New radio navigation systems for Libyan airports

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New radio navigation systems for Libyan airports
Released:  13/06/20172017-06-13
Word count:  117

Libya Telecom (LT) says it is suppling and installing combined radio navigation systems known as VOR/DME, initially to Mitiga, Benina, Tobruk and Labraq airports.

Libya herald
VOR/DME is a combined radio navigation station for aircraft, which consists of two radio beacons, placed together, a VHF omnidirectional range (VOR) and distance measuring equipment (DME). VOR produces an angle between the station and the receiver in the aircraft, while DME does the same for range.

LT said that it will give training in the use and maintenance of the equipment in a programme that is expected to begin shortly.

LT’s chairman Faisel Gergab said his company would continue to contribute to the development and improvement of the infrastructure in all airports in Libya.

No mention was made of the overall cost, who will be meeting it nor who has supplied the original apparatus.
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Oil & Gas News

Oil & Gas News
Released:  20/09/20172017-09-20
Word count:  340

TOKYO (Reuters) - Oil prices rose on Wednesday after Iraq’s oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in U.S. inventories.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.7 percent, at $49.81 a barrel at 0419 GMT. Brent crude futures climbed 23 cents, or 0.4 percent, to $55.37.

While options being considered by the Organization of the Petroleum Exporting Countries and other producers include an extension of cuts in output by months, it is premature to decide on what to do beyond March, when the agreement expires, Iraqi oil minister Jabar al-Luaibi told an energy conference in the United Arab Emirates on Tuesday.

OPEC and producers including Russia have agreed to reduce output by about 1.8 million barrels per day until March 2018 in a bid to reduce global oil inventories and support prices.

Some producers think the pact should be extended for three or four months, others want an extension until the end of 2018, while some, including Ecuador and Iraq, think there should be another round of supply cuts, al-Luaibi said.

But such moves are unlikely to have a big impact, said Georgi Slavov, head of research at commodities brokerage Marex Spectron.

“Demand is not great for crude oil and I don’t see how this will change any time soon. We do not see stronger demand for Q4 2017, which means supply needs to be controlled even more tightly,” Slavov told a briefing in Singapore.

“That won’t be easy as the productivity of oil rigs in the U.S. is expected to rise, so they can get more oil out of the same amount of rigs.”

Meanwhile, U.S. crude stocks rose last week while gasoline and distillate stocks decreased, data from industry group the American Petroleum Institute (API) showed on Tuesday. [API/S]

Crude inventories rose by 1.4 million barrels in the week to Sept. 15 to 470.3 million, compared with expectations for an increase of 3.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 422,000 barrels, API said.

Official figures on stockpiles and refinery runs will be released by the U.S. Department of Energy later on Wednesday.

Reporting by Aaron Sheldrick; Additional reporting by Henning Gloystein; Editing by Joseph Radford
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Two Libyans whose work focuses on economic diversification in Libya were among 20 young leaders from the MENA region to join a European Young Leaders conference in Tallinn last week, during which they learned from Estonia’s experience of building a knowledge economy.

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Libya herald
The two Libyans selected to join their European peers were Tripoli lawyer Hala Bugaighis, who co-founded Jusoor, an organisation aimed at encouraging women’s economic empowerment, and Benghazi-based Ahmed Ben Mussa, chief commercial officer at Tatweer Research, which recently partnered with the UN Development Programme (UNDP) to develop an entrepreneurship ecosystem for Libyans.

Participants in the conference included government ministers, parliamentarians, social entrepreneurs, innovators and artists from across Europe, the Middle East, north Africa, the US and Canada. Among those attending were Othman El Ferdaous, Morocco’s secretary of state for investment, Ines Amri, deputy secretary general of the Maghreb Economic Forum and Aaron Farrugia, Malta’s parliamentary secretary for EU funds and social dialogue.

The European Young Leaders (EYL40) programme, which is organised by Brussels-based Friends of Europe, aims to build a network of young leaders to foster cooperation on a European and regional basis. Libya researcher Mary Fitzgerald is an alumnus of the programme and also attended the Tallinn conference.

As part of the conference, Ms Bugaighis and Mr Ben Mussa met the Estonian prime minister Jüri Ratas and visited the e-Estonia showroom to find out more about how the country of just 1.3 million emerged from the shadow of the Soviet Union to become one of the world’s leading knowledge economies.

Estonia was the first country to introduce an e-residency programme and also the first to successfully introduce a legally-binding e-voting system into its election process. Most government services – apart from marriage and buying property – can be done online in Estonia. Estonia’s experience of e-governance may offer a model for Libya when it comes to the question of centralised government.

