Oil falls on surprise rise in U.S. inventories, high OPEC output

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Business News

Business News
Released:  18/06/20122012-06-18
Word count:  391

General Electric, the biggest maker of power-generation equipment, expects to generate as much as US$10bn in revenue from Libya, as the North African country vies to rebuild its economy, infrastructure, and institutions, and respond to the demands of its population, the company’s regional President and CEO Nabil Habayeb said in an interview with Arabian Business.

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Mina Monir
"The needs of states need to be addressed'' and are "magnified after the Arab Spring", Habayeb said. "There is the wealth in a lot of countries to be able to support meeting those needs; the challenge is for countries that don’t have the same wealth from the petrodollars." In Libya, where the regime of Muammar Gaddafi was toppled during the wave of revolts that swept the region last year, Fairfield, Connecticut-based GE sees a large market for all of its business segments and has been in talks with the provisional government. "The country needs everything, development of oil and gas, which will create the wealth to improve the life of people, clean water, reliable power, a good healthcare system, building the transportation system both rail as well as the aviation system so that you can get the economy going - all of these things are areas of focus for us in Libya, like we did in Iraq,’’ Habayeb said.

Libya, which has about 3.5 percent of the world’s proven crude oil reserves, produced - before the revolt against Gaddafi - about 1.77m bpd of crude oil, equivalent to 2 percent of global output and close to 0.2m barrels-equivalent of natural gas, according to the International Monetary Fund. Oil production fell to 22,000 bpd in July 2011 and output was restored rapidly in the last quarter of 2011 to half the pre-conflict level. Unemployment in the country before the revolution was about 26 percent. Libya is the only Arab country where more men are unemployed than women, according to the Arab League. The report says that female unemployment in the country is running at 18 percent, against 21 percent among men. "As the momentum starts building up, Libya could be another Iraq, another Saudi Arabia, there’s going to be huge infrastructure projects,’’ Habayeb said, adding "over the next three to four years it will be anywhere between US$6bn and US$10bn’’ in revenue for the company. After contracting 61 percent last year, the North African country’s economy is forecast to surge by 76.3 percent in 2012, according to the IMF. "One of the things that governments, especially those that went through a transition because of the Arab Spring, the big factor for them is credibility and how quickly are they going to be able to deliver on the promises and expectations of people,’’ Habayeb said.

[SOURCE: ArabianBusiness.com]
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Oil & Gas News

Oil & Gas News
Released:  18/06/20122012-06-18
Word count:  259

Oil ministers agreed Thursday to keep their production target steady to confront market rivalries.

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Mina Monir
Oil prices have fallen more than 20 per cent over the past two months, and a statement from the Organization of the Petroleum Exporting Countries citied "downside risks facing the global economy" and ample stocks of crude as being responsible for the trend. While agreeing to hold the output target steady, however, the statement suggested that OPEC ministers were ready to come together on short notice if prices fell to levels that would dictate a production cutback. The ministers, it said, "confirmed their readiness to swiftly respond to developments that might place oil market stability in jeopardy." OPEC Secretary-General Abdullah Al-Badry of Libya told reporters that there was a "collective decision" to honour the 30 million barrel ceiling. But the Saudis, and others with capacity, were expected to keep overproducing to make up for any shortfall caused by the sanctions on Iranian oil.

Benchmark Brent crude was around $97 a barrel on Tuesday, down from the March peak of close to $128, according to Reuters. “I am afraid of this fall, anything below $100 is very painful for Libya,” Libya Oil Minister Abdulrahman Ben Yazza told Reuters on Tuesday at an OPEC-organised oil industry conference ahead of the cartel's Thursday meeting.

OPEC is preparing to provide new candidates for the post of OPEC secretary general, to be filled in December when Al-Badry of Libya retires. Ecuador is in the race, along with Iraq, and expectations are high that the ministers will opt for Wilson Pastor of Ecuador. Al-Badry said ministers deferred a decision on his successor to the next OPEC meeting planned in December.
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Financial News

Financial News
Released:  18/06/20122012-06-18
Word count:  563

Bloomberg Business Week Report--The cartoon adorning the cover of the Libyan Stock Market brochure is stark: A man with a frown on his face and his pockets turned inside out explains to his horrified wife how he has been swindled by an unscrupulous broker. The message—that investors should stick with a regulated market—is being pushed hard by the fledgling stock exchange as it struggles to establish itself.

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Chris Stephen
Using cartoons to explain its workings to a public that suffered 42 years of corrupt authoritarian rule is seen as central to growth, says Balaam Balaam, head of the Libyan Stock Market’s disclosure department. “If you don’t have an idea of the stock market, you will never invest in this place. You have to have the knowledge,” he says. “We need to explain to the normal man from the street what we are doing exactly. If the normal man can understand, he can understand he can make money with us.”

