Oil dips on high OPEC supplies, defying falling U.S. crude stocks

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Oil & Gas News

Oil & Gas News
Oil dips on high OPEC supplies, defying falling U.S. crude stocks
Released:  03/08/20172017-08-03
Word count:  319

Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market.

Reuters
Brent crude futures, the international benchmark for oil prices, were trading down 20 cents, or 0.4 percent, at $52.16 per barrel at 0506 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $49.40 per barrel, down 19 cents, or 0.4 percent. Strong demand in the United States was supporting prices, while high supplies from OPEC producers were restricting further gains, traders said, pointing to a range-bound market. "Both contracts appear to be moving into a range consolidation mode," said Jeffrey Halley of futures brokerage OANDA. U.S. crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per day (bpd) last week and a fall in commercial crude inventories in the week to July 28 of 1.5 million barrels to 481.9 million barrels, according to the U.S. Energy Information Administration (EIA).

That's below levels seen this time last year, an indication of a tightening U.S. market.

Traders said ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) were capping prices.

The high OPEC supplies come despite a pledge by the group, supported by other producers including Russia, to restrict output by 1.8 million bpd between January this year and March 2018 in order to tighten the market.

Trading data in Thomson Reuters Eikon shows that crude oil shipments by OPEC and Russia, which excludes pipeline supplies, hit a 2017 high of around 32 million bpd in July, up from around 30.5 million bpd in January.

BMI Research said that the industry had adapted to the low oil prices.

"Of the major projects sanctioned by the big five oil companies (ExxonMobil, Royal Dutch Shell, Chevron, BP and Total) over H1 2017, there has been a clear breakeven target price of $40 per barrel or lower at offshore oil projects," BMI said.

This followed U.S. investment bank Goldman Sachs saying earlier this week that the oil industry had successfully adapted to oil prices around $50 per barrel.

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

Oil & Gas News
Released:  20/10/20172017-10-20
Word count:  449

SINGAPORE (Reuters) - Oil prices rose on Friday, supported by signs of tightening supply and demand fundamentals, although a warning about excessive China economic optimism still weighed somewhat on markets.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.45 at 0639 GMT, up 22 cents, or 0.4 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.54 per barrel, up 25 cents, or 0.5 percent. The higher prices came after a more than 1 percent fall in prices the previous day.

This was put down to profit-taking following four days of straight gains, but also to a sudden market slump which spooked traders after the veteran but outgoing governor of China’s central bank warned of a “Minsky moment”, a reference to excessive optimism about economic growth fueled by vast debt and speculative investment.

“I think he is trying to warn people that we can’t keep running...at that rate because it implies an ongoing increase in China’s debt-to-GDP ratio and sooner or later that must slow down,” said Shane Oliver, head of investment strategy at AMP Capital in Sydney.

TIGHTENING MARKET

Much of that concern had dissipated by Friday, however, and analysts said there were indicators of a tightening oil supply and demand fundamentals.

“Oil market has moved into modest under-supply and we expect this will persist at least through the end of the year,” U.S. investment bank Jefferies said.

U.S. commercial crude oil stocks have dropped 15 percent from their March records, to 456.5 million barrels, below levels seen last year. C-STK-T-EIA

Part of this drawdown has been due to rising exports as a result of the steep discount of WTI crude to Brent, which makes it attractive for American producers to export their oil. CL-LCO1=R

Additionally, crude futures price curves are in backwardation, which makes it attractive to sell produced oil immediately rather than store it for later dispatch.

RBC Capital Markets said, “a strong indicator that global inventories are being run down will be when the market starts relying on U.S. exports to fill deficits.”

That moment may have arrived.

Shipping data in Thomson Reuters Eikon shows that overseas U.S. crude oil shipments have soared from virtually zero before the government loosened export restrictions in late 2015 to around 2.6 million barrels per day (bpd) in October.

“Physical bottlenecks are unlikely to kick in until waterborne (U.S.) exports approach 3.2 million bpd,” RBC Capital Markets said.

Exports have been boosted since a production cut led by the Organization of the Petroleum Exporting Countries (OPEC) has been in place since January this year, and which OPEC wants to expend beyond its current expiry date at the end of March 2018.

“Our expectation is that OPEC (and partners including Russia) will extend production cuts through the end of 2018,” Jefferies bank said.

Reporting by Henning Gloystein and Vidya Ranganathan; Editing by Kenneth Maxwell  
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Business News

Business News
Released:  20/10/20172017-10-20
Word count:  105

The Beida-based Central Bank of Libya is understood to have taken delivery today of a consignment of brand-new one dinar coins minted for it in Russia. This is the first time the modern dinar has been issued as a coin.

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Libya herald
The majority of one dinar bank notes in circulation in the east of the country is now dirty and tattered and often stuck together with transparent tape.

The eastern CBL has not said how many of the new coins have been sent from Moscow, which since May 2016 has been supplying it with a total of LD 4 billion of new banknotes. The “Russian ” dinars are of a different design from the main Libyan banknotes and have not included any one dinar bills.

