for oil assets are stored in the capital.

The IMF spokeswoman who confirmed the decision to recognise Hibri said the move followed a request by the eastern-based House of Representatives (HoR) to accept him as Libya's sole delegate to the Fund.

"The international community ... recognises the HoR as the only legitimate authority in Libya," she said by email. "In line with established Fund procedures, Mr al-Hibri was recognised as Libya's governor for the Fund," she said.

Mattia Toaldo, a policy fellow at the European Council on Foreign Relations, said the IMF brokered a deal last year between the two governments to tackle a budget crisis. Major oilfields have stopped working due to Libya's turmoil.

"The result is that now IMF won't be able to do that again, so there won't be any economic negotiations to run in parallel with the political dialogue," he said.

The U.N. has sought to persuade both sides to form a unity government but the Tripoli-based rival parliament refused to sign a deal this month.

(Reporting by Ulf Laessing; Editing by Tom Heneghan)
Comments:

Oil & Gas News

Oil & Gas News
Released:  27/07/20152015-07-27
Word count:  262

In preparation for the 4th New Libya Oil & Gas Forum, IRN has been in regular talks with the Libyan NOC. During the last discussion, NOC stakeholders informed IRN that there are more than a 1000 contracts within the oil and gas sector in Libya, and they will be looking to meet investors and service providers for upstream and downstream projects at the Forum.

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IRN
Over the years, opportunities and long term prospects in the Libyan oil and gas industry have proven to be fruitful for companies that chose to support the country in good and bad times, today is not an exception.

There are currently seven sectors in the country presenting significant business opportunities that will be addressed at the upcoming Forum on 19-21st October in a 5* London venue by the key decision makers of the Libyan National Oil Corporation and country Operators.

The fourth annual edition of the forum is once again held under the official support of the Libyan National Oil Corporation (NOC) and will be opened by the Chairman of the NOC, Mustafa Sanallah. Being a technical entity that operates for the benefit of the country, the NOC will hold an open dialogue with the delegation of the Forum addressing the current situation in Libya, with the aim to provide a comprehensive analysis and facilitate new ideas for efficient development.

On the second day of the Forum, the NOC will also hold an award ceremony for the companies that have benefited most Libya’s oil and gas industry.

The two-day conference will also be followed by a Workshop Day which will be divided into: • Oil and gas regulations and petroleum law • Crisis management and physical security in Libya

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

There are currently seven sectors in the country presenting significant business opportunities that will be addressed at the upcoming Forum on 19-21st October in a 5* London venue by the key decision makers of the Libyan National Oil Corporation and country Operators.

Osama Al Rawaf
5 days ago

There are currently seven sectors in the country presenting significant business opportunities that will be addressed at the upcoming Forum on 19-21st October in a 5* London venue by the key decision makers of the Libyan National Oil Corporation and country Operators.

Osama Al Rawaf
5 days ago

Oil & Gas News

Oil & Gas News
Released:  11/06/20152015-06-11
Word count:  392

Oil rallied for a second straight day on Wednesday, with U.S. crude nearing a one-month high and gasoline hitting its highest price since November, as a big U.S. stocks drawdown boosted the outlook for summer fuel demand.

Play
Reuters
"There's no mistaking it: There's pretty good demand for both crude oil and gasoline in the United States now and it could stay this way the next couple of months," said John Kilduff, partner at New York energy hedge fund Again Capital.

The U.S. Energy Information Administration (EIA) reported that crude oil inventories shrank by 6.8 million barrels last week, four times more than forecast by analysts in a Reuters poll.

The largest stockpile drop since last July came as refining demand for crude rose amid higher gasoline consumption. Inventories at the Cushing, Oklahoma delivery point for U.S. crude also fell although stockpiles of distillates, which include diesel and heating oil, showed a build. [EIA/S] "The distillate category was a bit of a drag on the inventory and demand front, but not enough to diminish the overall strength of the report," Kilduff observed.

Oil futures, which rose 3 percent on Tuesday in anticipation of the draws, extended gains on the data. Later, profit-taking pulled prices off session highs.

U.S. crude CLc1 settled up $1.29, or 2.1 percent, at $61.43 barrel, after hitting a May 13 high of $61.82.

Global crude benchmark Brent LCOc1 settled at $65.70, up 82 cents, or 1.3 percent. Its session peak was $66.36.

Gasoline futures for July RBc1 settled up 3.3 percent at $2.1464 per gallon. The session high of $2.1506 was the highest since last Nov. 10.

On Tuesday, the EIA said it expected U.S. oil output to decline in the second half of this year. For 2016, it projected a drop of 160,000 barrels per day in U.S. production, revising its previous forecast for a rise.

On Wednesday, producer group OPEC also said it expected non-OPEC supply to decline in the second half.

Some in the market remained pessimistic that demand would grow enough to drain a continued glut in global oil supply.