Few stock markets in the world are as out of sync with their economies as Libya’s. The country, 10 months after shaking off the dictatorship of Muammar Qaddafi, is rich: It pumps 1.55 million barrels of oil a day and is nearly up to prewar export levels. Bloomberg estimates Libya’s foreign investments are worth $168 billion, and the country has no debt. The nation’s 6 million inhabitants are hungry for new homes, cars, cell phones, public transport, and hospitals, and Libya can afford them. This all spells opportunity for banks, cement makers, construction companies, oil drillers, and other companies that could raise money on the exchange.

Yet Libya’s stock market is tiny—literally. The entire trading floor, in a shopping block in Tripoli’s Highland suburb, would fit onto a basketball court. Twelve companies, mostly banks and the exchange itself, are listed, and the total market capitalization of these stocks is $3 billion, compared with $56 billion for the Cairo exchange. Taxi drivers are unable to find it. The exchange was started in 2007 amid promised reforms, closed when last year’s revolution broke out, and reopened on March 15 of this year.

Few trades occur; most stocks on the big electronic boards move neither up nor down. Watching the chain of 0.0 percents flash on the board, Balaam says things will stay this way unless private money—foreign and domestic—can be attracted to a market now dominated by government funds. “There are no funds, private institutions, not yet,” he says, explaining that many Libyans resist investing after so many years of the authorities preaching that capitalism was the tool of the rapacious West.

Upstairs, Director of Trading Mohammed Salabi says educating the public is only one of the problems. He hefts some bulky files onto his desk. They contain, he says, a complete list of model rules and regulations for the market, drafted by his staff, many of whom have worked in exchanges around the world, including the New York Stock Exchange. But he says the ruling National Transitional Council, which took power last year, has so far shown no interest in adopting such laws or setting up an independent regulator. Without that, he says, few will trust the stock market with their savings. “We are in a difficult reality. The government is still sleeping,” says Salabi.

Sleeping, or perhaps preoccupied by the elections on July 7. The next government, which must draft a constitution to pave the way for full parliamentary elections, will also have to overhaul Libya’s market regulations, its commercial law, and its courts, which need lawyers and judges familiar with the rules of a free market. Meanwhile, those zeroes keep parading across the traders’ screens.

The bottom line: The Libya stock exchange’s $3 billion market capitalization doesn’t reflect the country’s booming oil industry.

Stephen is a Bloomberg Businessweek contributor.
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Business News

Business News
Released:  15/06/20122012-06-15
Word count:  1785

Summary The security situation in Libya has deteriorated over recent weeks, with a number of militant attacks on foreign assets and personnel in major cities, which have been linked to alleged jihadi elements based in the east of the country. An attack on a UK FCO convoy in Benghazi was followed by a bomb attack targeting the offices of the Red Cross in Misrata. In Tripoli, AKE personnel reported an attempted assassination attempt against an...

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Hind Bensari
Projections Instability may increase throughout the country over the coming weeks, as the authorities continue to struggle to enforce law and order, particularly in rural areas and the south of the country.

With elections approaching, the interim regime will be keen to demonstrate it has made some security gains and progress on the integration of disparate militia groups into a centralised security force. However in truth, progress has been slow, and the national army will remain incapable of controlling many of the armed groups that remain and are carrying out vigilante actions at will.

There is a risk of further militant attacks on government personnel and assets, as well as those of foreign governments and organisations. Benghazi remains most at risk of such attacks, although Tripoli is also at risk and personnel should remain vigilant.

There is also a risk of political protests and demonstrations in the run-up to the elections, particularly as the candidates' political campaigns get under way. Personnel should be mindful of the risks posed to their security in the vicinity of large political gatherings; the reaction to foreigners, although generally positive, has the potential to be hostile. This is particularly true for media personnel.

Tripoli Although Tripoli remains largely calm overall, AKE personnel on the ground have highlighted growing reports of criminality, mostly car-jackings, in outer areas of the city, particularly in the districts of Sarraj and Janzour. The risk is heightened at night and personnel in the city are advised to minimise their movements after dark, particularly in outlying areas towards the airport.

AKE personnel also reported a suspected assassination attempt outside the Radisson Blu hotel on 15 June targeting an individual who is thought to be an election candidate. No casualties were reported, although heavy gunfire could be heard in the area for a short period before security was restored.

The incident highlights the ongoing risk of violent clashes due to the general lack of central authority and widespread presence of weapons in the hands of rival militia groups. Tensions are likely to be further heightened as the elections approach.

Benghazi Two UK FCO personnel were reportedly injured when a Rocket Propelled Grenade (RPG) attack targeted a vehicle carrying British FCO personnel. The FCO has confirmed that 2 RPGs were fired at the convoy, with one hitting a vehicle directly. This was then followed by small-arms fire.

AKE personnel on the ground have long highlighted the risk posed to personnel travelling in high profile convoys in major towns and cities, particularly Benghazi, which has seen a number of attacks against Western diplomatic targets in recent weeks. Recent attacks have largely targeted high profile assets or convoys, which are easily picked out by hostile elements.