The CBL in Tripoli, after first rejecting these notes, later relented. It is not yet clear how they will react to the new coin.
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Business News

Business News
Released:  19/10/20172017-10-19
Word count:  167

The municipality of Benghazi carried out the first project to install solar-powered lighting poles in Libya by removing the old poles and installing new ones in an area which extends 13 kilometers from the entrance of Benina International Airport to the intersection of the Fifth Ring Road with the Republic Road.

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ARAB24
The project will save about 3 million Libyan dinars annually.

Shotlist: -Var. Scenes of the solar lighting poles

-SOUNDBITE (Arabic), Mohammed Aljalali, Director General of Manara Company:

"This is the first large-scale project to be carried out in Libya. It includes about 370 solar-powered working poles. However, it can be supported by the existing grid. The project includes the removal of old poles and the installation of solar panels. This project will save 3 million Libyan dinars annually in terms of clean energy, and I wish this project circulated all over Libya, especially in remote areas."

-Var. Scenes of the solar lighting poles

-SOUNDBITE (Arabic), Ahmed Albukhari, Technical Director of Al-Manara Solar Company:

"The supervisor of the United Nations Development Program for the solar energy project - Airport Road, we found some difficulties by supervising the work and some technical errors in some of the poles and some other problems, and we submitted a report to the committee entrusted with us through the pictures and the report will show everything."
Comments:

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

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 day ago

Oil & Gas News

Oil & Gas News

SINGAPORE (Reuters) - Oil prices were stable on Thursday, supported by ongoing OPEC-led supply cuts, tensions in the Middle East and lower U.S. production due to hurricane-enforced closures.

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Reuters
Brent crude futures LCOc1 were at $58.10 at 0411 GMT, slightly lower than their last close, but around 30 percent above mid-year levels.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $51.97 per barrel, also down a touch from its last settlement, but almost a quarter higher than in June. The U.S. Energy Information Administration said on Wednesday that U.S. crude inventories fell by 5.7 million barrels in the week to Oct. 13, to 456.49 million barrels. C-STK-T-EIA

U.S. output slumped by 11 percent from the previous week to 8.4 million barrels per day (bpd), its lowest since June 2014 as production had to be shut because of tropical storm Nate, which hit the U.S. Gulf coast earlier in October.

Analysts said there was also a risk to supply from political instability in areas ranging from the Middle East to South America.

“The ‘Fragile Five’ petrostates - Iran, Iraq, Libya, Nigeria and Venezuela - continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the U.S. has decertified the 2015 Iran nuclear deal,” said U.S. bank Citi.

Iraqi forces this week captured the Kurdish-held oil city of Kirkuk, responding to a Kurdish independence referendum, triggering fears of supply disruptions. Adding to these tensions, U.S. President Donald Trump last week refused to certify Iran’s compliance over a nuclear deal, leaving Congress 60 days to decide further action against Tehran.

During the previous round of sanctions against Iran, some 1 million bpd of oil was cut from markets.

And analysts see crude supply tightening further as the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, are expected to extend a deal to curb production beyond its expiry date next March.

“OPEC is desperate to bring the market into equilibrium and mop up as much of the excess stockpiles ... I am expecting OPEC and Russia to agree on a further 9-month extension to production cuts,” said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.

Political risk consultancy Eurasia Group said Saudi Arabia’s plans to list state-owned oil giant Aramco would increase pressure for extended production cuts. “Saudi Arabia will seek a production sharing agreement extension ... as an IPO (of Saudi Aramco) remains part of the long-term plan,” the consultancy said. “Price stability will remain a core part of the strategy ... The government still needs higher oil revenue to support its spending needs and reform program.”

Reporting by Henning Gloystein; Editing by Joseph Radford

Comments:

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

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 day ago

Business News

Business News

Following up the maintenance works, the restarting and production resumption at Al Jurf Offshore Field, Eng. Mustafa Sanalla, NOC Chairman of the Board, paid a visit to Al Jurf Offshore Field on Saturday 14 October 2017 accompanied by a delegation from NOC.

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NOC
Immediately upon their arrival at the Field, Mr. Chairman of the Board and his accompanying delegation attended a lecture on safety precautions as a normal practiced procedure in the Field.

Then Mr. Chairman and his accompanying delegation listened to an explanation on the ongoing replacement works of the flexible flowline between production platform and Farwha FPSO. They also listened to additional details on inspection, installation and maintenance works that were made on some of the Field's units during the scheduled stoppage period.

Mr. Chairman of the Board commended the perseverance of the workers of the Field and their great efforts aimed at production resumption and sustainability. Eng. Mustafa Sanalla also listened to the problems that the workers face at their work. For his part, Eng. Sanalla asserted his personal interest on improving the services, the living conditions, employment privileges, training and qualifying the national personnel in different companies of the sectors subject to the available resources. He stated that things would get better as long as production increase plans were going as scheduled and the positive reflections of that process on the State's financial position.

It is worth mentioning that Al Jurf Offshore Field, which started production on 5 September 2003 and operated by Mabruk Oil Operations, is a partnership between NOC, Total and Wintershall.

