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The National Oil Corporation’s (NOC) Brega Marketing Company has announced its intention to increase its business activities.

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Libya herald
The announcement came yesterday at the first meeting of Brega’s recently reformed management board. Brega is a wholly Libyan owned subsidiary of the NOC tasked with the importation and distribution of fuel, lubricants and cooking gas within Libya.

At Sunday’s board meeting, Brega revealed that it has wide strategic expansion plans to start new activities in building and owning refineries both domestically and internationally.

It also announced that it has plans to own petrol stations, fuel transportation fleets as well as overseas investments. Brega also announced that its nation-wide database for its employees’ health system is nearing completion expected to be launched this July.

Brega did not give any in-depth details of its expansion plans nor did it explain how it was planning to finance them. It also did not clarify if these new projects would continue to be wholly state-owned or would involve any partnerships with the Libyan private sector.

It is not clear if Brega will be able to implement its plans in the very short term with Libya’s acute financial crisis. Moreover, such expansion plans would need a clear and strong political mandate and Libyan social contract – something that Libya lacks during its current unending political interim period.

Historically, Brega was set up in 1971 shortly after the onset of the Qaddafi regime to distribute fuel, gas and lubricants domestically. With the deficit of Libya’s domestic refining capacity and the country’s increased fuel consumption, Brega was subsequently mandated in 2009 to import any fuel, gas and lubricant deficit to meet local consumption.

However, it is not clear if an expansion by Brega into refineries and petrol stations would create a duplication of efforts and a conflict of interest with other existing Libyan state entities. It will be recalled that with the establishment of the Libyan African Investment Portfolio and its Tamoil/Oil Libya subsidiaries, (a subsidiary of Libya’s sovereign investment fund, the Libyan Investment Authority (LIA), Libya gained the ownership of refineries and over 1,000 overseas petrol stations. Tamoil/Oil Libya could argue that it is best and better placed to implement any new investments in petrol stations.

From a social contract point of view, it is not clear that the Libyan public is interested in further expanding the state sector and allowing state entities such as Brega to launch new investment projects – at a time when decentralization and the expansion of the private sector are considered the way forward for a post-Qaddafi Libya.

It will be noted that unlike many other Libyan state institutions such as the Libyan Investment Authority (LIA), Central Bank of Libya (CBL), Audit Bureau and the Administrative Control Authority (ACA), Brega, like its parent company the NOC, has been able to remain unified during Libya’s political polarization. Its board and its board meetings represent the whole of Libya.
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Oil & Gas News
Released:  08/06/20172017-06-08
Word count:  351

Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after official data showed that U.S. inventories rose for the first time in 10 weeks, reawakening concerns of a supply glut.

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Reuters
U.S. crude futures CLc1 were up 24 cents, or 0.5 percent, at $45.96 a barrel at 0300 GMT. On Wednesday, they closed down 5.1 percent, or $2.47 a barrel, to the lowest settlement since May 4.

Brent crude prices LCOc1 rose 29 cents, or 0.6 percent, to $48.35 a barrel, after falling 4.1 percent in the previous session, also to the lowest since May 4.

"We are at this stage holding the line nervously near the low levels" of Wednesday's session, said Ben Le Brun, market analyst at OptionsXpress in Sydney.

"The situation is complicated by the fact that we have got all these major political-economic watch events on the horizon," he added, referring former United States Federal Bureau of Investigation Director James Comey's congressional appearance, the European Central Bank's policy meeting and the UK general election, all later on Thursday.

Many investors are wary ahead of Comey's Senate appearance later in the day for any hints that U.S. President Donald Trump may have been engaged in obstruction of justice - an offense that could lead to impeachment hearings.

ECB policymakers are set to take a more benign view of the economy and will even discuss dropping some of their pledges to ramp up stimulus if needed, sources with direct knowledge of the discussions told Reuters. None of those events "are directly related to oil but all of them could have an impact on the dollar and risk attitudes generally," Le Brun said.

In the U.S., stocks of crude oil and gasoline surprisingly rose last week as refinery runs declined and exports fell, official data showed on Wednesday.

Crude inventories USOILC=ECI rose by 3.3 million barrels in the week ended June 2, compared with expectations for a decline of 3.5 million barrels, the Energy Information Administration said.

It was the first increase in 10 weeks and came as refineries eased off from record processing levels reached a week earlier. U.S. refiners are still producing at a very high rate.

