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:  30/08/20162016-08-30
Word count:  293

Oil futures edged up on Tuesday as the U.S. dollar erased earlier gains, but doubts that producers would be able to agree to an output freeze continued to drag on prices.

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Reuters
International Brent crude oil futures LCOc1 were trading at $49.34 per barrel at 0125 GMT, up 8 cents from their previous close.

U.S. West Texas Intermediate (WTI) crude futures were up 15 cents at $47.13 a barrel.

The U.S. dollar retreated from Monday's two-week high as investors looked ahead to jobs data this week that Federal Reserve Vice Chair Stanley Fischer has said will be important to whether the U.S. central bank raises interest rates soon.

A weaker greenback makes oil purchases for countries with other currencies cheaper, potentially spurring demand for the fuel.

Yet concerns of a successful outcome to September talks among members of Organization of the Petroleum Exporting Countries (OPEC) about a production freeze continued to weigh on markets. "There's a feeling that the OPEC production freeze talks might result in something positive, but it's just talk," said Robert Nunan, risk management director at Mitsubishi Corporation.

Saudi Arabian Energy Minister Khalid Al-Falih tempered expectations that the world's major oil producers would look to freeze production next month, telling Reuters on Thursday that the "market is moving in the right direction" already.

"Either way, despite some increases in Saudi Arabia and Iraq, OPEC production seems to be flattening with the outages in Libya, Nigeria and Venezuela, knocking out about some 3 million barrels of daily production and no one is holding their breath they'll return soon," said Nunan.

Nigerian rebels pledged to end hostilities against its oil and gas industry, which they repeatedly attacked earlier this year knocking reducing the OPEC member's output by 700,000 barrels a day to 1.56 million bpd.

"We promise to fight more for the Niger Delta, if this opportunity fails," the Niger Delta Avengers said in a statement received by Reuters on Sunday.

(Reporting by Roslan Khasawneh; Editing by Joseph Radford)
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Business News

Business News
Released:  30/08/20162016-08-30
Word count:  117

Following a meeting in Cairo between the Egyptian authorities and a visiting delegation from the House of Representatives led by Mohamed Raeid, Egypt has agreed to ease visa restrictions for Libyans entering the country.

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Libya Herald
Whereas previously Libyan males aged between 15 and 60 had to have a visa, the lower age has been upped to 18 and the higher one reduced to 50.

Additionally, according to Libyan ambassador in Cairo Tarek Shoaib, the visa will now be for six months rather than the one-month period given previously.

Currently Libyan women do not require Egyptian visas nor do Libyans with an Egyptian father or mother.

Libyans in the west and south of Libya will still have to apply for their visa in Tunis. Those on the east can submit their application through the municipality in Tobruk which processes it with the Egyptian authorities. This usully takes 24 hours and the visas are issued on arrival in Egypt.
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Oil & Gas News

Oil & Gas News
Released:  29/08/20162016-08-29
Word count:  354

Oil prices fell about 1 percent on Monday as Iraq's production rose and as Iran said it would only cooperate in producer talks to freeze output if fellow exporters recognized its right to fully regain market share.

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Reuters
International Brent crude oil futures LCOc1 were trading at $49.32 per barrel at 0558 GMT, down 60 cents, or 1.2 percent, from their previous close.

U.S. West Texas Intermediate (WTI) crude futures were down 66 cents, or 1.39 percent, at $46.98 a barrel.

Prices have fallen by over 3.5 percent since their August peaks.

Traders said the price falls were a result of climbing output from the Middle East, where oil exports from Iraq's southern ports have averaged 3.205 million barrels per day (bpd) in August, exceeding the average level seen in July, according to two officials from state-run South Oil Company. Exports in July averaged 3.202 million bpd.

Iran said late last week that it would only cooperate in upcoming producer talks in September if other exporters recognized Tehran's right to regain market share lost during international sanctions that were only lifted in January.