The delegation in this visit included Mr. Abulgasem Shingheer Member of the Board of Directors and General Manager of Exploration and Production, Mr. Yousef Greyo Acting Chairman of the Management Committee of the Operator Mabruk Oil Operations, Mr. Ibrahim Elkilani member of the Management Committee of the Operator on behalf of the Second Party as well as Mr. Khaled Bukhatwa General Manager of Health, Safety, Environment, Security and Sustainable Development Department at NOC and Mr. Anwer Aqueel Manager of Production Department at NOC.
Comments:

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

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 day ago

Oil & Gas News

Oil & Gas News
Released:  18/10/20172017-10-18
Word count:  353

SINGAPORE (Reuters) - Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $58.27 at 0314 GMT, up 39 cents, or 0.7 percent from their last close - and a third above mid-year levels.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.13 per barrel, up 25 cents, or 0.5 percent, and almost a quarter above mid-June levels.

Traders said that on charts for WTI a technical pattern known as a ‘Golden Cross’ was approaching, in which the 50-day moving average price climbs higher than the 200-day moving average, which is widely seen as a bullish price indicator. Traders said that prices were pushed up by a drop in U.S. crude inventories as well as concerns that fighting in Iraq and mounting tensions between the United States and Iran could affect supplies.

U.S. crude inventories fell by 7.1 million barrels in the week to Oct. 13 to 461.4 million barrels, the American Petroleum Institute (API) said late on Tuesday.

“API data from the U.S. overnight showed a big draw ... If $52.83 in WTI and $59.22 in Brent give way, then oil is stepping into a new and much higher range,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Official U.S. fuel inventory data is due later on Wednesday from the Energy Information Administration.

Adding to a tightening U.S. market, tensions in the Middle East meant that a risk premium was being priced into oil markets. Iraqi government forces captured the major Kurdish-held oil city of Kirkuk earlier this week, responding to a Kurdish independence referendum, and there are concerns that fighting could disrupt supplies.

“In the case of Kurdistan, the 500,000 barrel-per-day (bpd) Kirkuk oil field cluster is at risk,” U.S. bank Goldman Sachs said on Tuesday.

The Iraq crisis adds to a looming dispute between the United States and Iran. U.S. President Donald Trump last week refused to certify Iran’s compliance over a nuclear deal, leaving Congress 60 days to decide further action against Tehran.

During the previous round of sanctions against Iran, some 1 million bpd of oil was cut from global markets.

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

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

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 day ago

Business News

Business News
Released:  17/10/20172017-10-17
Word count:  190

Flights from Tripoli’s only functioning airport, Mitiga, have resumed having been suspended this morning.

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Libya herald
Due to a clash between Abdelrauf Kara’s Special Deterrence Force (Rada), nominally part of the Ministry of Interior and aligned with the Faiez Serraj-led Government of National Accord, and armed youth from the Ghararat region of Soug Il Juma. Ghararat borders on the southern margin of Mitiga airport.

Reports say that armed Ghararat youth launched an attack on Mitiga airport in response to Rada arresting one of their members and for drug-related raids on their neighbourhood.

The Ghararat armed youth attacked the Mitiga base entrance attempting to free their member from the prison run by Rada in the expansive airport grounds which doubles as a military base and prison.

They were successfully resisted and repulsed by the Rada force but they continued to fire in the air in the direction of Mitiga airport raising security and safety fears. This forced the airport authority to susped flights and close down the airport for fear of aircraft being it or people getting injured.

The Ghararat youth subsequently put up road blocks in the roads leading into Ghararat to prevent Rada from penetrating their neighbourhood.

No damage was reported at Mitiga airport.
Comments:

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

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 day ago

Oil & Gas News

Oil & Gas News
Released:  17/10/20172017-10-17
Word count:  525

TOKYO (Reuters) - Oil prices clung to this month’s high on Tuesday after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters while Asian shares held firm on optimism about upcoming earnings.

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Reuters
Short-term U.S. bond yields and interest rates jumped after a report U.S. President Donald Trump favoured Stanford economist John Taylor to head the Federal Reserve.

Japan's Nikkei .N225 was flat after its 10-day winning streak until Monday while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1 percent having gained 10 of the past 12 sessions.

“There is no major country that is facing economic troubles. We have a decent global growth, upbeat corporate sentiment and no inflation. Stocks are the obvious choice in this environment,” said Arihiro Nagata, head of derivatives at SMBC Nikko Securities.

Oil prices held near their highest levels in almost three weeks after Iraqi government forces captured the major Kurdish-held oil city of Kirkuk in a response to a Kurdish independence referendum, raising worries about oil supply.

As Iraqi forces advanced, Kurdish operators briefly shut some 350,000 barrels per day of oil output at two large Kirkuk fields, citing security concerns, oil ministry sources on both sides said.

Although production resumed shortly thereafter, concerns about supply disruptions and further escalations in the confrontation between Baghdad and the Kurds kept investors on edge.

U.S. crude CLc1 traded at $51.78 a barrel, down slightly on the day, after having hit a high of $52.37 on Monday, a rise of 6.7 percent from its three-week low of $49.10 hit on Oct 6.

Brent crude LCOc1 fetched $57.84 per barrel, flat on the day after having risen to as high as $58.47 on Monday.