The data surprised analysts and undercut a growing view that inventories were finally showing steady progress toward drawing down to seasonal averages.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger)
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Released:  07/06/20172017-06-07
Word count:  134

Benghazi’s popular shopping venue, Venice Street, devastated during the long battle to wrest it from militants, has been largely rebuilt and will be reopened after Eid.

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Libya herald
After bomb disposal experts had combed the area for unexploded ordinance, the municipality removed barricades, cleared away the detritus of conflict and fixed sewerage and water pipes. GECOL restored power and the local substation.

For the last few months Venice Street has been a big building site as shops, malls and coffee houses were reconstructed. The street will not have been completely restored to its former glory when it is officially reopened at the end of Ramadan.

The reconstruction is a further proof that even though there is still fighting downtown in Suq Al-Hout and Sabri, Benghazi appears determined to get back to normal after four traumatic years of violence.

It is understood that the municipality is pressing the LNA to remove from near Venice Street the 17th Brigade camp and the training barracks.  
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Released:  07/06/20172017-06-07
Word count:  404

Oil prices dipped on Wednesday, with Brent crude futures around $50 per barrel, as fuel markets remained oversupplied, although tension in the Middle East and falling U.S. inventories lent some support.

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Reuters
Brent crude futures were at $50.08 per barrel at 0504 GMT, down 4 cents from their last close. Brent is 7 percent below its open on May 25, when OPEC said they, along with producers outside of the group such as Russia, would extend their oil output cuts through to the first quarter of 2018.

U.S. West Texas Intermediate (WTI) crude futures were at $48.14 per barrel, down 5 cents from the previous close, and 6 percent below their May 25 open.

Traders said an ongoing fuel glut was keeping prices under pressure despite a pledge by Organization of the Petroleum Exporting Countries (OPEC) and other producers to cut almost 1.8 million barrels per day (bpd) of output.

"Disappointed that the oil cartel and Russia could not come up with a bolder plan to reduce the global crude surplus, market participants have been selling into every bounce," said Fawad Razaqzada, analyst at futures brokerage Forex.

World fuel production and consumption is roughly in balance, at almost 98 million bpd, although inventories remain bloated, the U.S. Energy Information Administration (EIA) said on Tuesday.

"Where oil (price) ultimately goes is going to be driven by inventories," said Greg McKenna, strategist at AxiTrader, another futures brokerage.

OPEC's efforts to tighten the market could be undermined by U.S. production, which the EIA said could hit a record 10 million bpd next year, up from 9.3 million bpd now. That would nearly match the output level of top exporter Saudi Arabia.

In the near-term, however, the market was supported by escalating tensions in the Middle East and by signs of a gradual drawdown of bloated U.S. fuel inventories.

A campaign by leading Arab nations, including Saudi Arabia, Egypt and the United Arab Emirates, to isolate Qatar is disrupting trade, including oil.

"Port restrictions on Qatari flagged vessels are going to cause loading disruptions," said Jeffrey Halley, analyst at brokerage OANDA. "That said, the disruptions are seen as inconvenient rather than systematic and thus will maybe only put a floor on crude in the short-term rather than starting a panic rally," he added.

In the United States, crude inventories fell by 8.7 million barrels in the week to May 26, data from the American Petroleum Institute showed late on Tuesday.

Official inventory data from the EIA will be published later on Wednesday.

"Any further sharp reductions in US stocks could put a floor under oil prices in the short-term," said Razaqzada.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger)  
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Released:  06/06/20172017-06-06
Word count:  219

National Oil Corporation (NOC) president Mustafa Sanalla has told the Algerian foreign minister that Algeria had an “important role” to play for Libya and its oil industry.

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Libya herald
Meeting with Abdulkader Messahel in Algiers today, Sanalla updated him on the problems faced by the NOC in the wake of Libya’s unstable security situation. Libya’s “backbone”, oil, had to be protected, Sanalla said. Messahel confirmed and reiterated this message on his Twitter page.

This was especially important given the shared borders and underground oil reserves between Algeria and Libya, he added.

Sanalla insisted the NOC had to remain united in order to be able to carry out its duties.

He praised Algerian efforts in seeking to find a way through Libya’s problems.

“Algeria, which oversees the dialogue between a group of countries on the crisis in Libya, has an important role to play in the stability of Libya and its oil sector, the foundation of its economy,” he said.

Algeria’s state-owned oil company Sonatrach has significant concessions in Libya through it international arm, Sipex, operating on the Ghadames Basin, on the Algerian border. However, despite major discoveries in 2012 and early 2014, it pulled its staff from Libya in May 2014 because of the political situation.