Analysts said disagreements within the Organization of the Petroleum Exporting Countries (OPEC), and especially its key members Saudi Arabia and Iran, meant few expected a significant impact on global output from the talks.

"The market is increasingly likely to discount the outcome of the event, given, even in the instance of a freeze being agreed, compliance will be an issue," Barclays said.

Reuters commodity market analyst Wang Tao said that short-term technical indicators were also bearish, and that a drop to $48.52 per barrel was possible. "Brent oil is expected to approach a support at $48.52 per barrel again, as its correction from the Aug. 19 high of $51.22 has not completed," he said.

Despite this, Barclays said that it saw "incoming oil market data (both demand and supply) as a source for price strength in Q4".

For now, the cheaper crude - the main feedstock for oil refiners - has helped lift refinery margins which have suffered from a fuel oversupply for much of this year. Overall Singapore refinery margins DUB-SIN-REF, which are seen as a benchmark for Asia, have more than doubled since early August to over $6 per barrel, in part thanks to cheaper crude and also as a result of a tighter market due to refinery maintenance outages.

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

Business News
Released:  29/08/20162016-08-29
Word count:  40

Briqa, 28.08.2016 - Lana - Deputy director of Briqa port for oil marketing "Abdul-A'adeem Abu-Khamada" , said that an Italian tanker with shipment of methanol had left the port.

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LANA - Libya news agency
Abu-Khamada , added in press statements , that the tanker with the Italian flag , left the port with 5600 tons of methanol on board , heading to Italy.

Abu-Khamada , also noted that two ships full with fodder wheat , had arrived to the port.

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  26/08/20162016-08-26
Word count:  353

Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets.

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Reuters
International benchmark Brent crude oil prices LCOc1 were trading at $49.40 per barrel at 0632 GMT, down 27 cents from their previous close.

U.S. West Texas Intermediate (WTI) crude CLc1 was down 15 cents at $47.18 a barrel.

Saudi Arabian Energy Minister Khalid Al-Falih told Reuters late on Thursday that "we don't believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us", adding that the "market is moving in the right direction" already.

Members of the Organization of Petroleum Exporting Countries (OPEC) will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria from Sept. 26-28. The minister's comments put a dampener on expectations of a meaningful intervention into the market, which has been dogged by oversupply for more than two years.

Iran said on Friday that it would cooperate with other producers to stabilize oil markets, but added that it expected others to respect its individual rights.

Many observers, however, interpreted that as Tehran saying it would continue to try and regain market share by raising output after the lifting of sanctions against it last January allowed a full return to oil markets. "I do not expect the OPEC meeting in September to agree any freeze or affect the oil market in any significant way. This is because it appears key OPEC members remain more concerned about market share," said Oystein Berentsen, managing director for crude at oil trading firm Strong Petroleum in Singapore.

Regarding the current supply overhang which has been weighing on oil prices for over two years, he said that he saw oil stocks globally "falling too slowly to sustain a higher price above $50 per barrel".

U.S. investment bank Jefferies said on Friday that despite recent bearish data like record OPEC output and soaring Chinese fuel exports, it expected "the oil market to come into balance in Q4 and for inventory draws to accelerate into 2017, setting the conditions for a sustainable fundamental price recovery".

(Reporting by Henning Gloystein; Additional reporting by Sarah Plattes; Editing by Richard Pullin and Joseph Radford)
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3 days ago

Oil & Gas News

Oil & Gas News
Released:  25/08/20162016-08-25
Word count:  345

SINGAPORE Crude prices dipped on Thursday as brimming U.S. and Asian fuel inventories returned investor attention to a large global supply overhang, cutting short a price-rally and restricting Brent crude futures to below the $50 a barrel mark.

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Reuters
International benchmark Brent crude oil futures LCOc1 were trading down 7 cents at $48.98 per barrel at 0413 GMT, having closed down 1.8 percent.