U.S. short-term interest rates and bond yields jumped on Monday after Trump met Stanford University economist John Taylor to discuss the job of Federal Reserve Chair as Trump seeks candidates to succeed current Janet Yellen next year.

Taylor is known as a proponent of a rule-based monetary policy and according to his formula, known as Taylor rule, the Fed funds rate needs to be much higher than the current target of 1.0 - 1.25 percent. The policy-sensitive two-year yield jumped to as high as 1.546 percent US2YT=RR, its highest since 2008, while Fed funds rates futures contract for settlement in late 2018 to early 2019 posted one of their biggest fall so far this year.

Trump has met other candidates, including former Fed Governor Kevin Warsh, current Governor Jerome Powell and he will see Yellen on Thursday, leaving markets on tenterhook.

“At the moment, there’s no consensus at all in the market and there is little point betting on who will be picked as it would be a complete gamble. But once the decision will be made, there will be a clearer market direction,” said Tomoaki Shishido, fixed income analyst at Nomura Securities.

“And when the uncertainty is cleared, bond yields are likely to rise given the strength of the economy now,” he added.

Major currencies are also largely on hold.

The euro EUR= traded at $1.1782, down slightly from the previous day.

The dollar bounced back to 112.07 yen JPY=, from Monday's low of 111.65, which was its lowest since Sept 26.

Elsewhere, copper CMCU3 soared to $7,134.5 a tonne, hitting a three-year high, having jumped 3.7 percent on Monday, its biggest gain in about 10 months, helped by prospects of brisk economic growth. It last stood at $7,110.5.

Editing by Sam Holmes  
Comments:

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

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

For further inquiry contact Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
1 day ago

Business News

Business News

Harouge Oil Operation, is joint operating company on behalf of National Oil Operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender No (10/2017) For carrying out the scheduled repair of the pipeline from Tibisti-Beda to Assida , 136Km by using split sleeves , and the participation will be as following:

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NOC

1.            Tender Committee will only accept participation from National Companies that are specialized in this field, and foreign companies which are specialized and registered in Libya.

2.            All companies that wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to:

tender.sec-committee@harouge.com

3.            Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.

4.            Provide a copy of the following legal documents at the day of receiving the ITT Package:

•             Valid license compatible with the required work.

•             Commercial Registration

•             Certificate of Registration in Chamber of Commerce.

•             Payment of tax certificate

•             Article of association.

5.            Paying value of (700 LD) (Seven Hundred Libyan dinars) cash or by a certified check which is nonrefundable, issued by a Libyan bank in favor of Harouge Oil Operations.

6.            ITT Package will be received to the bibbers from Monday 30/10/2017 to Wednesday 01/11/2017, any request after this day will not be accepted.

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

8.            Bid bond with a value of ( 8,000 LD) (Eight thousand  Libyan Dinars) submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations, or by letter of credit(LC) available for (6) months from the date of submitting the offer, the LC shall be issued by a Libyan bank in favor of Harouge Oil Operations.

 

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

If you have any questions please contact the Tender Committee via: fax no :+218- 21- 3330090

 Email to: sac@harouge.com

tender.sec-committee@harouge.com 

Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Oil & Gas News

Oil & Gas News
Released:  16/10/20172017-10-16
Word count:  419

SINGAPORE (Reuters) - Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq, while an explosion at a U.S. oil rig and reduced exploration activity supported prices there.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.85 at 0356 GMT, up 68 cents, or 1.2 percent, from the previous close.

Traders said that worries over renewed U.S. sanctions against Iran were pushing up prices.

U.S. President Donald Trump struck a blow against the 2015 Iran nuclear deal on Friday, defying both U.S. allies and adversaries by refusing to formally certify that Tehran is complying with the accord even though international inspectors say it is.

Under U.S. law, the president must certify every 90 days to Congress that Iran is complying with the deal. The U.S. Congress will now have 60 days to decide whether to reimpose economic sanctions on Tehran that were lifted under the pact.

During the previous round of sanctions against Iran, some 1 million barrels per day (bpd) of crude oil supplies were cut off global markets. While analysts said they did not expect renewed sanctions to have such a big impact again, especially as the United States would likely act alone, they did warn that such a move would be disruptive.

“If Iran (were) found breaching their nuclear agreement and had their trade agreement revoked, (that) would be the biggest catalyst for upward momentum on crude prices,” said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.

There were also concerns about the stability of Iraq, the second biggest oil producer within the Organization of the Petroleum Exporting Countries (OPEC) behind Saudi Arabia.

Iraqi forces on Sunday began moving towards oil fields and an important air base held by Kurdish forces near the oil-rich city of Kirkuk, Iraqi and Kurdish officials said.

Greg McKenna, chief market strategist at futures brokerage AxiTrader said that “Trump’s reopening of the Iran nuclear issue, (and) the ongoing threat of the Kurdish pipeline being cut off” were the main factors pushing up oil prices.

U.S. OIL RIG EXPLOSION

An explosion overnight at an oil rig in Louisiana’s Lake Pontchartrain drew market attention, with at least six people injured.

U.S. crude prices were also supported by drillers cutting back the number of rigs looking for new production.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $51.89 per barrel, up 44 cents, or 0.9 percent.