Jim Williams, energy economist at WTRG Economics in London, Arkansas, noted that U.S. crude stockpiles were at least 20 percent higher now than a year ago.

"The draw numbers are bullish. That's the short takeaway," Williams said, referring to Wednesday's EIA data.

"But medium and long-term, we still need to be rid another 85 million barrels of crude that we didn't have a year ago. I think it will be a summer of volatility."

(Additional reporting by Karolin Schaps in London and Henning Gloystein in Singapore; Editing by David Clarke, Chris Reese and David Gregorio)

Comments:

Business News

Business News
Released:  11/06/20152015-06-11
Word count:  105

The Tripoli authorities have reversed the import ban issued on 17 May on 32 items through letters of credit (LC’s) for six months.

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Libya herald
The import ban was announced as a move to stem the hemorrhaging of Libya’s fast depleting foreign currency reserves.

The authorities said they had reversed the import ban because the Central Bank of Libya (CBL) had failed to impose the ban.

The acknowledgement that the CBL had ignored the Tripoli authorities’ decree is an embarrassing revelation confirming that the CBL sets its own economic and fiscal agenda for Libya. It also confirms that the CBL was probably not consulted prior to the announcement of the import ban.

The import ban had attracted much criticism from the business community as inflationary and encouraging black-market economy.
Comments:

Oil & Gas News

Oil & Gas News Contract News
Released:  10/06/20152015-06-10
Word count:  142

According to a report from Upstream Online, Libya’s Mellitah Oil & Gas has awarded a $330-million contract to OneSubsea.

Play
Libya business news
The contract is to carry out work at the Bahr Essalam field in Block NC41. A statement from OneSubsea confirmed a major gas project offshore North Africa, but did not specify the location:

“OneSubsea, a Cameron (NYSE: CAM) and Schlumberger (NYSE: SLB) company, has been awarded a subsea production systems contract totaling more than $330 million for a gas project offshore North Africa.

“The scope of supply for the 13-well development includes subsea production equipment, tooling, and installation and commissioning services. Deliveries are expected to begin Q3 2016.

“’The award represents phase two of this development and is the largest award for a subsea production system within the North Africa region to date,’ said Cameron Chairman and Chief Executive Officer Jack Moore. ‘Having already supplied the first phase of this development, OneSubsea now looks forward to progressing with this second phase.’“

(Source: Upstream Online)
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1 month ago

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Alexander Sperber
1 month ago

Oil & Gas News

Oil & Gas News
Released:  09/06/20152015-06-09
Word count:  397

BENGHAZI, Libya/TRIPOLI, June 7 (Reuters) - Eastern Libyan state oil firm AGOCO is producing 250,000 to 290,000 barrels per day (bpd), a company spokesman said on Sunday, unchanged from recent weeks.

Play
Reuters
On Monday, a tanker will lift one million barrels of crude at the port of Hariga, the spokesman said. He said the Nafoura field remained closed due to a protest by locals demanding jobs.

The Bayda field also remained shut due to a shortage of power, he said.

AGOCO produces the bulk of Libya's total oil output which ranges from 400,000 to 500,000 bpd. More than a dozen fields in central and western Libya have closed due to protests and fighting, including Islamic State attacks.

Another tanker would lift 500,000 barrels of crude from the eastern Brega port, another oil official said. The port mainly supplies the western Zawiya refinery.

There was no tanker activity at the eastern port of Zueitina as crude flows remain disrupted due to the protest that has halted work at the Nafoura field, said a port official.

The southwestern El Sharara oilfield will remain closed, said Ibrahim al-Tebawi, a member of a security force from the western region of Zintan blocking a pipeline from the field. A rival force must leave El Sharara before pumping can resume.

El Sharara closed in November when a force allied with a self-declared government in Tripoli took over and Zintan guards, who had previously controlled the field, shut down a related pipeline.

The nearby El Feel field also remained shut due to a strike by guards, a field engineer said.

Libya is caught in a struggle between forces backing the internationally recognised government based in the east and a rival administration that has taken control of Tripoli, as former rebels who helped oust veteran ruler Muammar Gaddafi in 2011 have fallen out along political, regional and tribal lines.

In a bid to show its impartiality, Tripoli-based state oil firm NOC said it had begun delivering petrol to the western mountains, to which Zintan belongs, which had been cut off from fuel supplies.

Zintan is allied to the eastern government fighting the Tripoli government on a frontline west of the capital.

But Zintan's mayor, Mustafa al-Barouni, said he expected a Tripoli force to block the deliveries.

"I, the mayor of Zintan, think that Zintan will not receive fuel shipments because the troops of Libya Dawn have been preventing it for more than eight months," he told Reuters, referring to the faction which seized Tripoli last August.

(Reporting by Ayman al-Warfalli; Writing by Ulf Laessing. Editing by Jane Merriman and Jason Neely)
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Anonymous
1 month ago
Find out what contracts are on offer in Libya
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