U.S. West Texas Intermediate (WTI) crude futures were at $46.74 a barrel, down 3 cents, after dropping 2.8 percent on Wednesday.

Traders said price falls this week had truncated a rally that pushed crude up by more than 20 percent earlier in August on talk of a potential deal by oil producers to freeze output in an effort to rein in oversupply.

Hopes of a deal were dampened by record output from the Organization of the Petroleum Exporting Countries (OPEC) and little prospect of voluntary restrictions.

"Brent also came under pressure after (OPEC-member) Iraq said it still isn't producing as much oil as it should be, raising concerns that OPEC supply will continue to increase," ANZ bank said on Thursday.

With output high, not just from OPEC but also other top producers like Russia, and the demand outlook shaky, analysts said there was little prospect of an end to the glut, which has pulled down crude prices from over $100 a barrel to their current sub-$50 levels since 2014.

Analysts said that high storage levels pointed to an ongoing supply overhang that was weighing on markets.

In the United states, commercial crude oil stocks rose by 2.5 million barrels to 523.6 million barrels C-STK-T-EIA. [EIA/S] In refined products, stocks around the world are also brimming as demand slows while refinery output remains high.

"Ample inventories were due to weaker demand in Asia, but more generally were driven by excess supply generated by refiners maximizing runs, notably to produce gasoline in the U.S.," BNP Paribas said.

China's implied oil demand fell 0.3 percent from a year earlier to 10.58 million barrels per day (bpd) in July, according to Reuters calculations using official data.

"In Asia, China's July economic statistics confirmed loss of growth momentum," BNP added.

The French bank said that the "lacklustre demand prospects (and) the augmented capacity of the global refining system ... suggest (that) a distillate supply overhang will persist".

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)

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3 days ago

News Releases

News Releases
Released:  25/08/20162016-08-25
Word count:  58

Rome, 24.08.2016 (Lana) Libya and the EU signed in Rome Tuesday a MoU for cooperation between Libyan navy and EU navy on training and surveillance of the southern central Mediterranean.

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LANA - Libya news agency
The MoU was signed for the Libyan side by Brig Abdulla Toumya and Commander of Sofia operation Adm. Enrick at the operation's headquarters in Rome.

Following the signing of the MoU Sofia operation commander said the MoU signed yesterday was yet a major step towards the beginning of cooperation with the navy forces and Libya coast guard.

=Lana=
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3 days ago

Oil & Gas News

Oil & Gas News
Released:  24/08/20162016-08-24
Word count:  368

Oil prices rose on Tuesday after Reuters reported Iran was sending positive signals that it may support joint OPEC action to prop up the market, before the market pared gains on trade data showing a surprise build in U.S. crude stocks.

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Reuters
Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, refused to join a previous attempt this year by the group and non-OPEC members led by Russia to stabilize production. But sources in OPEC and the oil industry told Reuters that Tehran appeared more willing to support such talks scheduled next month in Algeria.

"Iran is reaching its pre-sanctions production level soon and after that it can cooperate with the others," said a source familiar with Iranian thinking after a visit by Venezuelan Oil Minister Eulogio Del Pino to Tehran as part of a tour to convince OPEC of a production freeze.

Brent crude settled up 80 cents, or 1.6 percent, at $49.96 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 69 cents, or 1.5 percent, to close at $48.10.

Tehran has been boosting its oil output since the lifting of Western sanctions in January. News of its potential support for a production freeze helped halt an abrupt slump in crude prices that began on Monday, after a 20-percent rally in the past two weeks.

Still, Brent and WTIpared gains in post-settlement trade after the American Petroleum Institute (API) reported that U.S. crude inventories rose by 4.5 million barrels last week, a surprising build versus analyst expectations' for a draw of 500,000 barrels. The U.S. government will issue official inventory data on Wednesday. [EIA/S]

Despite rebounding this year, oil still trades at less than half of mid-2014 levels, with the market still worried about a glut that spurred the biggest price rout in a generation.