Drillers cut five oil rigs in the week to Oct. 13, bringing the total count up to 743, the lowest since early June, General Electric Co’s (GE.N) Baker Hughes energy services firm said late on Friday. RIG-OL-USA-BHI

Reporting by Henning Gloystein; Editing by Joseph Radford and Sonali Paul
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Oil & Gas News

Oil & Gas News
Released:  13/10/20172017-10-13
Word count:  436

SINGAPORE (Reuters) - Oil prices rose on Friday as both U.S. crude production and inventories declined, pointing towards a tightening market.

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Reuters
Strong Chinese oil import data also supported crude prices, traders said. With the Organization of the Petroleum Exporting Countries (OPEC) leading a production cut, analysts said that global oil markets were now broadly balanced after years of oversupply.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $51.01 per barrel at 0647 GMT, up 41 cents, or 0.8 percent, from its last settlement. Brent LCOc1 was at $56.58, up 33 cents, or 0.6 percent.

U.S. crude inventories C-STK-T-EIA dropped 2.7 million barrels in the week to Oct. 6, to 462.22 million barrels, the Energy Information Administration (EIA) said late on Thursday.

Crude production slipped 81,000 barrels per day (bpd) to 9.48 million bpd.

Strong Chinese oil imports, which averaged 8.5 million bpd between January and September and hit 9 million bpd in September, also supported prices, as China solidified itself as the world’s biggest importer.

China’s huge imports have been strongly driven by purchases for its strategic petroleum reserves (SPR). “It seems the majority of this is SPR buying, not consumer demand,” said Matt Stanley, a fuel broker at Freight Investor Services (FIS).

China has spent around $24 billion on building its crude reserves since 2015 and now holds around 850 million barrels of oil in inventory, according to the International Energy Agency (IEA).

Despite the tightening market, Bernstein Research said that OPEC would need to extend the cuts beyond the current expiry date in March 2018 to further reduce excess stocks.

“OPEC will not achieve normalized inventory levels before cuts expire at the end of March,” Bernstein said, but added that “we believe an extension of cuts through 2018 should allow inventories to reach normalized levels before the end of 2018”.

OPEC, together with other producers including Russia has been restraining output since January. The pact to cut production is set to expire by the end of March 2018, and there are discussions for an extension.

Traders said they were awaiting a decision later on Friday by U.S. President Donald Trump on whether to continue to certify the 2015 Iran nuclear deal.

Trump is expected not to certify the agreement, which has to be re-certified every 90 days and is due for renewal on Sunday. The step would not withdraw the United States from the deal but would give the congress 60 days to decide whether to reimpose new sanctions.

“U.S. sanctions could cut off a lot of Iranian oil trade finance,” FGE President Jeff Brown told Reuters this week. “Last time we saw this, it cut off 1 million bpd of supplies. I don’t think it’d be that big this time round, but it would still be significant,” said Brown.

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

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SIVAJOTHI GNANATHEEVAM
5 days ago

Business News

Business News
Released:  13/10/20172017-10-13
Word count:  447

The Central Bank of Libya (CBL) announced today that it has, in conjunction with mobile company, Almadar launched the first phase of the Sadad mobile electronic payment service.

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Libya herald
The CBL said that it ‘‘considers the mobile e-payment system as one of the leading national projects in Libya aimed at achieving a comprehensive financial system in progressing the electronic payments systems through advanced modern solutions’’.

‘‘The new mobile e-payment system will enable users to make everyday payments and the transfer of money with total ease making everyday life easier for Libyan citizens’’, the CBL concluded.

The CBL referred customers to Almadar’s Sadad website for registration and more details.

However, at the time of writing Libya Herald attempted to test the site and register, but the website was still not working. The CBL statement gave no further details about the new payment system.

If the proposed new service is indeed successfully launched and it operates on the level of other African services such as the M-Pesa service in Kenya, it could transform Libya’s dilapidated financial system and ailing cash-based economy.

The success of Kenya’s M-Pensa service was partly due to the fact that it worked on old fashioned pre-smart phones sets which opened up to eve the lowest socio-economic groups of the country. (M-Pensa). Kenya’s M-Pesa allows users to deposit, withdraw, transfer money and pay for goods and services easily. More importantly it allows users with even the old fashioned pre-smart mobile devices to use the service.

The service allows users to deposit money into an account stored on their cell phones, to send balances using PIN-secured SMS text messages to other users, including sellers of goods and services, and to redeem deposits for regular money.

Users are charged a small fee for sending and withdrawing money using the service. It is still not clear what the CBL and Al-Madar plans for its Sadad service in Libya. However, in Kenya, M-Pesa operates as a branchless banking service where customers can deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents.

M-Pesa spread quickly after its launch in Kenya, and by 2010 had become the most successful mobile-phone-based financial service in the developing world. The service has been praised for giving millions of people access to the formal financial system and for reducing the black market economy and for reducing crime in otherwise largely cash-based societies.