House of Represenatives (HoR) member Ali Al-Saidi from Wadi Shatti has, however, accused Algeria of being biased in its dealings with Libya. He revealed that HoR members had brought up the issue when the African Union delegation visted eastern Libya yesterday.  
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Released:  06/06/20172017-06-06
Word count:  458

Oil prices bounced around low levels in choppy trading on Tuesday, with Brent crude holding below $50 over concerns that a political rift between Qatar and several Arab states would undermine efforts by OPEC to tighten the market.

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Reuters
Persistent gains in U.S. production also dragged on benchmark crude prices, traders said.

Brent crude was trading at $49.53 per barrel at 0658 GMT, up 6 cents, or 0.1 percent from its last close. However, that is still down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018.

U.S. West Texas Intermediate (WTI) crude was at $47.45, up 5 cents, or 0.1 percent. That is down about 7 percent from the May 25 open.

Leading Arab powers including Saudi Arabia, Egypt, and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.

Steps taken include preventing ships coming from or going to the small peninsular nation to dock at Fujairah, in the UAE, used by Qatari oil and liquefied natural gas (LNG) tankers to take on new shipping fuel.

Analysts said that the current dispute goes much deeper than a similar rift in 2014.

"The measures by the anti-Qatar alliance signal commitment to forcing a complete change in Qatari policy or creating an environment for leadership change in Doha ... Saudi Arabia and its allies will not accept any solution short of (Qatari) capitulation," political risk consultancy Eurasia Group said in a note.

With oil production of about 620,000 barrels per day (bpd), Qatar's crude output ranks as one of the smallest among the Organization of the Petroleum Exporting Countries (OPEC), but tension within the cartel could weaken an agreement to hold back production in order to prop up prices.

Greg McKenna, chief market strategist at futures brokerage AxiTrader, said that the boycott of Qatar meant there was "a real chance" that OPEC solidarity surrounding its production cuts may fracture.

Although Qatar is a small oil producer, other OPEC states could see such an action as a reason to stop restraining their own output, traders said.

Some traders, however, said worries about the impact on oil supplies from the diplomatic spat had been overblown.

"The OPEC agreement stands and is highly unlikely to change because of tension with Qatar. Crude production in the Middle East will not change because of Qatar," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore.

Many traders still see the main reason for low and falling oil prices as bulging supplies from the United States.

U.S. crude production has jumped over 10 percent since mid-2016 to 9.34 million bpd, levels close to top producers Russia and Saudi Arabia. "The relentless increase in U.S. oil production appears to have the market worried that the OPEC cuts will be completely nullified by the increased U.S. production," said William O'Loughlin, analyst at Australia's Rivkin Securities.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Christian Schmollinger)
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Released:  05/06/20172017-06-05
Word count:  402

Oil markets rose more than 1 percent on Monday, pushed up by tensions in the Middle East where top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar, and as signs of falling OPEC supplies tightened the market.

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Reuters
Saudi Arabia as well as the United Arab Emirates, Egypt, and Bahrain cut ties with top liquefied natural gas (LNG) and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability.

"There is not much geopolitical risk premium priced into oil right now (but) if tensions do ratchet higher between the key OPEC producers, like Saudi Arabia, Iran and Iraq, then the market will start paying attention to this," said Virendra Chauhan, an oil analyst at consultants Energy Aspects.

Brent crude oil futures CLc1 rose 67 cents, or 1.3 percent, to $50.62 per barrel by 0544 GMT.

U.S. West Texas Intermediate futures CLc1 were at $48.31 a barrel, up 65 cents, or 1.4 percent.

Chauhan also said that the oil markets were "disconnected from fundamentals" over the past week and have ignored recent "constructive data" that pointed to falling oil inventories.

Saudi Aramco raised the July official selling prices for its Arab Light grade to all major regions of Asia, Northwest Europe, and the United States on Sunday. The price signal reflected other signs that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to curb production by almost 1.8 million barrels per day (bpd) was starting to impact actual supplies.

Shipping data in Thomson Reuters Eikon shows that OPEC tanker supplies to customers around the world were at 24.3 million bpd in May, down from 24.8 million bpd in April and compared with an average of 25.1 million bpd in the first five months of the year.

OPEC shipped an average of 26.4 million bpd in the last three months of 2016.

Despite this, Brent futures are still down about 7 percent from their open on May 25, when OPEC announced it would extend its production cut into 2018. That is because crude production in the United States, which is not participating in the cuts, has jumped by over 10 percent since mid-2016 to 9.34 million bpd, close to levels by top producers Saudi Arabia and Russia.

"Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising U.S. oil production," ANZ bank said on Monday.

The rise in U.S. production has been driven by a record 20th straight weekly rise in oil drilling for new production, with the rig count climbing by 11 in the week to June 2, to 733, the most since April 2015.

(Additional reporting by Roslan Khasawneh; Editing by Richard Pullin and Christian Schmollinger)
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HAROUGE OIL OPERATIONS | An Open Invitation To tender NoTS-C(03/2017) , Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01,Station 6 ,Amal field ,

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NOC

Company announces theHarouge Oil Operation is joint operating company on behalf of National Oil operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender no.TS-C(03/2017) for companies that have the required legal and valid documents.

 

 

BRIEF DESCRIPTION OF THE PROJECT     

                                    I.     Location of the work: AMAL

 

   II.     General Brief Description of the work:     

Cleaning and prepare for inspection of  crude oil wash  tank 01 station 6 at Amal field as specified in the schedule.

The appendices and specification attached to this work order and specified by reference show complete details of the work to be carried out under this contract .the said appendices schedule, exhibits and designs should constitute an integral part of the complete work order.

 

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

 

 

NOTEthat the date for collection the tender package commences on.Tuesday ...23../.05. /..2017...until

 

 

Monday 29.../.05../2017 from (9:30) am to (12.00) am.

 

The collection of the package is from tender Committee office ground floor at the company head office in Tripoli. The package will be issued according to the following criteria:

 

1.      Official  letter addressed to HOO company’s

Chairman of Tender sub Committee confirming the desire to participate in this Tender.

 

2.      Representative of the interested company shall be authorized to collect the tender package and shall present an official document stamped with a company seal.

 

3.      Provide a copy of the following legal :

·       Valid license compatible with the required work.

·   Commercial Registration.

·   Certificate of Registration in chamber of commerce.

·  Payment of tax certificate.

·Article of association.

 

 

4.      In case of no queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specification bid package , found it clear from both technical & commercial aspects , therefore in case of any shortages and / or change of specification from HOO original scope/ specification bid package ,shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.

 

 

5.      Paying value of (200 DL) two hundred Libyan dinars,as the price to buy the tender specifications brochure cash or by a certified check, which is nonrefundable, issued by a Libyan bank in favor of HOO.

 

 

6.      .Bid bond with a value (4000) LD four thousand Libyan diner submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favour of HOO.

 

 

 

 

 

·         Bids are to be submitted by hand to Harouge Oil Operations, El- Magarab Street, Ghanat Al Arif, Tripoli, Libya, and Attention: Secretary of Tender Sub - committee, ground Floor.

*     Contractor's quotation shall be returned in the form above mentioned on or before middy of    Sunday  11/06/2017

 

·          Said bids are to be signed, completed in ink and presented in a sealed envelope/package. The envelope/package shall be clearly and conspicuously marked - Quotation for

 

Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

Within the sealed envelope/package there shall be three sealed envelopes:

  *Envelope (A) shall contain the technical sections of tender.

*Envelope (B) shall contain the commercial

 

 

 sections of tender without price.

*Envelope (C) shall contain the commercial sections of tender with price

 

 

 

Writes the name of the project on each envelope –quotationfor

 

 

Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

 

 

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

 

If you have any questions please contact the sub tender committee via :

FAX no. :00218-21-3330081 EXT. 5456.

E mail to:……………….

 

 

Envelope B shall beclearly and conspicuously marked – ‘Envelope B Commercial without Prices– Quotation for–Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

 

 

 

 

Envelope C shall beclearly and conspicuously marked – ‘Envelope C Commercial with Prices– Quotation forI

Cleaning and Prepare For Inspection of Crude Oil Wash Tank TK-01

Station 6  ,Amal field 

 

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Released:  02/06/20172017-06-02
Word count:  62

June 1 (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Thursday at an economic forum in Russia's St Petersburg:

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Reuters
* Too early to say when production caps could be imposed on Libya and Nigeria, they have a lot of issues to solve;

* On oil price decline: we have no issues with people taking positions in the market, we are focusing on fundamentals;

* Russian Prime Minister Dmitry Medvedev told him Russia was fully committed to complying with output cuts.

(Reporting by Dmitry Zhdannikov)
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Oil & Gas News
Released:  02/06/20172017-06-02
Word count:  414

Oil prices tumbled below $50 on Friday amid worries that U.S. President Donald Trump's decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.