They also met one of Estonia’s best known entrepreneurs – Skype co-founder Jaan Tallinn – for a discussion on the possibilities and risks of artificial intelligence. Other sessions centred on education, the future of work, climate change and how to build entrepreneurial societies.Ms Bugaighis and Mr Ben Mussa told participants of Libya’s potential but also the challenges experienced during its transition.

Ms Bugaighis said Estonia was a “lesson in patriotism” and “a lesson learned for our Libya today.” She added: “I was impressed with the story of a country which survived a political collapse with limited resources, and yet its people managed to unify their vision and help their country to stand on its feet and be the frontier in the world of digital.’’

The EYL40 conference, she said, had been hugely inspiring due to the diversity of the participants. “It’s the first time I attend an event with politicians, entrepreneurs, artists and activists who have one thing in common: the will to change their world. We need more of these events to shape a better world.”

Mr Ben Mussa said the conference had been energising and he was happy to see Libya represented. “Libya is at the heart of the European conversation in so many respects and having Libyan voices present in these conversations for sure bridges the gaps.’’
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The National Oil Corporation in participation with Zawia Oil Refining Company, Mabruk Oil Operations and Mellita Oil & Gas B. V. implemented a training exercise to combat oil spill of second-degree pollution accidents at Al Jurf Off-shore Field affiliated to Mabruk Oil Operations, a first mutual maneuver of this kind between the sectors companies that was collectively coordinated and implemented.

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NOC
The objective of the exercise and tests was to assess the extent to which the sector's companies were ready to prepare and respond to combat such oil spills in the marine environment.

This maneuver was implemented in a highly professional manner and was followed up directly by specialized superintendents from NOC and the said Companies.

It is worth mentioning that such exercise was successful particularly in terms of coordinating between the relevant companies. This exercise was supervised, coordinated, managed and followed up by the Department of Health, Safety and Environment at NOC.

All the State's official competent authorities were informed of this exercise including the General Authority of Environment, Ports Authority, Passports Department, Coast Guards, and Petroleum Facilities Guards.

The National Oil Corporation confirms that such programs will contribute to upgrading the efficiency and preparedness of anti-pollution equipment and the individuals operating such equipment. Finally, the National Oil Corporation extends its congratulations to all the participants in this activity.
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Oil & Gas News

Oil & Gas News

SINGAPORE (Reuters) - Oil markets were stable on Tuesday, supported by a fall in Saudi Arabian crude exports but capped by an expected rise in U.S. shale output.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $50.00 per barrel at 0043 GMT, 9 cents, or 0.2 percent, above their last settlement.

WTI has been loitering around $50 per barrel since late last week, supported by rising demand from the restart of many refineries knocked out by Hurricane Harvey, but prevented from breaking away from that level by rising U.S. crude output.

U.S. shale production is set to rise for a 10th month in a row in October, the U.S. government said late on Monday. Output across seven shale plays is forecast to rise by nearly 79,000 barrels per day (bpd) to 6.1 million bpd, according to the U.S. Energy Information Administration’s monthly drilling productivity report.

Outside the United States, Brent crude futures LCOc1, the international benchmark for oil prices, were at $55.52 a barrel, up 4 cents.

Traders said price support came from data showing Saudi crude exports fell to 6.693 million bpd in July, down from 6.889 million bpd in June.

Reporting by Henning Gloystein; Editing by Richard Pullin
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Oil & Gas News

Oil & Gas News
Released:  18/09/20172017-09-18
Word count:  369

SINGAPORE (Reuters) - Oil markets were firm on Monday and remained near multi-month highs reached late last week as the number of U.S. rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $49.89 a barrel at 0232 GMT, unchanged from their settlement last Friday and still close to the more than three-month high of $50.50 briefly reached on Thursday.

Thomson Reuters technical analyst Wang Tao said WTI was poised to break above $50 per barrel.

“U.S. oil is poised to break resistance at $50.43 per barrel, as suggested by an inverted head-and-shoulders, the wave pattern and a Fibonacci projection analysis,” he said.

Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.67 a barrel, up 5 cents and not far off the almost five-month high of $55.99 on Thursday.

“Demand forecasts from OPEC and IEA... continued to improve sentiment in the market. Refineries are also reporting a much better recovery from the recent hurricanes,” ANZ bank said on Monday.

Oil refineries across the Gulf of Mexico and the Caribbean were restarting after being shut due to hurricanes Harvey and Irma, which battered the region in the past three weeks.

Royal Dutch Shell’s (RDSa.L) Deer Park refinery in Texas was among the latest, beginning its restart on Sunday. The plant can process 325,700 barrels per day.

The refinery restarts are occurring “as signs emerge of stalling growth in the U.S. shale industry. The number of rigs drilling for oil in the U.S. fell sharply last week,” ANZ said.