The potential for this service is huge and revolutionary. For example, in Kenya, by 2014 almost half the value of the country’s GDP was transacted through M-Pesa. In the short term the service could solve Libya’s acute cash shortage crisis and vanish overnight queues outside banks. It could act as a catalyst to reignite the ailing economy and kick start the reform of Libya’s archaic financial system.
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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SIVAJOTHI GNANATHEEVAM
5 days ago

Business News

Business News

Further to news that a delegation of foreign experts working for the Libyan Cement Company, owners of Hawari cement factory in Benghazi had visited the factory site and met with the city’s mayor last week with a view to restarting work to reopen the factory, LCC informed Libya Herald that an opening date is unlikely before the end of 2018.

Play
Libya herald
Bob Solomon, LCC Chairman and CEO, expressed his appreciation for Benghazi’s mayor meeting with the LCC delegation last week and congratulated him on reopening the city’s port.

‘‘We would particularly like to thank the mayor for receiving our delegates this week and for his support and assistance. This is very valuable. Further we want to congratulate him on the re-opening of the Port. LCC will be importing large quantities of supplies, parts and materials for the re-building and a fully functioning port will be a great benefit. Let’s hope customs clearing procedures can be streamlined to avoid delays’’, he added.

‘‘We want to reassure the community that LCC Management is continuing to support the employees through government payments each month and we thank the government for their strong support’’.

However, Solomon was keen to clarify the scale of the task of reopening the cement plant in view of the extensive damage it suffered as a result of fighting in its surrounding area.

‘‘The process for re-starting is ramping up and we can expect higher levels of activity at the site before the end of this year. But please bear in mind, restoring the plant is a huge job and will take all of 2018 before production will re-start.’’

‘‘We would also ask LCC employees to refrain from visiting the factory for now, because this just complicates the work we are doing. At the appropriate time, we will be contact with them and invite them to attend. It would be helpful for employees to watch the LCC website (www.lcc.ly) for future important announcements’’, added Solomon.

‘‘In addition to the work we are doing, there are two critical elements that need to be handled by others. First is the gas supply. Crucial parts of the gas distribution pipeline outside of the factory premises are totally missing. These must be restored because without gas the factory cannot operate’’.

‘‘Secondly, electricity supply must be able to handle the demand. When the factory restarts we will need at least 15 MW of power in the beginning, increasing up to 24 MW at full capacity’’.

On another note, Solomon was very keen to pay tribute to the company’s employees working at their Fataiah cement factory in Derna.

‘‘Our Al Fataiah factory at Derna is continuing to operate, as it has done during the last 3 years, and we sincerely thank the AlFataiah employees for their full support’’, Solomon concluded.
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Oil & Gas News

Oil & Gas News
Released:  12/10/20172017-10-12
Word count:  416

SINGAPORE (Reuters) - Oil prices eased on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production and tighten the market.

Play
Reuters
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $51.08 per barrel at 0112 GMT, down 22 cents, or 0.4 percent, from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were at $56.62, down 32 cents, or 0.6 percent, from the previous close.

Starting this year, the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia agreed to cut output by 1.8 million barrels per day (bpd) to prop up prices.

The OPEC-led deal helped lift oil from the $30-$40 per barrel range in late 2016/early 2017. But traders say supplies remain ample despite these cuts, thanks in large part to surging U.S. production C-OUT-T-EIA.

(For a graphic on 'U.S. oil production' click reut.rs/2kFuGtS)

As a result, OPEC is widely expected to extend the cuts beyond the current expiry date of end-March 2018.

“OPEC doesn’t really have a choice but to extend cuts unless they’re happy to risk sub-$40 per barrel prices again,” said David Maher, Managing Director for energy at commodity merchant RCMA Group in Singapore.

With ongoing OPEC-led supply cuts supporting prices, but rising U.S. production capping crude, Maher said that markets would likely be balanced in 2018 and 2019, with Brent range-bound in the $50 to $60 per barrel range.

“Currently, the main risks to upside are new Iran sanctions and Venezuela issues, while downside risks are OPEC cuts not being extended or poor compliance leading to agreement breaking down, or weaker demand,” Maher said. U.S. President Donald Trump is threatening to impose sanctions on Iran less than two years after they were lifted under a 2015 deal between Tehran and leading world powers following Iran’s agreement to suspend its disputed nuclear programme.

In Venezuela, an OPEC-member with huge oil reserves, an economic and political crisis is threatening production, and the government is also at loggerheads with the Trump administration.

With rising U.S. production undermining OPEC’s efforts to tighten the market, inventories remain high.

In fact, U.S. crude stocks rose by 3.1 million barrels to 468.5 million barrels last week, according to industry group the American Petroleum Institute (API).

Official U.S. fuel inventory data is due to be published on Thursday by the Energy Information Administration (EIA). “Our updated global supply-demand balance indeed shows peak stock draws in 3Q17,” Goldman Sachs said in a note to clients.

The U.S. bank said that current oil supply and demand fundamentals meant it expects Brent to average $58 per barrel in 2018. Reporting by Henning Gloystein; Editing by Kenneth Maxwell
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Oil & Gas News

Oil & Gas News
Released:  11/10/20172017-10-11
Word count:  454

SINGAPORE (Reuters) - Oil prices edged up on Wednesday, rising for a third day, on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain.