The recent attack against the US consulate in Benghazi has been claimed by a previously unknown group calling itself the Imprisoned Shaykh Omar Abdulrahman Brigades in Libya, after the man commonly known as "the blind sheikh”, who is currently serving a life sentence in the US for conspiracy to plot attacks within the country. The group also claimed that the attack was revenge for the killing of Abu Yahya al-Libi, the former al-Qaeda second in command who was killed in a recent US drone strike in Pakistan. Subsequent attacks on a UK diplomatic convoy in Benghazi and the Red Cross offices in Misrata are also likely to be linked to Islamist militants, leading to fears that a low-level Islamist insurgency may be taking shape.

Misrata A remote controlled improvised explosive device (RCIED) was detonated outside the Red Cross office in Misrata on 13 June, leaving a local resident injured and causing damage to the building. The attack was the second on the organisation in less than a month, and demonstrates the growing threat to the assets and personnel of international organisations operating throughout Libya.

Misrata has experienced comparatively little in the way of security incidents since its liberation from the hands of Gaddafi forces during the uprising. Local militia groups are responsible for maintaining security in the city, meaning there is little in the way of the militia rivalry which is the reason for much of the violence elsewhere in the country. The latest attack demonstrates that even here personnel should be vigilant and aware of the potential for attacks by hostile elements. International organisations and diplomatic assets have been the main targets of similar attacks throughout the country and personnel operating in the area should consider a low profile approach that will help them avoid being targeted by any hostile elements that do exist there.

Emerging Insurgency? AKE personnel on the ground who have visited the country's major facilities and transport hubs have long highlighted that security measures in place remain incapable of mitigating a determined and organised insurgency. Although recent attacks have been rudimentary and left no major casualties, if the capabilities of those carrying out these attacks were to improve, they may be capable of inflicting significant damage on strategic and vital infrastructure throughout the country.

Although violence remains relatively low level at present, the apparent inability of the central security forces to prevent attacks and the lack of progress over the formation of an effective security infrastructure must remain a concern for the government, as well as foreign companies with significant interests in Libya.

Low Profile Approach AKE personnel on the ground have long highlighted the necessity for a low profile approach to security in Libya. Not only does this mitigate the risk of being targeted by hostile elements, an argument supported by the fact that all the recent militant attacks have targeted high profile assets or convoys of foreign governments and international organisations, it is also a more cost effective and efficient way to approach security management for smaller foreign companies in Libya.

Using local sources to facilitate transport and business activity can speed up these processes and enable the development of mutually beneficial relationships within the local business community, while developing an understanding of local culture and conditions that will only benefit companies in the long-term.

Sirte Non-Governmental Organisations (NGOs) have been told to leave Sirte due to concerns over security. The order reportedly came from the local military council, at the behest of the Interior Ministry. The majority of NGOs operating in the area were demining organisations and it remains unclear when they will be able to return.

The announcement came shortly after reports that a number of policemen had been kidnapped and killed in the city, leading to concerns over security. There were no reports of who was responsible for the alleged incident; however, personnel operating in and transiting through the area are advised to be aware that the security situation could potentially deteriorate at short notice.

Zintan – al-Mashasha Clashes At least 14 people were killed and 89 injured in fighting near the town of Mizdah, south of the Jabal Nafusa region of western Libya, after fighting continued between militiamen from the town of Zintan and fighters belonging to the al-Mashasha tribe. Mizdah is located on the main transport route towards the south of the country and is used by those travelling to the Murzuq Basin in the south west.

AKE assesses that this route remains unstable and there is a risk of clashes at a number of flashpoint areas. Personnel travelling through the area are advised to investigate the situation in advance as clashes are likely to occur in number of areas along the route.

Ras Ajidir AKE personnel have highlighted reports that militiamen from the town of Sabratha took control of the border crossing with Tunisia at Ras Ajidir. Although details of the incident remain unclear, the reports highlight the vulnerability of strategic entry points, which have been targeted by militia groups seeking to highlight their own grievances and strengthen their relative positions. The incident came a week after a militia group from the town of Tarhouna took temporary control of Tripoli International Airport.

Al-Kufra Fighting continued for a second day on 10 June in the southern desert town of al-Kufra, where government forces clashed with local Tebou tribal fighters. At least 16 people have reportedly been killed since the fighting began on 9 June. The incident highlights the constant threat of violence in a number of flashpoint rural towns throughout the country. Government officials have reportedly travelled to the area and are in negotiations to end the fighting. The region will likely remain a centre of instability and potential violence over the coming months at least, as long as local groups with a history of tensions between them remain heavily armed.

Jabal Nafusa An International Criminal Court (ICC) lawyer and her interpreter are facing at least 45 days in detention as their meeting with Saif al-Islam Gaddafi is investigated. A four-man ICC delegation was detained in the town of Zintan after one of its members, an Australian lawyer, was found to be carrying "suspicious" documents. A number of foreign journalists and other personnel have been detained on suspicion of spying by different militia groups over the last six months.