U.S. energy firms cut seven oil rigs in the week to Sept. 15, bringing the total count down to 749, the fewest since June, energy services company Baker Hughes said on Friday. RIG-OL-USA-BHI

Despite these signs of a tightening market, analysts warned that the distortions of the recent hurricanes made it hard to identify more long-lasting supply and demand fundamentals.

“This week’s crude inventories data will almost certainly still show the distortions of Harvey and Irma and significant increases may be looked at by traders as outlier data,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA.

Hedge funds and other money managers cut their bullish bets on U.S. crude futures and options in the week to Sept. 12, the U.S. Commodity Futures Trading Commission reported on Friday.

Reporting by Henning Gloystein; Editing by Richard Borsuk and Christian Schmollinger  
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News Releases
Released:  18/09/20172017-09-18
Word count:  207

The first of a five-week series of horse races began yesterday at Tripoli’s Busetta race course. Known as “The Libya Peace Cup” they have been organised by the Libyan Horse Racing Authority and sponsored by the General Authority for Culture.

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Libya herald
The races will continue at 4pm every Friday for the next four weeks. Yesterday’s is reported to have drawn more than 250 mostly young Libyans from various parts of the country.

The organisers hope that such event will help ensure the development of horse racing in Libya.

The Libyan Horse Racing Authority was set up in October 2013. Its activities include horse breeding and welfare, training and licensing of trainers and the organising of racing events in Libya.

Libya has had a long history of horse racing. The Libyan horse breeding industry was established in 1959 under the ministry of agriculture. However, when Qaddafi came to power, he transferred it to the military. This effectively suppressed the thoroughbred industry.

This changed in 2004, when breeders began to attend auctions in Libya and import horses from the UK, US and elsewhere. After the revolution, in 2012, auctions resumed and with it came renewed horse racing although the races at the time were unofficial.

Meanwhile in Mizdah, 175 kilometres south of the capital, a more traditional equestrian event got underway yesterday. A two-day equestrian festival, the first in the town for some time, drew large numbers of spectators as well as participants from a wide area, including places such as Nesmah, Al-Shgega and Fassanu.
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Oil & Gas News

Oil & Gas News
Released:  15/09/20172017-09-15
Word count:  260

TOKYO, Sept 15 (Reuters) - Oil prices were lower on Friday but largely held gains that had prices flirting with multi-month highs, as the cleanup after hurricanes in the United States gathered pace and the outlook for demand took on a firmer tone.

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Reuters
In other markets, typically safe haven assets like the yen =JPY and gold XAU= were higher, after North Korea fired off yet another missile in breach of United Nations sanctions, amid high regional tensions over its nuclear weapons programme. West Texas Intermediate crude CLc1 was down 15 cents, or 0.3 percent, at $49.74 a barrel at 0012 GMT. It briefly broke above $50 to a four-month high on Thursday and finished 1.2 percent higher at $49.89, its highest close since July 31.

Brent crude LCOc1 futures were down 20 cents, or 0.4 percent, at $55.27 a barrel. They gained 0.6 percent to settle at $55.47 the previous session, the highest close since April 13.

"The psychological barrier of $50 per barrel remains a big hurdle for WTI, after it failed to settle above it once again," ANZ bank said in a research note.

Nevertheless, U.S. crude is on track for a nearly 5 percent gain this week, buoyed by the return of refineries after Hurricane Harvey and stronger indications of demand.

Brent is heading for a 3 percent gain and a third consecutive weekly rise.

On Wednesday, the IEA said a global oil glut was shrinking thanks to strong European and U.S. demand, as well as production declines in OPEC and non-OPEC countries. Organization of the Petroleum Exporting Countries (OPEC) earlier forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut. Chief Executive Bob Dudley told Reuters in an interview that oil prices were likely to stay between $50 and $60 as major producers kept output restricted.
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Business News

Business News
Released:  14/09/20172017-09-14
Word count:  171

Arab foreign ministers have called for the UN freeze on Libyan assets abroad to be lifted. Making the call at the Arab League foreign ministers meeting in Cairo yesterday, they said that access to the money was needed by the Presidency Council (PC) to fund services needed by the Libyan people.

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Libya herald
The ministers also reaffirmed their backing for the Libyan Political Agreement and the PC and the importance of having no dealings with any other parallel authorities or institutions.

However, they also supported new moves for dialogue, but under the supervision of the UN and the Arab League.

Declaring the importance of Libya’s sovereignty, unity and territorial integrity, they again stated their rejection of any outside interference in Libya affairs unless there has been a request from the PC.

The PC’s foreign minister, Moahmed Siala, attended the meeting. While in Cairo, he also had separate meetings with the speaker of the Arab Parliament, Meshaal bin Fahm Al-Salami, and Egyptian foreign minister Sameh Shoukry.

Talks with the latter focussed on the six-nation London conference on Libya tomorrow which Shourky will be attending, along with the UAE, Italy, France, the US and the British as hosts.