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Reuters
Global benchmark Brent crude futures LCOc1 was down 1.7 percent, or 80 cents, at $49.75 a barrel, as of 0725 GMT.

U.S. West Texas Intermediate crude CLc1 futures dropped 87 cents, or 1.81 percent, to $47.46 per barrel.

Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from U.S. allies.

"This could lead to a drilling free-for-all in the U.S. and also see other signatories waver in their commitments," said Jeffrey Halley, senior market analyst, OANDA.

"This outcome could increase the supply-side equation from the United States and complicate OPEC's forward projections. A scenario that would not be favorable to oil prices."

Surging U.S. production has put a strain on OPEC members' efforts to curb production to drain a global crude supply overhang.

A week ago, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members met in Vienna to roll over an output cut deal to reduce 1.8 million barrels per day (bpd) until the end of next March.

Russian Deputy Prime Minister Arkady Dvorkovich said on Friday he did not think that the global output cut agreement would be altered should prices go lower.

Russia's Rosneft CEO Igor Sechin also said the market cannot stabilize unless all producers cut output.

Oil prices are down some 7.5 percent since OPEC's May 25 decision to extend the cuts. Faced with lingering glut woes, the oil cartel also discussed last week reducing output by a further 1 to 1.5 percent, and could revisit the proposal should inventories remain high, according to sources. But oil markets were offered some support by official data that showed crude inventories in the United States, the world's top oil consumer, fell sharply last week as refining and exports surged to record highs.

Crude stockpiles were down by 6.4 millio

n barrels in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels. However, U.S. crude production rose to 9.34 million bpd last week, up nearly 500,000 bpd from a year ago.

"We may or may not see more huge draws. But crude production is slowly but surely going to neutralize the (OPEC-led)production cut," said Sukrit Vijayakar, director of energy consultancy Trifecta.

Rising output from Nigeria and Libya, which are exempted from the deal, is also undercutting oil producers' attempt to limit production.

(Reporting by Jane Chung; Additional reporting by Jessica Jaganathan and Henning Gloystein in SINGAPORE; Editing by Joseph Radford and Sherry Jacob-Phillips)
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Released:  01/06/20172017-06-01
Word count:  238

Libya’s biggest oil field boosted production, allowing the OPEC nation to pump crude at the highest level since October 2014.

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Bloomberg
Crude from Sharara field rose by 25,000 barrels a day to 250,000 barrels, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Libya’s output rose to 827,000 barrels a day after the increase in output from Sharara, Mustafa Sanalla, head of the state-run National Oil Corp., said in a text message.

The revival in Libyan crude production comes after the Organization of Petroleum Exporting Countries and allied suppliers agreed on May 25 to extend a deal to cut production to battle a global oversupply until the end of March. The recent increase in Libyan output may undercut OPEC’s strategy to re-balance the market and prop up prices.

The nation with Africa’s biggest crude reserves pumped as much as 1.6 million barrels a day before an uprising in 2011, and it was exempted from OPEC’s cuts due to internal strife.

Libya was producing about 700,000 barrels a day at the end of April. The nation’s current crude production is at the highest since October 2014 when it pumped 850,000 barrels a day, according to data compiled by Bloomberg.

Production at Sharara had dropped earlier this month due to technical problems. Oil from the field started flowing in late April to the Zawiya refinery following a three-week closure. El Feel, a field also known as Elephant, re-started last month as well, after having been halted since April 2015.
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Released:  01/06/20172017-06-01
Word count:  320

The Central Bank of Libya (CBL) has announced the launch of its mobile e-payment Services Project in conjunction with Al-Madar mobile phone operator. The CBL said that it expects the services to be operational by August this year.

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Libya herald
The CBL explained that it was ‘‘keen to improve and upgrade the level of banking services and promote electronic payment services and distribution channels”, which it explained ”is one of the bank’s most important strategic priorities’’.

Mobile electronic payment services are ‘‘important in improving the development of the Libyan economy and facilitating the flow of funds between users electronically, with the aim of moving from a paper economy to a digital economy, and developing alternative solutions that facilitate buying and selling’’ and to enable ‘‘the progressive dispensing of paper money, the growth of electronic services, and the entrenchment of this culture in society’’, the CBL explained.

The Central Bank added that it had established a partnership with the Madar company, to create a mobile electronic payment service platform, ”to keep abreast of recent developments in banking technology electronic and distribution channels, and to create a strong technological infrastructure that allows for the execution of direct banking transactions, through mobile phones in a safe, streamlined and expeditious manner”.