Play
Reuters
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $51.06 per barrel at 0523 GMT, up 14 cents, or 0.3 percent, from their last settlement. Prices rose 2 percent the day before to back above $50 a barrel.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $56.69, up 8 cents, or 0.1 percent, from their last close. Brent also rose 2 percent the previous day.

Traders said they would look to U.S. fuel inventory data on Wednesday and Thursday for indicators on price direction.

A U.S. federal holiday on Monday delayed the release of weekly inventory numbers by a day. The American Petroleum Institute (API) is scheduled to release its data for last week at 2030 GMT on Wednesday, and the U.S. Department of Energy’s report is due Thursday.

Overall, analysts said short-term conditions were tightening.

“We...raise our Q1 2018 (Brent) price forecast by $5 per barrel to $56,” Barclays bank said. “Inventory draws will likely cause the market to refocus on geopolitical risks and low levels of spare capacity.”

Price support is also coming from economic growth, which the International Monetary Fund forecast late on Tuesday would be 3.6 percent globally this year and 3.7 percent for 2018.

Brent has so far averaged $52.70 per barrel this year. By the end of the year, Barclays said it expected Brent to have averaged around $53 per barrel.

Despite this, Barclays said oil could dip again in 2018, with second-quarter 2018 Brent likely to fall back to $48 a barrel, thanks largely to rising global output.

A pact between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to cut output by 1.8 million barrels per day (bpd) in order to prop up prices is due to expire by the end of March 2018.

Discussions to extend the pact are taking place, but production elsewhere is rising.

“It has...been a tricky year for OPEC,” said Lukman Otunuga, analyst at futures brokerage at FXTM. “Although Saudi Aramco plans to make ‘the deepest customer allocation cuts in its history’ by cutting 560,000 bpd next month, its impact could be diluted if the U.S. shale producers see this as a Christmas gift.”

U.S. producers are not participating in any pledge to restrain supply, and output has risen by 10 percent this year to over 9.5 million bpd. C-OUT-T-EIA

Speaking in an interview at the Reuters Global Commodities Summit, Ian Taylor, chief executive of top oil trader Vitol, said on Tuesday that U.S. output would climb by another 0.5 million to 0.6 million bpd next year before flattening out.

Overall, Taylor said, markets were “boringly rangebound” and that “margins are very, very tight”.

For other news from the Reuters Global Commodities Summit, click here

Reporting by Roslan Khasawneh and Henning Gloystein; Editing by Kenneth Maxwell and Christian Schmollinger  
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Business News

Business News
Released:  11/10/20172017-10-11
Word count:  224

BRUSSELS (Reuters) - The European Union is seeking to reopen its embassy in Libya pending security conditions, officials said on Tuesday, offering further political support for the Tripoli government struggling to establish control.

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Reuters
EU leaders will announce at their summit in Brussels on Oct. 19-20 that they “encourage work underway to rapidly establish a permanent EU presence in Libya”, according to their draft joint statement seen by Reuters.

But the statement makes clear no such move is imminent as it would be conditional on improving the security situation on the ground.

The EU moved its mission to neighbouring Tunisia in mid-2014 as security worsened in Libya amid escalating fighting between rival factions since the 2011 fall of longtime leader Muammar Gaddafi, ousted by rebels during a NATO bombing campaign.

Of 28 EU states, only Italy, Libya’s former colonial master and still the most influential European state on the ground, has an embassy in the country, where the United Nations has officially recognised the government of Fayez Seraj.

The EU has also engaged increasingly with Seraj, especially as it sought Libya’s help in curbing the flow of African refugees and migrants, hundreds of thousands of whom have been boarding smugglers’ boats on the coast of the lawless state to cross the Mediterranean for Europe.

The bloc has financed, equipped and trained Libya’s border and coast guards, despite rights groups sounding alarm over grave abuses refugees and migrants suffer in Libya.

Reporting by Gabriela Baczynska in Brussels; additional reporting by Aidan Lewis in Tunis; editing by Peter Graff  
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Oil & Gas News

Oil & Gas News
Released:  10/10/20172017-10-10
Word count:  415

SINGAPORE (Reuters) - Oil prices were steady on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate.

Play
Reuters
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $49.66 per barrel at 0442 GMT, up 8 cents, or 0.2 percent, from their last close.

Brent crude futures LCOc1, the international benchmark for oil prices, were up 7 cents, or 0.1 percent, at $55.86 a barrel. Traders said prices were supported as the Organization of the Petroleum Exporting Countries (OPEC) said oil markets were rebalancing fast after years of oversupply.

“There is clear evidence that the market is rebalancing,” OPEC’s secretary general Mohammad Barkindo told Reuters on Monday. “The process of global destocking continues, both onshore and offshore, with positive developments in recent months showing not only a quickening of the process but a massive drainage of oil tanks across all regions,” he said.

OPEC has led an effort to cut output to end years of overproduction that created a huge supply overhang.

Tighter market conditions are reflected in the shape of the Brent crude forward curve <0#LCO:>, which has flipped from contango - when future deliveries are priced higher than those for immediate sale - into backwardation, when it is more profitable to sell oil promptly than storing it for sale later.