Shoukry impressed on Siala the importance of continuing to work with his country, Algeria and Tunisia in trying and find a solution to the Libyan crisis.
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Business News

Business News
Released:  14/09/20172017-09-14
Word count:  113

TUNIS, SEPTEMBER 13 - A two-day international conference on the oil sector in Libya will start on October 7 in Tunis, organized by the Superior council of Libyan and Tunisian entrepreneurs, the ''Economiste Maghrebin'' reports.

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ANSAmed
The publication added that it is the first major forum on investments in the energy sector organized in Tunisia during which 2016 will be presented along with forecasts on the next years.

The conference will also be an occasion to quantify damages by Libyan national oil company Noc starting from the 2011 crisis, as well as presenting new projects in perforation to look for new deposits.

The objective of the international conference in Tunis is to provide opportunities for different operators to meet and attract new investments.

Over 200 entrepreneurs and company representatives from all over the world are expected at the meeting, including delegates from the main international oil companies, public authorities, analysts, investors.

(ANSAmed).
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Business News

Business News
Released:  13/09/20172017-09-13
Word count:  135

Buraq Air is expected to resume international and local flights in the next few days after one of its two Boeing 737s flew back to Tripoli today from Istanbul following a four-month overhaul.

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Libya herald
Buraq stopped flying three months ago, hit by a combination hard currency cash-flow problems and maintenance problems. It has just two 737s both of which required major maintenance –in the case of one, a major engine overhaul.

Unlike Libyan Airlines and Afriqiyah Airways which have their own in house maintenance departments or Libyan Wings which has a special arrangement with Qatar Airways, Buraq has had to reply of outsourcing its maintenance abroad and pay for it in hard currency. In normal times that would not be a problem, but for some time because of decisions by the Central Bak of Libya, it has been unable to access hard currency.

Between stopping its international flights in June and stopping all flights in July, Buraq leased a small aircraft from Ghadames Air, but that proved financially unviable.  
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Oil & Gas News

Oil & Gas News
Released:  13/09/20172017-09-13
Word count:  334

TOKYO (Reuters) - Oil prices were mixed on Wednesday, dampened by reports of rising U.S. crude stockpiles but retaining some of the gains made in the previous session after OPEC said it expected higher demand for its crude next year.

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Reuters
U.S. West Texas Intermediate (WTI) CLc1 was unchanged at $48.23 a barrel at around 0359 GMT after rising earlier in the day. The contract rose 0.3 percent on Tuesday.

International benchmark Brent crude LCOc1 was down 13 cents, or 0.2 percent, at $54.14 a barrel, having settled up 0.8 percent in the previous session.

The difference between Brent and WTI, known as the spread, rose by 11 cents to $5.41 in the favour of the global benchmark, as Hurricanes Harvey and Irma continued to impact demand for both crude and oil products in the U.S.

“The market is still trying to assess...the positioning on Brent and the positioning on WTIE and that’s reflected in the price spread,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.

Wednesday’s drop came after a rise the day before when the Organization of Petroleum Exporting Countries (OPEC) forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.

Analysts have warned current U.S. stocks data may not give a full picture in coming weeks because of weather disruption, but industry group the American Petroleum Institute reported late on Tuesday that U.S. crude stockpiles rose nearly twice expected levels last week. Refineries cut output following Hurricane Harvey, while gasoline and distillate inventories fell. [API/S]

Crude inventories rose by 6.2 million barrels in the week to Sept. 8 to 468.8 million, nearly double analysts’ expectations of an increase of 3.2 million barrels.

The U.S. Department of Energy’s Energy Information Administration (EIA) reports on stockpiles and refinery runs later on Wednesday. [EIA/S]

The EIA also said on Tuesday it had revised both its 2017 and 2018 oil production forecast figures lower to reflect, in part, the effects of Hurricane Harvey.

The largest refinery in the United States, in Port Arthur Texas, was running at reduced rates, sources told Reuters.

Reporting by Aaron Sheldrick; Editing by Richard Pullin and Kenneth Maxwell
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Business News
Released:  12/09/20172017-09-12
Word count:  548

Courier market leader, DHL Express has launched a domestic cargo operation in Nigeria to offer logistics services between major cities in the country while strengthening its intra-Africa air network.

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Ventures Africa
The logistic company is using a newly dedicated Boeing 737-400 aircraft for its logistic services to all the cities in Nigeria. According to Randy Buday, DHL’s Lagos-based Managing Director for Anglophone Africa; the aircraft which is able to carry up to 16 tonnes of cargo, represents a major breakthrough in local logistics, as it is the first dedicated express cargo plane for the Nigeria market, allowing for increased trade between the cities.

The cargo aircraft would operate out of Lagos, and allows for an enhanced offering into, out of and within Nigeria, he said.