It will be recalled that Libya has one of the poorest e-banking systems in the MENA and African region as a result of the legacy of the 42 years of the Qaddafi regime which had no interest in developing commerce in the country. For most of that era state-owned banks dominated the Libyan banking sector acting no more than the distributors of state-sector salaries. Banks were not encouraged to be competitive nor offer any diversified banking services in the rentier state.

Post Libya’s 2011 Arab Spring Revolution, the weakness of Libya’s banking sector was exposed. Libya’s dependence on cash and lack of use of e-banking services exacerbated Libya’s current acute cash shortage. The CBL is hoping that a boost to e-banking services may ameliorate the crisis and reduce the need for it to continue to print new money and pump it into the system with all its inflationary side effects.
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All relevant business information will be provided upon request.

If Interested kindly contact me via

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2 weeks ago

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Released:  31/05/20172017-05-31
Word count:  397

Oil prices fell by one percent on Wednesday, as rising output from Libya added to concerns about increasing U.S. production that is undermining OPEC-led production cuts aimed at tightening the market.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $51.30 per barrel at 0657 GMT, down 54 cents, or 1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $49.15 per barrel, down 51 cents, or 1 percent, from their last settlement.

Traders said the price declines were a result of higher output in conflict-torn Libya, which was adding to a relentless rise in U.S. production.

Libya's oil production is expected to rise to 800,000 barrels per day (bpd) this week, state-run National Oil Corporation said on Monday.

That would likely boost its exports. Shipping data in Thomson Reuters Eikon shows that, excluding pipeline exports, Libya shipped out an average of 500,000 bpd of crude oil so far this year, compared with just 300,000 bpd shipped on average in 2016.

Libya's rising production and exports add to soaring U.S. output, which largely thanks to shale oil drilling has jumped by more than 10 percent since the middle of last year to over 9.3 million bpd C-OUT-T-EIA, close to top producers Saudi Arabia and Russia.

"Libyan and shale oil production seems to have occupied the mind of traders overnight. That's consistent with my sense that this is all about inventories and the associated supply overhang in crude oil markets at the moment," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Rising output from the United States and Libya undermines efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to tighten an oversupplied market by cutting production by around 1.8 million bpd until the end of the first quarter of 2018.

Russia's May oil output was 10.94 million bpd, in line with its commitments to cut production, according to sources on Wednesday.

The cuts, which have been in place since January and were initially due expire in June, have so far not had the desired effect of substantially drawing down excess inventories. Libya is an OPEC member, but it was exempt from the cuts. The United States is not participating in the self-imposed production cuts. To rein in the global fuel supply overhang, bloated inventories need to be drawn down, analysts say.

"Stocks are at least 170 million barrels above the 2011-15 average. Hence coming near that figure in the next few weeks appears to be optimistic," said Sukrit Vijayakar, director of energy consultancy Trifecta.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Sunil Nair)  
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Oil & Gas News

Oil & Gas News
Released:  30/05/20172017-05-30
Word count:  351

A run by U.S. oil prices towards $50 a barrel ran out of steam on Tuesday as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures climbed above $50 per barrel in early trading on Tuesday, but dipped back to $49.77 by 0336 GMT, down 3 cents.

"WTI spot (front-month) did attempt a move higher in thin trading, but failed at the $50.00 level before slipping back," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

Analysts said the early price boost came from indicators that U.S. summer driving had a strong kick-off.

U.S. demand for transport fuels such as gasoline for cars, diesel for buses and jet fuel for planes tends to rise significantly as families visit friends and relatives or go on vacation during the summer months. The so-called summer driving season officially started on the Memorial Day holiday at the start of this week.

"The start of the U.S. driving season ... boosted confidence in the market that stockpiles would start to fall in coming weeks," ANZ bank said on Tuesday.

The American Automobile Association (AAA) said ahead of Memorial Day that it expected 39.3 million Americans to travel 50 miles (80 km) or more away from home over the Memorial Day weekend, the highest Memorial Day mileage since 2005.

Despite this, traders said that ongoing concerns of oversupply were weighing on prices.

U.S. drillers have added rigs for 19 straight weeks, to 722, highest since April 2015 and the longest run of increases ever, according to energy services firm Baker Hughes.

The ongoing glut was also reflected in global markets, where benchmark Brent crude futures were at $52.09. per barrel, down 20 cents, or 0.4 percent, from their last close.

The main factor for Brent is whether a decision led by the Organization of the Petroleum Exporting Countries (OPEC) to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 will significantly tighten the market to end years of oversupply.