Derna Recent reports are increasingly linking the surge in low-level militant attacks on foreign assets and personnel with alleged Jihadist training camps near the town of Derna in north eastern Libya. Unconfirmed reports have also highlighted claims of CIA drones flying over the area, in what senior Libyan officials have confirmed are surveillance missions aimed at monitoring rising activity by al-Qaeda affiliated groups. The developments come after a claim of responsibility for the recent bomb attack against the US embassy by a previously unknown group calling itself the Imprisoned Shaykh Omar Abdulrahman Brigades in Libya. The attack was claimed in retaliation for the recent assassination of former al-Qaeda second in command Abu Yahya al-Libi, who was originally from Derna.

Derna has long been associated with militant Islamist fighters, with many of them travelling to Iraq and Afghanistan to join local Jihadist networks. Many of the most well known however, took part in the uprising against Muammar Gaddafi and have since turned their backs on violent Jihad in favour of support for the transition to democracy.

Political Section The head of Libya's electoral commission stated on 10 June that parliamentary elections will now take place on 7 July, 18 days later than initially planned. The elections were initially delayed to allow candidates barred from participating to appeal their respective verdicts. Time has also been allowed for campaigning to begin.

AKE is a leading international security risk-mitigation and analysis provider to international businesses, insurers, NGOs and news media. Founded in 1991 by Andrew Kain, AKE distinguishes itself from other security firms by taking a needs- and intelligence-led approach to assessing, monitoring, training for and protecting against risk. For security assistance on the situation in Libya please contact operations@akegroup.com or call +44 (0) 1432 267 111. For intelligence contact intel@akegroup.comfor further information.
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Construction News

Construction News
Released:  15/06/20122012-06-15
Word count:  234

The Tunisian Foundation Board member Naguib Mourad has reported that Libya requires at least 50 thousand workers to sustain its booming economy.

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Mina Monir
The accelerating development of the Libyan economy requires tens of thousands of experienced workers and labourers to keep the wheel of the reconstruction moving. The Libyan government’s focus on rebuilding the cities’ infrastructure provided a large job market that could be filled with a workforce coming from neighbouring countries. Mr. Mourad stated that the Libyan infrastructure rebuilding process could help Tunisia by providing job opportunities for up to 150 thousand Tunisians, as reported by the Middle East news agency. The different rebuilding projects include estates building, hotels and restaurants. According to Mourad, an agreement between the two countries to train Libyan youth in Tunisia as well as employing Tunisians in Libya, could be of mutual benefit to the neighbouring countries.

The Tunisian government had expected that the Libyan job market would contain more than 100 thousand job opportunities for Tunisia alone. The security challenges in Libya did not halt the move of thousands of Tunisians to Libya in order to get job opportunities with promising salaries of between 40 and 70 Tunisian Dinars (25 to 50 Dollars) per day. This salary is equivalent to more than three times what the Tunisian job market provides for its workers.

The Libyan job market has become open to thousands of workers from Egypt and Tunisia with the potential to grow further more to feed the hunger of the increasing number of projects in the country that is rebuilding itself since the uprising.
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Oil & Gas News

Oil & Gas News
Released:  15/06/20122012-06-15
Word count:  102

Fox News - Libya's oil minister Abdurahman Benyezza would like to see oil prices above $100 a barrel, he said Thursday at a scheduled meeting of the Organization of the Petroleum Exporting Countries in Vienna.

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Mina Monir
"I think that price would be good for global economy" [although] the "main point is to stabilize the price," he said. When asked whether it's appropriate to lift the production ceiling, Mr. Benyezza said "we will have to discuss that after this", stressing that it's more appropriate to discuss quotas at end of year, depending on the "supply and the prices." He also said the global oil market is currently over supplied by "maybe 1.8 million or 2 million" barrels a day. Write to nicole.lundeen@dowjones.com Copyright © 2012 Dow Jones Newswires

Read more: http://www.foxbusiness.com/news/2012/06/14/libyan-oil-minister-wants-oil-price-above-100/#ixzz1xr3v8ilX
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Business News

Business News
Released:  15/06/20122012-06-15
Word count:  177

Libya will offer new production-sharing agreements to international oil companies on improved terms to existing contracts, but this won't happen this year, said the country's Minister of Oil and Gas, Abdurahman Benyezza Wednesday.

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Mina Monir
Libya isn't currently planning to revise the terms of existing contracts with foreign oil companies, but there may be a process to equalize the terms of new and existing contracts in the future, he said. "At the moment we are working on the [contract] models. We'll have to study and see where we can improve," Mr. Benyezza told reporters at the Organization of Petroleum Exporting Countries International Seminar in Vienna. "Production-sharing agreements will be the main type of contracts of course. New ones will not be [offered] this year." Whether existing contract holders will also be offered the same terms as newcomers has yet to be decided, he said. "We are not in a process to change [existing] agreements at this time," he said. But in the future existing terms will be evaluated, "not to create inequality of contracts," he added. Libya intends to invest $10 billion on raising oil and gas production capacity from existing fields and $20 billion on new exploration in the next decade, Mr. Benyezza said. Write to James Herron at james.herron@dowjones.com
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Business News

Business News

The Libyan Foreign Minister Mr. Ashour Bin Khayal has expressed Libya’s welcome and encouragement of the potential role for Chinese companies in rebuilding Libya