Buday explained that “We (DHL) are constantly looking for ways to improve our service offering. Previously, we were trucking the majority of our Express consignments within Nigeria as there was little air cargo capacity available on the commercial carriers and their schedules were fitted around the needs of their passengers, rather than our requirements’’.

“DHL is the only carrier to offer a dedicated air network in Africa and this investment is further evidence of the importance and potential of the region’’.

DHL’s business is growing at a rate of 15 percent a year.

The courier and logistics company also operates an overnight courier service to Abuja, Nigeria’s Federal capital. In a related development, DHL Global Forwarding opened its first office in Tripoli, the capital city of Libya. The office is close to the Tripoli’s business centre.

With this, the Global Forwarding operation will offer customers in oil and energy, construction, telecommunications and pharmaceuticals sectors access to international standard services such as documentation handling, customs clearance and warehousing, air and ocean freight, domestic and cross-border trucking. It will serve clients in all major Libyan provinces and territories including Benghazi, Misarata, Sirte and Sabha, operating through three main ports — Tripoli, Khoms and Benghazi — and the two main airports of Tripoli and Benina.

“Libya is opening up to investors from all over the world to help develop the oil rich country. The country’s post-revolution oil recovery has advanced faster than expected,” Thomas Nieszner, CEO, Europe, Middle East and Africa, DHL Global Forwarding, said.

He added that “Production for 2012 is close to 90 per cent of pre-conflict levels and is expected to match pre-conflict levels in 2013. This is spurring increased public spending to rebuild the nation as well as all-round economic growth, both of which require logistics support of the kind that DHL is best-equipped to provide.”

CEO, Mena and Turkey, DHL Global Forwarding, Claudio Scandella, collaborated that “The opening of the Libyan office shows DHL’s commitment to the potential we see in the continent. The trade triangle between Africa, the Middle East and Asia will shape the future of global trade and DHL’s continued investment in people and processes ensures that businesses — both local and international — have access to world-class logistics operations across the region.”

Meanwhile, Hazem Ibrahim, country manager, DHL Global Forwarding, Libya, believes that with the formation of Libya’s new government, “this is the right time to step in and offer logistics support to Libya’s global partners and local traders.”

“The products and services offered by DHL Global Forwarding extend from standardized logistics operations to multi-modal transport solutions and highly individualized industrial projects, all of which Libya needs to build its recovery, maintain stability and gain confidence,” he said.
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Oil & Gas News

Oil & Gas News
Released:  12/09/20172017-09-12
Word count:  409

SEOUL (Reuters) - Oil prices edged down on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing.

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Reuters
International benchmark Brent crude LCOc1 was down 14 cents, or 0.3 percent, at $53.70 per barrel by 0530 GMT from the previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was down 12 cents, or 0.3 percent, at $47.95 a barrel.

U.S. refineries, including the largest U.S. refinery Motiva Enterprises MOTIV.UL, have started to come back online. Motiva restarted production on Monday after being shut for about two weeks as Hurricane Harvey ripped through the U.S. Gulf coast.

On Harvey’s heels, Hurricane Irma slammed into Florida on Sunday, leaving more than 7.4 million homes and businesses without power, but has since been downgraded to a tropical storm.

U.S. crude inventories likely rose last week following the hurricane impact, while refined product stockpiles were forecast to have declined, a preliminary Reuters poll showed.

Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy’s Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended Sept. 8.

The API is due to release its data for last week at 4:30 p.m. EDT (2030 GMT) on Tuesday and the EIA report is scheduled at 10:30 a.m. EDT on Wednesday.

“The market is looking for a significant build in oil inventories,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. “That’s not surprising given the disruption of refineries as consequences of hurricanes so I guess there’s a bit of caution here.”

As mixed market indicators kept oil prices in a range, RBC Capital Markets said in a note that it expected “WTI and Brent to average $49.30 and $52.50 per barrel this year before increasing to average $53 and $55.50 a barrel next year.”

Amid persistent glut concerns, Saudi Arabian Energy Minister Khalid al-Falih had talks with his Venezuelan, Kazakh counterparts about the possibility of extending supply cuts beyond March 2018.

“Reports of an extension of the current production cut agreement continued to swirl around the market,” ANZ bank said in a note.

The Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de facto leader, and other producers including Russia, have agreed to curb their output by around 1.8 million barrels per day until next March.

OPEC’s secretary-general Mohammad Barkindo said on Monday the supply cut deal was expected to help the global oil market rebalance and strong demand could further reduce oil inventories.

Reporting by Jane Chung; Editing by Richard Pullin
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Business News
Released:  11/09/20172017-09-11
Word count:  163

The port of Benghazi will reopen on 1 October, according to port authority spokesman Muftah Al-Shuaiby.