An initial agreement, which has been in place since January, would have expired in June this year, and the production cutback has so far not had the desired effect of substantially drawing down excess inventories.

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

Business News
Released:  30/05/20172017-05-30
Word count:  233

The National Oil Corporation (NOC) has agreed on the importance of supporting private sector oil services companies – through partnerships between them and state oil companies in maintenance operations and the development of possible new projects at the oil fields.

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Libya herald
The agreement came at a meeting yesterday at the NOC’s headquarters in Tripoli between NOC chairman Mustafa Sanalla and the chairman of the Libyan Business Council, Abdellah Fallah. Accompanied by a small delegation, Falah presented a number of his members’ demands and concerns.

He later told the Libya Herald that the NOC and the private sector had to remain aside from any political struggles and that Sanalla had promised to support the private sector oil services companies.

“We discussed with them certain services such as logistics, cleaning and shipping [contracts for] which must go directly to the national companies,” he said.

“We also have demanded that the NOC adopt the Build, Operate Transfer (BOT) system in business contracts between NOC and the private sector,” he added.

Both sides also discussed the difficulties facing the oil services companies in obtaining hard currency at the official rate to import equipment so as to be able to compete with foreign companies. Sanalla was sympathetic, Fallah said, and promised to discuss the issue with the Central Bank of Libya and the Audit Bureau.

Another subject discussed and agreed by the two was the importance of investing more on providing training for Libyans working in the oil sector. According to Fallah, Sanalla expressed optimism that oil exportation would increase during the second part of the 2017 and that this would result in more contracts for oil services companies.

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Oil & Gas News

Oil & Gas News
Released:  29/05/20172017-05-29
Word count:  381

Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply.

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Reuters
Trading activity will be subdued on Monday due to public holidays in China, the United States and Britain.

Brent crude futures LCOc1 were trading down 15 cents, or 0.3 percent, at $52.00 per barrel at 0253 GMT.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 17 cents, or 0.3 percent, at $49.63 per barrel.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed last week to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. But the decision did not go as far as many investors had hoped and led to a heavy sell-off.

An initial agreement, in place since January, would have expired in June this year.

"The immediate market reaction to the May 25 OPEC decision is indicative of the weaker-than-expected impact production cuts had on bloated global crude stocks over H1 2017," BMI Research said in a note.

Despite the ongoing cuts, oil prices have not risen much beyond $50 per barrel.

Much of OPEC's success will depend on output in the United States C-OUT-T-EIA, which is not participating in the cuts and where production has soared 10 percent since mid-2016 to over 9.3 million bpd, close to top producer levels Russia and Saudi Arabia.

U.S. drillers have now added rigs for 19 straight weeks, to 722, the highest amount since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc (BHI.N).

Almost all of the recent U.S. output increases have been onshore, from so-called shale oil fields.

Even if the rig count did not rise further, Goldman Sachs said it estimates that U.S. oil production "would increase by 785,000 bpd between 4Q16 and 4Q17 across the Permian, Eagle Ford, Bakken and Niobrara shale plays."

Analysts say that reducing bloated global fuel inventories will be key to reining in ongoing oversupply.

"It's going to be all about inventories and whether they fall as much as OPEC thinks," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

While it is hard to come by reliable global oil inventory data, regional stock levels for the United States, Europe and parts of Asia suggest that inventories have dipped in recent weeks, albeit from record levels.

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

News Releases
Released:  29/05/20172017-05-29

تهنئ اسرة الموقع زوارنا الكرام بمناسبة حلول شهر رمضان المبارك. اعاده الله بالخير و اليمن و البركات

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Business News

Business News
Released:  26/05/20172017-05-26
Word count:  250

Libya has insisted that it remains exempt from the oil output reduction deal that OPEC today decided to extend by another nine months, to March 2018. According to Libya’s ambassador to Austria, who represented the country at the cartel’s meeting, it is still producing less than half of its “original production quota.”

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OilPrice
Libya, along with Nigeria and Iran, was exempted from the original agreement, struck in November 2016, as its oil production was affected by factors other than the global glut that sank prices in 2014.

According to Platts, OPEC sources had indicated that Libya will be granted its exemption in the extended deal, as militant activity and general political instability have caused its oil output to fluctuate considerably. Just a month ago, Libya’s daily average slumped to 492,000 as militant groups blocked pipelines carrying oil from the country’s largest oil field, Sharara, and from the El Feel field to the Zawiya export terminal.