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Mina Monir
In his successful three day visit to China, Bin Khayal sought to deliver the positive message of his government to the Chinese authorities and companies, encouraging them to contribute to the rebuilding of Libya. Bin Khayal assured the Chinese authorities that the Libyan government is fulfilling its financial obligations towards the international companies that experienced damages and losses during the revolution. This includes the Chinese companies which operated on building and transportation projects.. Mr. Bin Khayal invited the different representatives of the Chinese companies he met to come back to Libya to complete the projects that they started before the revolution. He also expressed his gratitude to the Chinese government for its support during the revolutionary uprisings. Bin Khayal underscored two major issues; the shortage and weakness of Libyan infrastructure due to the destruction caused by violence during the revolution, and the gradual restoration of security in Libya despite the domestic political challenges that the Libyan government faces.

The progress in the Libyan-Chinese business cooperation experienced severe delays during the uprisings because of China’s late recognition of the National Transitional Council. However, the great number of Chinese projects in Libya, particularly in hospitals and construction, urged a quick restoration of the relations between the two countries. The Libyan Prime Minister paid the visit to China to promote the quick recovery of the economic ties between the two countries.
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Financial News

Financial News
Released:  14/06/20122012-06-14
Word count:  387

TRIPOLI (Reuters) - Libya scrapped a limit on cash withdrawals on Thursday in a move to rebuild confidence in its banks as a liquidity crisis stemming from last year's war eases.

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By Marie-Louise Gumuchian and Hadeel Al Shalchi
"We have lifted the ceilings ... There are no limits any more," central bank governor Saddek Omar Elkaber told reporters. "There are no problems with liquidity, it is going the right way."

The North African country faced an acute cash crisis when people desperate for money rushed to banks during the eight-month uprising that ended Muammar Gaddafi's 42-year rule.

Large queues would form outside banks as workers had to make do without their regular salaries. These have since disappeared as salaries have been paid.

Before the announcement, the limit was 2,000 Libyan dinars per month, a central bank official said, having been raised from earlier ceilings.

"The central bank of Libya calls on all citizens, businessmen, companies ... in all sectors to not hesitate in putting their money in banks," Elkaber said reading a statement.

The central bank has been seeking to restore liquidity in the Libyan banking system, which officials have said was depleted of its dinar reserves when Gaddafi's entourage seized 3-4 billion dinars from the central bank. The problem was made worse when people rushed to the banks during the war to withdraw cash.

Libya has been working to amend its banking laws, attract foreign investment and stimulate its private sector following the war.

Elkaber said various committees had been set up to look into issues such as interest rates as well as introducing Islamic banking in the oil-producing nation.

"A committee is studying the issue of interest rates and will make recommendations to the government," he said. "We also have a committee looking at how to introduce Islamic banking."

The ruling National Transitional Council (NTC) last month approved an Islamic banking law that will introduce sharia-compliant banking.

NTC Chairman Mustafa Abdel Jalil said in October Libya's new rulers were working on an Islamic banking system. The central bank submitted a proposal on this to the council for approval in the last few months.

With the civil war over, foreign executives are weighing the opportunities against the risks in an oil and gas-producing nation with the resources to pay for urgent reconstruction and healthcare needs.

As the country tries to get back to business and prepare for national assembly elections less than two weeks away, the government is struggling to impose its authority on a myriad of armed groups who have yet to lay down their weapons.
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Construction News

Construction News
Released:  13/06/20122012-06-13
Word count:  249

The Egyptian Industrial Development Authority (IDA) is about to sign a protocol of cooperation with the Libyan government to allow Egyptian companies to execut infrastructure projects.

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Mina Monir
Egyptian companies, including Orascom Construction Industries and el-Sewedy, are planning to undertake projects estimated to be worth $2.4 billion. Omar Darwazah, Investor Relations Manager of Orascom Construction Industries (OCI), confirmed that his company is gearing up to seize any opportunity in Libya. Deema Abu Ghazaleh, Director Corporate Finance at El Sewedy Electric, expected the cable producer to benefit directly and indirectly from this move, especially through the expected rise in the prices of cables and transformers. IDA has invited 50 Egyptian contracting, construction and hospitality companies to participate in a number of projects related to the reconstruction of Libya, according to Zwya news. The projects include the revitalization of the hospitality sector in Tobruk and Benghazi at a cost of EGP 3 billion, Najdi said. He did not reveal more details. Egypt has also been present in Benghazi and Tripoli construction projects to propose different business offers that could employ the advantage of the border connections between the two countries. Some of the projects proposed aimed to provide investments in the area connecting al-Alamein, the Egyptian border city, and Tobrok in Libya with a strong workforce and a financial capacity of $200 billion. The IDA initiatives for the protocol come after the launch of another initiative to establishtwo industrial, free trade zones between Egypt and Libya as well as railways linking Egypt, Libya and Tunisia. According to allAfrica, the initiative includes four aspects that aim to rehabilitate the industrial sector, support junior investors and boost industrial integration between Libya and its neighbouring countries.
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Construction News

Construction News
Released:  13/06/20122012-06-13
Word count:  207

The Turkish Minister of Economy Zafer Caglayan has arrived in Libya with a busy agenda of new deals and projects.