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Libya herald
It has been closed for more than three years. In 2014, it was effectively controlled by the militants opposed to Operation Karama and at the time the Libyan National Army (LNA) even threatened to bomb it to prevent it being use to supply them.

“We will bomb any ship approaching the coast and hold the port director responsible for it,” LNA air force head Major-General Saqr Geroushi said at the time.

Since the rebels’ defeat in July, the authorities have been keen to see the reopening of the port which was the main entry in the east of the country for many imports including wheat and other comestibles.

It had suffered major damage during the conflict in Benghazi due to its close proximity to much of the fighting. In mid-July, the chief of staff and military governor from Ben Jawed to Derna, Major-General Abdul Razzaq Al-Nazhuri, visited it to assess the damage and what needed to be done before it could be operational again.  
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Oil & Gas News
Released:  11/09/20172017-09-11
Word count:  391

TOKYO (Reuters) - Oil prices edged up on Monday after the Saudi oil minister discussed possibly extending a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts.

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Reuters
News of the talks on Sunday helped offset downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma and its aftermath. The hurricane knocked out power to nearly 4 million homes and businesses in Florida on Sunday. It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later on Monday.

U.S. crude for October delivery CLc1 was up 39 cents, or 0.8 percent, at $47.87 a barrel by 0409 GMT, having tumbled 3.3 percent on Friday.

London Brent crude for November delivery LCOc1 was up 22 cents, or 0.4 percent, at $54, having settled down 1.3 percent.

“The oil market reacted to the Saudi talks,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. “The drop in U.S. oil refining is also to be offset by higher processing at other nations, so worries over a substantial cut in crude oil demand are fading.”

Hurricane Harvey - which hit two weeks ago - pushed the U.S. refinery use rate to a seven-year low, but largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage. Some units are now restarting after shutdowns ahead of or during the earlier storm.

Motiva Enterprises was starting up the large crude unit - a little more than 50 percent of capacity - at its Port Arthur, Texas, refinery on Sunday, according to a source familiar with plant operations.

OPEC and other producers, including Russia, have agreed to reduce crude output by about 1.8 million barrels per day through the end of next March in a bid to reduce global oil inventories and support oil prices.

The Saudi energy ministry said Energy Minister Khalid al-Falih agreed with his Kazakh counterpart that the option to extend the rebalancing effort would be considered in due course.

Elsewhere, Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years, a senior Iranian industry official said on Sunday. Iran has been producing around 3.8 million bpd in recent months.

Saudi Arabia on Saturday also suspended any dialogue with Qatar, accusing it of “distorting facts”, just after a report of a phone call between the leaders of the two countries suggested a breakthrough in the dispute that also involves the United Arab Emirates, Egypt and Bahrain.

Reporting by Osamu Tsukimori; Editing by Richard Pullin and Tom Hogue  
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SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News

The Main Tender Committee of the Arabian Gulf Oil Company desires to release an Extension to the following project

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NOC

No.

MTC No.

Projects Title

1

MTC-04/2017

Installation of three (3) new automatic manifolds at Messla GC-7 & GC-9 project No.O-32

 

 

 

 

 

 

 

 

Description:

 

Installation of two skid mounted Automatic manifolds, (6) Six slots at GC-9, and one (1)  new Automatic manifold GC-7 in Messla field in a location beside the existing manifolds and supply and install all required civil materials needed for site preparation, and for construction of concrete foundations and all required electrical, controls and instrumentation, control panels ( for installation inside the existing control room), and tubing, tube fittings, wires, cables, junction boxes, fire detection system, relocation the exist fence, final testing and pre-commissioning, commissioning ….etc.

 

Bidding procedure:

 

All specialized companies which have participated in this tender, please be informed that the proposals shall be submitted during the official working hours to the main Tender Committee at the Arabian Gulf Oil company Headquarter- Alkeish- Benghazi- B.O. box 263 the dead line is: (Time: 14:00 P.M Day Monday, corresponding to: 18/09/2017 A.D)

 

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

Bidding Requirements(Provided by all applicants)

                     

1.    A copy of work license. (Valid)

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

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

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

5.    A copy of the decree of formation.

6.    A copy of the basic structure.

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

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

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

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

Offers Submission:

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

 

1.    The first envelope should include a priced financial proposal (original + 1 copy)

2.    The second envelope should contain an un-priced financial proposal without price (original + 1 copy) (do not mention the price); otherwise, it will be rejected and has to contain the required financial conditions and the required method of payment, with the necessity to agree on all AGOCO general terms and conditions.

3.    The third envelope includes a technical proposal (original + 3 copies). As well as the validity of the proposal shall be three months at least from the closing date stated in this announcement. (Plus an electronic copy of the technical proposal ONLY).