The selloff has battered the economies of Venezuela, Iraq and Nigeria, which are more anxious to boost crude prices than major OPEC producers such as Saudi Arabia and Iran, which are keen to protect market share. Many analysts remain skeptical of the effort to freeze production. Goldman Sachs maintained a "weak" $45-$50 price forecast through the 2017 summer.

"The current price level of well over $40 does not provide non-OPEC producers with any kind of motivation to support oil prices by cutting or maintaining current production levels," said Tamas Varga, analyst at London-based energy broker PVM.

(Additional reporting by Alex Lawler in London and Henning Gloystein in Singapore; Editing by Jonathan Oatis and Andrew Hay)
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3 days ago

Business News

Business News

Tripoli, 23.08.2016(Lana) GNA Foreign Minister, Mohamed Saila discussed with the Bosnian ambassador the prospect of the return of his country's companies especially in oil and power fields to work in Libya.

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LANA - Libya news agency
The meeting held Tuesday morning also discussed ways to promote the bilateral relations between the two countries especially in the economic field and ways to strengthen ties between the two peoples in all other fields.

=Lana=
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Business News

Business News
Released:  24/08/20162016-08-24
Word count:  56

Tripoli, 23.08.2016 (Lana) The meeting held at the National oil Corporation (NOC) in Tripoli discussed the issues of the floating tank (Gaza) and stages of receiving it from the manufacturing company besides problems facing oil sector employees.

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LANA - Libya news agency
It also addressed activities of ENI the operator of Mellita for Oil and Gas and the problems facing it.

The meeting included chairman of the board of NOC, Mustafa Sanalla, and chairman of the administrative committee of the operator of Mellita for Oil and Gas, as well as director general of Eni North Africa Company.

=Lana=
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Business News

Business News

Brega Petroleum Marketing Co. invites all local and international specialized companies and consultant bureaus to Pre- qualification for the tender of preparing Brega company to obtain recent versions of the specifications ISO ( OHSAS 18001-14001-9001 ) , to submit a complete file includes all documents and satisfying all requirements to the committee , which issued by resolution No. ( 85 ) year 2016 of Brega company board in order to...

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NOC

Conditions and requirements of participation :

  1. The applied firm should be approved by an international organization of measurement and standard and obtained (a valid) ISO certifications.
  2. Submit previous experience certificates in similar works and a list of clients.
  3. Submit firm organization chart and experience record and personal CVs.
  4. Submit financial status for the last three years authenticated by a legal auditor.
  5. Submit a complete file includes a cover letter expressing interest to participate in pre-qualification for the tender and registration documents in Libya :             ( establishment contract -  valid business license - registration at the commerce registration office -                

         a valid tax clearance certificate ) .

  1. Provide a Full address of the firm headquarter and its branches, Telephone, Fax numbers, E-mails and website address.

IMPORTANT NOTES :

  • This invitation to pre-qualification represents neither an invitation to tender, nor a commitment on behalf of Brega Company to invite the participants to bid. 
  • Invitation to participation in bid will be to the qualified participants of this pre-qualification.
  • Documents should be submitted in a closed envelop  , with the name of the participant and addressed to the Committee of the tender of preparing Brega Com. To obtain ISO certification.
  • Receiving documents starts from (09:00) o’clock Monday 08.08.2016 until (14:00) o’clock of Thursday, 08.09.2016 at Brega company office Located in Noflean area, near BEN JABER terminal TRIPOLI – Libya. 

For any quarries please contact :

Tel & fax :     00 218 21 340 42 75  

 MOBILE :      00 218 91 880 61 01

  Email:           brega.iso@brega.ly

Comments:

We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.

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3 days ago

Oil & Gas News

Oil & Gas News
Released:  23/08/20162016-08-23
Word count:  310

Oil prices fell over 1 percent on Tuesday, with Goldman Sachs warning that August's price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.