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Mina Monir
Mr. Zafer held separate talks with the Libyan prime minister as well as the members of the National Transitional Council of Libya. Several projects, managed by Turkey in Libya, and plans for new business deals, were discussed between the two countries. The Turkish Economy Minister inaugurated a school which was repaired by a private Turkish construction company Pro Bono in the Libyan capital, Tripoli. "The heart that beats in Tripoli is the same in Istanbul and Ankara. We are here today in brother Libya to inaugurate public facilities that havebeen repaired and still under construction," Caglayan told the opening ceremony of the school that marked the symbolic inauguration of 8 other public buildings in Tripoli which were damaged in during the rebellion against ousted Libyan leader Moammar Qadhafi. Mr. Zafer told Libyan Economy Minister Ahmed Al Kochli that Libya was loyal to agreements signed with Turkish companies, adding that his country expected more Turkish investments. In addition, Turkey has signed a 1 million ton oil supply deal with Libya after the reduction of Iranian crude imports under the pressure of international sanctions on Iran’s exports. Turkish-Libyan diplomatic relations have grown very much since the start of 2012 and this led to a considerable increase in Turkish investments in Libya.
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Business News

Business News
Released:  13/06/20122012-06-13
Word count:  445

(Reuters) - A top Libyan official urged U.S. companies on Monday to help create jobs for former rebel fighters who still have not laid down their guns, by making investments that could transform the country into a peaceful tourist destination.

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Mina Monir
"These young people, they need challenges. They need jobs. As long they have no jobs, they're going to have Kalashnikovs and they're going to be in the streets, probably creating check points," Libyan Deputy Prime Minister Mustafa Abushagur told the National U.S.-Arab Chamber of Commerce (NUSACC) in Washington.

In a fresh challenge on Monday to the interim Libyan government's authority, members of a Libyan militia known as the al-Awfea Brigade occupied Tripoli's international airport to demand the release of their leader, who they said was being held by Tripoli's security forces.

The militia action forced the cancellation of several international flights just as a NUSACC-led trade mission was due to arrive in the country for meetings beginning on Thursday in Tripoli, Benghazi and Misrata.

While Abushagur did not directly address the situation at Tripoli airport, he sought to reassure the Washington-based business group that Libya was making progress on the many security challenges it faces following last year's war that toppled Muammar Gaddafi after 42 years.

He also told the business representatives Libya was "ahead of schedule" in restoring oil production and had already reached 90 percent of pre-revolution levels.

Abushagur said Libya had massive investment needs in sectors such as infrastructure, telecommunications and health after four decades of neglect and the recent war.

"Our economy is based on one thing: pumping oil from the ground. We need to change that," he said adding that the aim was that in 10 years time, oil should account for only 30 to 40 percent of the economy, instead of roughly 70 percent now.

Abushagur said he saw lots of opportunity for Libya in areas such as tourism, mining and knowledge-based industries.

NUSACC is also targeting these sectors for its upcoming trade mission, along with agribusiness; architecture and design; automotive services and equipment; construction and engineering; defense and security; oil and gas and water and wastewater.

Another major challenge facing Libya is securing its borders from its poorer neighbors, Abushagur said.

He said most economic refugees from Africa who passed through Libya were seeking to reach Europe and many died during the dangerous sea crossing.

Meanwhile, many wealthy Libyans who fled the country during the civil war had yet to return, he said.

Abushagur said that Libya, as a new nation, was "very committed to human rights" and any citizen who had fled and was accused of a crime would get a fair trial if they returned.

At the same time, he said, when it came to those who "have stolen Libyan money, we are going to go after them because we believe that every dollar that belongs to Libya has to come back." (Reporting By Doug Palmer; Editing by David Brunnstrom)
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Any Kind Of Skilled & Unskilled Workers From Bangl
5 yearss ago

Dear Sir/Madam, We Supply Skilled And Unskilled Workers From Asia (Bangladesh, Nepal, India, Srilanka, Phliph, Indonesia, Pakistan Etc) And We Have Also Training Center & Institute. If You Allow Me We Will Follow Any Understanding Instruction. Arif HRD Director H/P:008801731881551 Email: hicobd@yahoo.com , artradel@yahoo.com , info@greengulf.info, green_gulf@yahoo.com www.greengulf.info Our service is available now in Malaysia, Indonesia, Singapore, Brunei, Philippine, Vietnam, Cambodia, Myanmar, India, Bangladesh, Nepal, Sri Lanka, State of Qatar, United Arab Emirates, Sultanate of Oman, King of Saudi Arabia, State of Kuwait, State of Bahrain, Italy, Iraq, Libya & Bulgari.