4.    The forth should contain a Bid Bond (a preliminarily guarantee in separate closed envelope).

The Contractor shall be at his own expense obtain and maintain for the Company a bid Bond in an amount equal 0.5% of the submitted proposal value Such Bond shall be established as an irrevocable, Certified cheque or unconditional and confirmed Letter of Guarantee or Stand-by Letter of Credit through a First Class Libyan bank or through a First Class European Bank confirmed and advised to the Company through Libyan Foreign Bank (LFB)-Tripoli, or through British Arab Commercial Bank (BACB)-London. (Bid bond is automatically revalidated). Bid Bond should be valid for at least 60 days after offer dead-end.

Note:

·    The Bid Bond is rewind to those who were not successful in the tender.

 

The successful bidder has to secure a performance guarantee of 10 % which is payable for a year from provisional certificate of completion issue date; and within 30 days from formal success notification.   

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

 

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

 

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

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

Fax No.:218-61-2229006

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

E.mail address: mtc@agoco.ly

 

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

Comments:

Dear Sir/Ma,

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Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

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Anonymous
1 week ago

Oil & Gas News

Oil & Gas News
Released:  08/09/20172017-09-08
Word count:  477

SINGAPORE, Sept 8 (Reuters) - Oil prices rose on Friday as U.S. crude production was hit harder by Hurricane Harvey than expected, with the even bigger storm Irma heading for Florida and threatening to cause more disruption to the petroleum industry.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $49.15 barrel at 00606 GMT, 5 cents above their last settlement. Brent crude futures, the benchmark for oil prices outside the United States, were up 24 cents at $54.73 a barrel, just shy of their Friday peak of $54.79 a barrel, their highest level since April.

"WTI may break higher as storms limit crude processing ... U.S. oil production facilities haven't fully recovered from Hurricane Harvey," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

Hurricane Harvey hit the U.S. Gulf coast two weeks ago, and crude prices initially slumped because almost a quarter of the country's huge refinery industry was knocked out by the storm, cutting demand for crude oil, refining's lifeblood. But as the refinery sector gradually recovers, so is its crude processing.

"Most refineries are restarting and we expect a near-full recovery by month-end," U.S. investment bank Jefferies said.

Harvey's impact was also felt in oil production. U.S. oil output fell by almost 8 percent, from 9.5 million barrels per day (bpd) to 8.8 million bpd, according to the Energy Information Administration (EIA). <C-OUT-T-EIA>

Port and refinery closures along the Gulf coast and harsh sea conditions in the Caribbean have also impacted shipping. "Imports (of oil) to the U.S. Gulf Coast fell to levels not seen since the 1990s," ANZ bank said.

Traders said it would take weeks for the U.S. petroleum industry to return to full capacity, and that under the current conditions it was difficult to identify fundamental market trends.

"The data for this week and next will be taken with a grain of salt as the underlying trend will be obscured by the effects of the hurricane," said William O'Loughlin, investment analyst at Rivkin Securities.

Even as the oil industry continues to grapple with the fallout from Harvey, a much bigger Hurricane was lashing the Caribbean islands and heading for the United States.

Hurricane Irma, which has become one of the biggest storms ever measured - picking up the Twitter hashtag #irmageddon - on Friday hit the Dominican Republic and Haiti, heading for Cuba and the Bahamas. It was predicted to hit Florida by Saturday.

The U.S. National Hurricane Center (NHC) said that Irma was still a Category 5 hurricane, with wind speeds of 160-185 miles per hours (260-295 km/h).

On Irma's heels, Hurricane Jose is heading for the Caribbean Leeward islands, which have just been devastated by Irma, with wind speeds of 120 mph (195 km/h).

With storm Katia about to hit the Mexican Gulf coast, there are three major hurricanes currently active in the region.

"Any further disruptions in oil and gas production could further extend the rally in energy prices or at minimum keep prices bid (up) until the threat of tropical storms dissipate," said Forex.com analyst Razaqzada.

(Reporting by Henning Gloystein; Editing by Kenneth Maxwell and Joseph Radford)
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

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Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Business News

Business News

TUNIS/LONDON, Sept 6 (Reuters) - Oil production at Libya’s Sharara field, the country’s largest, was resuming on Wednesday after a valve was reopened on a pipeline shut by an armed group for more than two weeks, Libyan oil industry sources said.

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Reuters
“We have just started, little by little,” said one source at the field, who asked not to be named. He said it would likely take three to four days for production to reach normal levels.

Sharara had been producing up to about 280,000 barrels per day (bpd) until it was forced to shut on Aug. 19.

The blockade on the pipeline leading from the field to the Zawiya terminal on Libya’s Mediterranean coast was lifted on Tuesday, with the reopening of a valve near the western town of Zintan.

The National Oil Corporation (NOC) lifted a force majeure declaration on loadings of Sharara crude at Zawiya on Wednesday after the field reopened.