STRONG DEMAND

The OPEC-led production cuts started in January and are set to expire at the end of March 2018. There have been talks about extending the curbs, but no formal agreement has been reached.

JP Morgan said that previous “concerns that OPEC compliance would fade into the fourth quarter now appear unfounded”, and that “stronger than assumed economic growth offers the potential for tight market conditions to continue if OPEC extends the current deal for another nine months”.

The bank also said political disputes between the United States and Iran could drive oil prices higher. Short-term price support was also coming from the United States, where 85 percent of U.S. Gulf of Mexico oil production, or 1.49 million barrels a day, was offline following Hurricane Nate, according to the U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement late on Monday.

Oil companies evacuated staff from Gulf platforms and curtailed output ahead of the storm, which hit the region last weekend. Traders said they did not expect the disruptions to last long.

“Units that were shut down as a precautionary measure in the advent of Tropical storm Nate have commenced restarting of operations. Not much damage appears to have been done,” said Sukrit Vijayakar, managing director of consultancy Trifecta.

Reporting by Henning Gloystein; Editing by Joseph Radford and Tom Hogue
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Business News

Business News
Released:  10/10/20172017-10-10
Word count:  313

Foreign experts are helping to reopen Benghazi’s Hawari cement factories. The British consultants met with the city’s Mayor Abdelrahman Al-Abaar last week in talks on restarting the stalled factories.

Play
Libya herald
Work is to start on demining work on the premises and its surroundings together with an assessment of the huge damage caused by the extensive fighting that took place in and around the factory.

Abaar said that his Municipality will give its full support in restarting the factories which he considered as an important part of reigniting economic activity in Benghazi and Libya as a whole.

Plans to rebuild and reopen the two cement factories in Benghazi’s Hawari district had been announced by owners, the Libya Cement Company (LCC) in May this year.

The plants had closed in mid-2014 when fighting in the area between Hafter’s Libyan National Army and militants started. For almost two years, the militants effectively controlled the area and it was not until April last year that the cement works were finally recaptured.

At a recent general meeting of LCC, held in Amman, Jordan, the chairman of its parent Joint Libyan Cement Company (JLCC), Ahmed Ben Halim, said that full priority was being given to getting the Benghazi plants operational again.

However, he acknowledged that this would not be easy given that the two factories were damaged in fighting in March-April 2016.

An LCC statement had reported that investigations had shown the damage to be significant and that extensive re-building will be necessary. It will take at least a year before they can return to production, during which time the site will have to be made safe, new machinery and parts brought in, new skilled construction workers found and necessary utilities such as electricity and gas restored, the report had said.

LCC is 90-percent owned by the Joint Libyan Cement Company (JLCC), itself a joint venture between Asamar Libya and the Economic and Social Development Fund (ESDF). Asamer Libya was bought two years ago from the Austrian parent company, Asamer, by Libya Holdings Group, headed by Ben Halim.
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago

Oil & Gas News

Oil & Gas News
Released:  09/10/20172017-10-09
Word count:  333

SINGAPORE (Reuters) - Oil prices edged up on Monday, after a 2 percent slide on Friday, on expectations that Saudi Arabia would continue to restrain its output in order to support prices, and as the amount of rigs drilling for new oil in the United States dipped.

Play
Reuters
Oil ports, producers and refiners in Louisiana, Mississippi and Alabama, which shut facilities ahead of Hurricane Nate, were planning to reopen on Monday as the storm moved inland, away from most energy infrastructure on the U.S. Gulf Coast.

U.S. West Texas Intermediate (WTI) front-month crude futures were trading at $49.48 per barrel at 0436 GMT, up 19 cents, or 0.4 percent, from their last close.

Brent crude futures, the international benchmark for oil prices, were up 16 cents, or 0.3 percent, at $55.78 a barrel.

Oil tumbled by around 2 percent on Friday, with WTI dipping back below $50 per barrel, as concerns of overproduction re-surfaced. But analysts said on Monday that a Saudi Arabian commitment to support the market by restraining output would prevent crude from falling further.

“We remain fairly confident that the Saudi’s will look to continue to support the oil market, especially until the sale of Aramco,” said Shane Channel, equity and derivatives adviser at ASR Wealth Advisers.

State-owned oil giant Saudi Aramco is planning to float around 5 percent of the firm in an initial public offering next year. A reported cut in the number of U.S. oil rigs drilling for new production provided some price support.

The oil rig count fell by two to 748 in the week to Oct 6, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.

Trading activity was low on Monday due to the Columbus Day federal holiday in the United States though markets are open. As a sign of the more positive sentiment in the market, hedge funds and money managers raised their bullish bets on U.S. crude futures for the third week in a row, the U.S. Commodity Futures Trading Commission reported on Friday.

The speculator group raised its combined futures and options position in WTI on the NYMEX and ICE markets by 3,211 contracts to 288,766 in the week to Oct. 3, its highest since mid-August, the data showed.

Reporting by Henning Gloystein; Editing by Neil Fullick and Christian Schmollinger
Comments:

We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.

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

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

SIVAJOTHI GNANATHEEVAM
5 days ago
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