Any Kind Of Skilled & Unskilled Workers From Bangl
5 yearss ago

Dear Sir/Madam, We Supply Skilled And Unskilled Workers From Asia (Bangladesh, Nepal, India, Srilanka, Phliph, Indonesia, Pakistan Etc) And We Have Also Training Center & Institute. If You Allow Me We Will Follow Any Understanding Instruction. Arif HRD Director H/P:008801731881551 Email: hicobd@yahoo.com , artradel@yahoo.com , info@greengulf.info, green_gulf@yahoo.com www.greengulf.info Our service is available now in Malaysia, Indonesia, Singapore, Brunei, Philippine, Vietnam, Cambodia, Myanmar, India, Bangladesh, Nepal, Sri Lanka, State of Qatar, United Arab Emirates, Sultanate of Oman, King of Saudi Arabia, State of Kuwait, State of Bahrain, Italy, Iraq, Libya & Bulgari.

Any Kind Of Skilled & Unskilled Workers From Bangl
5 yearss ago

Dear Sir/Madam, We Supply Skilled And Unskilled Workers From Asia (Bangladesh, Nepal, India, Srilanka, Phliph, Indonesia, Pakistan Etc) And We Have Also Training Center & Institute. If You Allow Me We Will Follow Any Understanding Instruction. Arif HRD Director H/P:008801731881551 Email: hicobd@yahoo.com , artradel@yahoo.com , info@greengulf.info, green_gulf@yahoo.com www.greengulf.info Our service is available now in Malaysia, Indonesia, Singapore, Brunei, Philippine, Vietnam, Cambodia, Myanmar, India, Bangladesh, Nepal, Sri Lanka, State of Qatar, United Arab Emirates, Sultanate of Oman, King of Saudi Arabia, State of Kuwait, State of Bahrain, Italy, Iraq, Libya & Bulgari.

Any Kind Of Skilled & Unskilled Workers From Bangladesh
5 yearss ago

Dear Sir/Madam, We Supply Skilled And Unskilled Workers From Asia (Bangladesh, Nepal, India, Srilanka, Phliph, Indonesia, Pakistan Etc) And We Have Also Training Center & Institute. If You Allow Me We Will Follow Any Understanding Instruction. Arif HRD Director H/P:008801731881551 Email: hicobd@yahoo.com , artradel@yahoo.com , info@greengulf.info, green_gulf@yahoo.com www.greengulf.info Our service is available now in Malaysia, Indonesia, Singapore, Brunei, Philippine, Vietnam, Cambodia, Myanmar, India, Bangladesh, Nepal, Sri Lanka, State of Qatar, United Arab Emirates, Sultanate of Oman, King of Saudi Arabia, State of Kuwait, State of Bahrain, Italy, Iraq, Libya & Bulgari.

Anonymous
5 yearss ago

Construction News

Construction News
Released:  12/06/20122012-06-12
Word count:  168

The Libyan capital Tripoli will host the first edition of the International Medical Conference (IMC) this year .

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Mina Monir
The conference will be held between the 7th and 10th of July 2012 at the Tripoli international fair. IMC includes all aspects of the healthcare industry in the Middle East to open new gates of business opportunities not just in the Libyan Market but also to cover all the region. This is of course related to the importance of Libya’s strategic location…

It is a real chance to meet the decision makers of both markets plus the Libyan Market under one roofThe conference will also include a large exhibition for hospital equipment and supplies. The IMC conference organizers said that they will gather three different and important markets - the Libyan, Jordanian, Iraqi and Palestinian - under one roof because these markets are three main markets in the Middle East. Organizers have invited decision makers and governmental figures from these three markets. Supporters of the conference include the Libyan Ministry of Health, MEG World East Exp, Assaker al-Thahabi. For more information follow this link: http://www.libyaimc.com/
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Business News

Business News
Released:  12/06/20122012-06-12
Word count:  240

Russian companies are proposing large scale projects in Libya.

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Mina Monir
The recovery of Russian-Libyan relationsis recovering and economic cooperation has encouraged Russian firms to eye the Libyan market for projects in different sectors. In the oil sector, Gazprom Neft, the oil arm of Russia’s top gas producer Gazprom, expressed its interest to continue with the’ Elephant Oil’l project in Libya. "As far as Libya and the Elephant project are concerned, it is still of interest... A decision will be taken by the year-end on whether to enter or exit it," Alexander Dyukov, Gazprom Neft's head said on Friday. Gazprom was set to acquire half of Italian group Eni's 33.3 percent stake in the Elephant project, which Eni valued at $170 million, but the deal stalled due to the recent conflict in Libya, according to Tripoli post. In the construction sector, Itar-Tass news agency has reported that Russian specialists are in talks with the Libyan side over the possibility of going ahead with the project for laying a railway from Sirte to Bengazi. According to MENAFN news, there is now an active office of OAO Zarubezstroitekhnologiya (a subsidiary of the RZD), whose staff maintains permanent contact with the authorities of the Libyan railways. They are discussing further opportunities and prospects and conditions forresuming a contract to lay the Sirte-Bengazi line. Russia has already signed a contract for laying a 500 Km railway between Sirte and Benghazi in 2008. The project was suspended during the Libyan uprisings but it is expected to be resumed.
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Construction News

Construction News
Released:  11/06/20122012-06-11
Word count:  279

The Libyan International Telecom Company (LITC) has celebrated the start of a project to extend the new communication cable connecting Libya and Europe through Greece.