Sharara resumed production in December after a two-year blockade of the pipeline, also near Zintan, and has been key to a recovery in Libya’s national output to about 1 million bpd, about four times its level in mid 2016.

The source at the field said maintenance was needed as production resumed, and that some damage had been caused by the closure.

A second source said production could restart quickly once checks were made. “Usually pumping starts after they do some tests to make sure it is okay,” he said.

Foreign workers who had been temporarily evacuated returned to Sharara on Wednesday morning, according to an engineer at the field.

Libya is exempt from an OPEC-led pact to curb global oil production and the revival in its output has complicated the bloc’s efforts to defend prices. The NOC has said it hopes to raise production to 1.25 million bpd later this year. However, production remains at risk from blockades, budget constraints and political turmoil.

Sharara has suffered repeated temporary shutdowns this year because of protests and the actions of armed groups near the field and along the pipeline leading north.

The NOC blamed the latest shut-down at Sharara on a rogue militia which it said was also responsible for closures at the El Feel and Hamada fields. El Feel and Hamada were subsequently re-opened.

Sharara is operated by the NOC in a joint venture with foreign oil companies Repsol, Total, Statoil and OMV.

The NOC said last week it had referred the names of two militia leaders to Libya’s general prosecutor over the shutdowns. The armed group was trying to secure the release of a relative jailed for alleged kidnapping in Tripoli, according to industry sources, though other demands were also made.

It was not clear on what terms the blockade of the Sharara pipeline was lifted. The U.N.-backed government in Tripoli did not respond to a request for comment.

(Additional reporting by Ayman al-Warfalli and Julia Payne; Writing by Aidan Lewis; Editing by Greg Mahlich)
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

SIVAJOTHI GNANATHEEVAM
1 week ago

Oil & Gas News

Oil & Gas News
Released:  07/09/20172017-09-07
Word count:  459

SINGAPORE (Reuters) - Oil prices held steady on Thursday, supported by rising demand from the United States where Gulf Coast refineries are restarting in the wake of Hurricane Harvey.

Play
Reuters
But three more hurricanes in the Caribbean and Atlantic were threatening more disruption. Despite the storms, ongoing high crude output including from the Organization of the Petroleum Exporting Countries (OPEC) meant there were ample supplies to meet demand.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $49.08 barrel at 0237 GMT, 8 cents below their last settlement, but not far off their highest in more than three weeks, reached in the previous session.

Brent crude futures LCOc1, the benchmark for oil prices outside the United States, dipped 9 cents to $54.11 a barrel, though still not far from May highs reached the previous day.

U.S. Gulf Coast facilities were slowly recovering from the devastating effects of Harvey, which hammered Louisiana and Texas almost two weeks ago, shutting key infrastructure in the heart of the U.S. oil and natural gas industry.

As of Wednesday, about 3.8 million barrels of daily refining capacity, or about 20 percent, was shut in, although a number of the refineries, as well as petroleum handling ports, were in the process of restarting.

ANZ bank said on Thursday that U.S. crude prices should be supported “as U.S. refineries increase their oil demand as they recover from recent flooding”.

While Harvey’s effects were slowly fading, the massive Hurricane Irma hit Caribbean islands overnight and was heading for Florida. Fuel shortages were reported in the state as suppliers struggled to keep up with demand from customers anxious to fill tanks ahead of the storm’s landfall, expected towards the weekend.

Another Atlantic storm, named Jose, is following on Irma’s heels and has been upgraded to hurricane strength by the U.S. National Hurricane Centre. Yet another hurricane, Katia, is developing in the Gulf of Mexico.

“Demand may continue to be distorted as multiple hurricanes make their way across the Caribbean,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA.

OPEC OUTPUT DIPS BUT REMAINS HIGH

Outside the United States, the bank said that the return of Libya’s largest oil field to production was “less supportive” of prices.

Oil production at Libya’s Sharara field, the country’s largest, was resuming on Wednesday after a valve was reopened on a pipeline shut by an armed group for more than two weeks, Libyan oil industry sources said. Overall, global oil supplies remain plentiful despite a dip in OPEC’s August exports.

OPEC’s crude exports in August were 25.19 million barrels per day (bpd), their lowest level since April, according to Thomson Reuters Oil Research.

Still, average 2017 levels for January-August of 25.05 million bpd were above the average 24.85 million bpd in 2016, despite OPEC’s pledge to hold back supplies between January this year and March 2018.

Reporting by Henning Gloystein; Editing by Richard Pullin and Kenneth Maxwell  
Comments:

Dear Sir/Ma,

We have direct providers for BG/SBLC specifically for lease, at leasing price of (0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding : For further details contact us with the below information.

Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

Intermediaries / Consultants / Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together

Regard, Sivajothi

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