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Reuters
International Brent crude oil futures were trading at $48.54 per barrel at 0235 GMT (1035 ET), down 62 cents, or 1.26 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude was down 76 cents, or 1.6 percent, at $46.65 per barrel.

Analysts said the falls were a result of an overdone price rally this month which lifted crude by over 20 percent between the beginning of the month and late last week.

Since then, prices have fallen back by more than 3.5 percent.

"While oil prices have rebounded sharply since Aug. 1, we believe this move has not been driven by incrementally better oil fundamentals, but instead by headlines around a potential output freeze as well as a sharp weakening of the dollar (and exacerbated by a sharp reversal in net speculative positions)," Goldman Sachs said.

The bank said a proposal by members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia to freeze output at current levels "would leave production at record highs" and therefore do little to bring supply and demand back into balance.

Goldman also said the likelihood of a deal "may not be high" due to disputes between OPEC members Saudi Arabia and Iran as well as uncertainty over non-OPEC producing giant Russia's willingness to cooperate.

The bank said it expected crude oil prices of between $45 and $50 per barrel "through next summer", but warned that "a sustainable pick-up in disrupted production would lead us to lower our oil price forecast with WTI prices ... to average $45 per barrel".

French bank BNP Paribas said that "the narrative of a rapid re-balancing of the oil market has ... met a few stumbling blocks" as "some of Q2's disrupted supply returned, OPEC's collective output rose, and U.S. shale oil is being spared the dramatic year-on-year declines forecast earlier in the year".

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)
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Wong Man
3 days ago

Oil & Gas News

Oil & Gas News
Released:  22/08/20162016-08-22
Word count:  398

SINGAPORE Oil prices fell on Monday as analysts doubted upcoming producer talks would rein in oversupply, saying that Brent would likely fall back below $50 a barrel as August's more than 20-percent crude rally looks overblown.

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Reuters
Soaring exports of refined products from China also pressured prices, as this was seen as the latest indicator of an ongoing global fuel glut, traders said.

China's July exports of diesel and gasoline soared by 181.8 and 145.2 percent respectively compared with the same month last year, to 1.53 million tonnes and 970,000 tonnes each, putting pressure on refined product margins DUB-SIN-REF.

Brent crude futures LCOc1 were trading at $50.22 per barrel at 0224 GMT, down 66 cents, or 1.3 percent.

U.S. West Texas Intermediate (WTI) crude Clc1 was down 51 cents, or 1.05 percent, at $48.01 a barrel.

Analysts cast doubt on an August price rally, saying that much of it was a result of short-covering and anticipation of upcoming producer talks to discuss means to curb oversupply.

"Positioning data seems to confirm our view that the latest oil bounce is more technical and positioning-oriented than fundamental. In fact, new buyers have been mostly absent the past few months," Morgan Stanley said.

Regarding the upcoming producer talks, the bank said a agreement was "highly unlikely" and that there were "too many headwinds and logistical challenges to a meaningful deal".

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia are set to meet in September to discuss a freeze in output levels in order to rein in on oversupply, but analysts said animosity between OPEC-members Saudi Arabia and Iran made a deal unlikely.

"Though Iran now sits roughly 200,000 barrels per day away from its monthly pre-sanctions peak in May 2011, we do not see it accepting restraints on its output, and without Iran's inclusion, Saudi Arabia will not take part," Barclays said.

As a result, the bank said that "the stars remain misaligned for an OPEC/non-OPEC freeze agreement".

Because of the ongoing production and storage overhang in fuel markets, Barclays said that the 20-percent price rally in August was unwarranted, and that oil prices of $50 or higher were unsustainable.

"Oil prices will likely experience another short-term dip in the coming weeks, in our view, before more sustainably moving to average $50 in Q4," it added.

Adding to the outlook of plentiful supplies, the U.S. oil rig count increased by 10 last week.