In May, however, production recovered to almost 800,000 bpd. The National Oil Corporation has plans to raise this to over a million barrels daily by the end of this year. However, an exemption would automatically undermine OPEC’s effort to push up prices by extending the cut agreement.

The success of the extension is already questionable: Brent crude and WTI actually fell after the announcement from Vienna, as traders were disappointed by the fact that the extent of the cut remained unchanged. It has become evident that despite commendable compliance rates, OPEC was largely expected to cut deeper.

Yet, as Saudi Arabia’s Khalid al-Falih told media after the announcement, the deeper-cuts option was on the table, along with the possibility of a six-month extension, but the nine-month option with quotas left as they are now came to be seen as the “safe bet.”

By Irina Slav for Oilprice.com
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3 weeks ago

Oil & Gas News

Oil & Gas News
Released:  26/05/20172017-05-26
Word count:  382

Oil extended falls on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs.

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Reuters
At Thursday's meeting in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired in June this year.

Crude oil plunged 5 percent following the announcement, and held its losses early on Friday.

Brent crude futures LCOc1 were at $51.09 per barrel at 0348 GMT, down 37 cents, or 0.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were back well below $50, at $48.46, down 44 cents, or 0.9 percent.

Britain's Barclays bank said the price falls were a result of expectations ahead the meeting for longer or deeper production cuts.

"Some market participants may have expected either a deeper cut, a longer one, inclusion of more countries, or other such icing on the cake," the bank said.

Barclays said the ongoing production cut would result in a drawdown of bloated fuel inventories, but added that OPEC's goal of bringing stocks down to their five-year average would not be reached within the timeframe of the production cut.

Other analysts, including at Goldman Sachs and Jefferies bank said a normalization of oil inventories would occur in early 2018.

Analysts also said that the OPEC-led production cuts would support a further rise in U.S. output. Ann-Louise Hittle, vice president at energy consultancy Wood Mackenzie said that the "decision in Vienna sends a signal of continued support for oil prices from OPEC which helps U.S. onshore drillers make plans" to further increase their production.

U.S. oil production C-OUT-T-EIA has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia.

"OPEC agreeing to nine months without deeper cuts leaves prices at the mercy of inventories and U.S. production and demand," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Goldman Sachs warned that the biggest risk to oil markets was what would happen next year, at the end of the OPEC-led production cut.

With U.S. output rising steadily and OPEC and its allies potentially ramping up production in 2018 to regain lost market share, many traders are already expect another price slump.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Sherry Jacob-Phillips)
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Oil & Gas News

Oil & Gas News
Released:  25/05/20172017-05-25
Word count:  368

Oil prices rose by one percent ahead of an OPEC meeting on Thursday that is expected to extend output cuts into 2018, adding at least nine months to an initial six-month cut in the first half of this year.

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Reuters
Brent crude futures LCOc1 were trading at $54.51 per barrel at 0209 GMT, up 55 cents, or 1 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.87, up 51 cents, or 1 percent.

Both benchmarks have risen well over 16 percent from their May lows.

Prices have risen on a consensus that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended into 2018, instead of covering only the first half of 2917.

Speculation was rife that the cuts may be extended by nine and possibly 12 months, said Jeffrey Halley, analyst at futures brokerage OANDA in Singapore.

The production cut, introduced in January, was initially only to cover the first half of 2017, but an ongoing glut has put pressure on OPEC and its allies to extend the cut at a meeting in Vienna on Thursday.

"This (extension) has been highly factored into the price of oil, and at this stage it is unlikely that we will see a deepening in the level of production cuts, with OPEC officials preferring to wait and see the impact of an extension in helping rebalance the market prior to taking any more drastic actions," said James Woods, analyst at Australia's Rivkin Securities.

Energy consultancy Wood Mackenzie said a nine-month extension "would have little impact on our price forecast for 2017, which is for an annual average of $55 per barrel for Brent."

It estimated that a nine-month extension would result in a 950,000 bpd production increase in the United States, undermining OPEC's efforts.

U.S. oil production C-OUT-T-EIA has already risen by more than 10 percent since mid-2016 to over 9.3 million bpd as its drillers take advantage of higher prices and the supply gap left by OPEC and its allies.

Should the meeting in Vienna result in a cut extension to cover all of 2018, Wood Mackenzie said the tighter market could push average 2018 Brent prices up to $63 per barrel.

Brent has averaged $53.90 per barrel so far this year.

Should the meeting in Vienna fail to agree an extended cut, traders expect oil prices to fall as this would result in ongoing oversupply.

(Reporting by Henning Gloystein; Editing by Richard Pullin)  
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