"Since its recent trough in May 2016, the U.S. oil rig count is up 28 percent at 406; this rebound has been driven by the increase in horizontal rigs," said Goldman Sachs.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford)
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1 week ago

News Releases

News Releases
Released:  22/08/20162016-08-22
Word count:  150

Regardless of the country’s seemingly intractable political and economic crises, Khoms, 120 kilometres east of Tripoli, is in upbeat mood as it prepares for its summer festival.

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Libya herald
The beach along with streets and public areas are being cleaned by an army of volunteers and local organisations including the scouts and the fire brigade ahead of the week-long event which starts next Wednesday. The festival will include an array of competitions including cycing and water sports, such as windsurfing and kite-surfing.

Meanwhile the municipality, which includes the world heritage site of Leptis Magna, has announced that it will levy a regular monthly local tax on shops, organisations and businesses to pay for street cleaning and garbage removal.

It has not yet said what the amount will be.

As in most towns in Libya, life in Khoms carries on as normal despite the wider political problems that are not far away. The town is halfway between Misrata, bearing the brunt of the fight against the Islamic State in Sirte, and the capital with its political vacuum and rival militias.  
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1 week ago

Business News

Business News
Released:  22/08/20162016-08-22
Word count:  55

Tripoli, 21.08.2016;Lana) Director of International Cooperation at Ministry of Health, Omar Al Ashehab met Sunday with deputy foreign minister of the Philippines and her accompanying delegation.

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LANA - Libya news agency
The meeting held at ministry of health discussed means of cooperation between the two countries conducive to joint interests of the two friendly people.

The meeting also focused on cooperation aspects on health sector by developing Libyan hospitals and train Libyan medical cadres and resource Filipino cadres to fill vacancies in Libyan health utilities.

=Lana=
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Wong Man
1 week ago

Oil & Gas News

Oil & Gas News
Released:  19/08/20162016-08-19
Word count:  262

Brent crude oil prices dipped in early Asian trading hours on Friday, but remained near two-month highs with Brent still holding above $50 per barrel in a bull-run that has lifted the market by over 20 percent since early August.

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Reuters
International benchmark Brent crude oil futures were trading at $50.80 per barrel at 8.56 p.m. ET, down 9 cents from their last close.

The lower prices during early Asian hours - which is late the previous day in the Americas due to the time zone difference - continues a trend this week in which prices have tended to dip during Asian mornings/American evenings, only to turn stronger once the Americas returns the next day and Asia logs off. Traders said the dips during Asian hours were largely due to profit taking in the Americas following sharp price increases during the day there.

Brent on Thursday rose above $50 a barrel for the first time since June 24 in a sharp bull-run which has seen prices soar over 20 percent since early August.

However, analysts warned the rally was overblown, especially since planned talks between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers like Russia to rein in on ballooning overproduction were unlikely to lead to a reduced supply overhang.

"Some believe – or more appropriately, hope – that the OPEC may come up with a plan to support prices at its informal meeting next month, something which we doubt will happen," said Fawad Razaqzada, a market analyst at Forex.com.

In U.S. oil markets, prices were pushed up by an open arbitrage opportunity to export WTI to Europe, leading to a rush of new orders which lifted U.S. oil prices.

U.S. West Texas Intermediate (WTI) crude futures, were at $48.28 a barrel, up 6 cents.

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

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Wong Man
1 week ago

Business News

Business News
Released:  19/08/20162016-08-19
Word count:  136

An oil tanker on Thursday began loading crude from Libya's Zueitina port, the first cargo about to be shipped from the terminal in 10 months, a spokesman for the country's National Oil Co. said.

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NASDAQ
A deal struck between the new Libyan unity government and a militia that controls the country's oil ports allowed the loading to take place.

The militia, called the Petroleum Facilities Guard, had shut Zueitina and two other ports in the east over a payment dispute with the national government in Tripoli.

The resumption of loading at Zueitina is a hopeful sign for Libya's struggling oil industry. The country's oil exports have suffered as the country remains fractured among rival militia groups, while some of the nation's oil infrastructure has been badly damaged by Islamic State militants.

The National Oil Co. described Thursday's loading as an emergency measure to move some of the terminal's 3 million barrels in storage to safety.

Write to Benoit Faucon at benoit.faucon@wsj.com and Summer Said at summer.said@wsj.com
Comments:

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

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Wong Man
1 week ago

Oil & Gas News

Oil & Gas News
Released:  18/08/20162016-08-18
Word count:  304

Russia is open for talks with other major oil producers on freezing output as the market is unlikely to balance until next year, Energy Minister Alexander Novak said in an interview with Asharq Al-Awsat.

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Bloomberg
The country is committed to continuing dialogue to stabilize the market, Novak said, according to the Saudi-owned newspaper.

The minister’s comments follow a rebound in oil last week on speculation that informal OPEC talks in September may result in measures to prop up prices. While several members of the Organization of Petroleum Exporting Countries have called for a brake on production, an earlier round of discussions collapsed when Saudi Arabia refused to sign a deal without the participation of rival Iran.

Those talks, in April, showed that producers can at least work together, Novak said, according to Asharq Al-Awsat. Russia is open to “joint measures” since the current cycle of low crude prices is unlikely to end until late 2017, he said.

OPEC President Mohammed bin Saleh Al-Sadasaid Aug. 8 that the group will hold informal talks in Algiers next month. Saudi Arabia, OPEC’s de facto leader, subsequently signaled it’s prepared to discuss taking action.

West Texas Intermediate crude climbed 6.4 percent last week, its biggest weekly advance since April, helping to pare declines the past two months. Futures traded up 0.5 percent at $44.70 a barrel as of 12:16 p.m. London time on Monday.

The proposed Algiers talks will take place during the ministerial meeting of the International Energy Forum, which Saudi Arabia and Russia both plan to attend. Proponents of a freeze may face push-back from several OPEC members that are pumping below capacity.

Iran hasn’t yet recovered pre-sanctions production levels, while Nigeria and Libya are also operating at reduced output, Giovanni Staunovo, an analyst at UBS Group AG, said by e-mail.

Commerzbank AG was also skeptical a broad agreement will be possible. Russia’s expression of willingness to engage in talks “is likely to prove little more than lip service, as so often in the past,” the bank said in a report.  
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We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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1 week ago

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Mr Ronald Rajnesh Gounder
1 week ago

Oil & Gas News

Oil & Gas News
Released:  18/08/20162016-08-18
Word count:  259

Oil prices dipped in early trading on Thursday as the prospect of record Saudi output weighed on markets and as traders cashed in on profits following an almost uninterrupted price rally this month of nearly 20 percent.

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Reuters
International Brent crude oil futures were trading at $49.67 per barrel at 0050 GMT, down 18 cents from their last close.

Traders said the price dip was due to profit taking following a strong rally this month, and as traders priced in the prospect of another production record from top exporter Saudi Arabia.

Saudi Arabia is sending signals that it could boost its crude oil supplies in August, even higher than its record 10.67 million barrels per day reached in July, as it gets ready for tough talks next month for a global output freeze pact.

Yet prices remain 20 percent higher than in early August and hit almost $50 a barrel the previous day, supported by a potential freeze or even cut in output following a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers like Russia, scheduled for next month

Analysts at Citi warned of the risks of a price rally based largely on potential future talks, given that similar meetings failed to reap results earlier this year.

"OPEC cooperation hopes should be treated with caution, as this is shaky ground to base a bull rally on," the U.S. bank said.

In the United States, West Texas Intermediate (WTI) crude futures were at $46.79 a barrel, flat with its last close. The relative strength of WTI in Thursday trading was a result of a flood of new orders to ship U.S. crude to Europe in order to take advantage of arbitrage opportunities resulting from the WTI/Brent price spread.

(Reporting by Henning Gloystein; Editing by Richard Pullin)  
Comments:

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

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1 week ago
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