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Mina Monir
Hosted by the stated-owned communication company, the celebration was held in Lu’lu’a hotel in Tripoli and attended by the Libyan Minister of Communications Anwar al-Faitoury along with different figures including private businessmen from Libya and other representatives of international companies. The cable, called Silphium, is the first communications cable that is completely owned by Libya. The president of LITC , Mr. Kamel Farhat, stated that the strategic significance of Libya’s place in connecting Europe with Africa led the company to plan for such a project in order to become a window for the African horn to its northern neighbours by the year 2020. Silphium should connect Durna city in Libya with Khania city in the Greek island Crete. This makes its whole length 425 Km, which will make it the longest cable of its kind and specifications. Silphium contains three couples of optical fibres with a capacity reaching 70 Gigabytes/second with the potential to increase its capacity to 1.2 Terabytes/second. The Silphium cable project is divided into two main parts. The first is in the sea and connects Khania and Durna with optical signals amplifiers under the sea surface. The second part is on the land and is made of a land cable that connects the shores with stations on each sides of connection. This cable should meet the considerable increase in Libyan consumption of the internet network. The Minister of Communications stated that the Libyans’ use of internet has doubled after the revolution, and the load on mobile networks have increased by 70%. Silphium is part of network extension projects planned by the Libyan states including the e-Libya project which facilitates Libyan education and electronic shopping through the internet.
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Construction News

Construction News
Released:  11/06/20122012-06-11

Hopeful and ambitious, the people of Libya have finally become able to normalize relations with the world. As Benghazi city is hosting the second Turkish-Arab Industrial cooperation conference Sponsored by both the Libyan ministry of industry and the Turkish ministry of industry and technology .

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Mina Monir
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Business News

Business News
Released:  08/06/20122012-06-08
Word count:  868

Fighting broke out at Tripoli International Airport on 4 June after members of a militia group from Tarhouna gained control of the facility and clashed with local security. On 7 June AKE personnel on the ground received reports of weapons being fired near the German embassy in the Abu Miliano area near the Radisson Blu. Unidentified militants carried out an improvised explosive device (IED) attack on the US Consulate in Benghazi early on 6...

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Mina Monir
The security situation in Tripoli will remain largely the same, although there is a risk of a slight deterioration in the lead up to parliamentary elections. Demonstrations are likely, with the potential for low-level violence, particularly if the elections are cancelled.

Projections for the security environment in Benghazi are similar, although there are a number of local issues that could also spark low level unrest, particularly if there are any developments around the issue of semi-autonomy.

The risk of clashes in rural and isolated areas of the country will remain, particularly in the south. Tensions remain around a number of recent flashpoint areas, and personnel should be aware of the risk when travelling outside of the country's major cities.

The likelihood of a delay to the parliamentary elections has grown following statements by NTC head Mustafa Abdul Jalil and the electoral commission that a delay may be necessary. If elections are delayed there will be a greater risk of political demonstration against the NTC, and calling for a quicker handover of power to an elected parliament.

Tripoli The security situation in Tripoli remains unchanged. There is an ongoing risk of clashes involving rival militia groups and there is likely to be an increase in political activism and demonstration with the potential for low level violence as parliamentary elections approach. If the elections are delayed, the risk will increase in line with the likely increase in levels of frustration that accompanies any major delays in the transition process.

AKE personnel on the ground reported a number of small-scale clashes in the city over the past week. One man was reportedly shot dead in central Tripoli, in the area that also contains the Radisson Hotel. The clash was reportedly part of a personal feud, which quickly became a family feud. Relatives of the deceased man reportedly carried out a number of retaliatory attacks on the properties of the other party's family, burning down two shops and a car garage. Personnel in the vicinity are advised to maintain vigilance, although there is not assessed to be any direct threat to foreign personnel from the incident.

The incident demonstrates the problems associated with the widespread presence of weapons in the country, which means that personal arguments can escalate quickly in to more serious feuds involving firearms. Personnel are advised to remain aware of this fact when in country, as well as the lack of any significant police presence, which limits the response capabilities available.

Benghazi The security situation in Benghazi remains the same. The risk of clashes between militia groups is lower than in Tripoli, although there have been a number of cases reported. Demonstrations are likely in the lead up to countrywide elections and could also occur if elections are delayed.

There have been a number of small-scale attacks targeting government assets, international diplomatic targets and local political demonstrations in the city, and the risk of similar incidents endures.

Air Malta has resumed services to Benghazi's Benina International Airport. It is the first European airline to resume services to Benghazi following the revolution and will be operating a twice weekly service, every Tuesday and Thursday.

BP Restarts Operations BP has moved closer to resuming operations in Libya amid a gradually improving security environment in the country. BP signed an exploration and production agreement with the government in 2007; however, operations were halted at the beginning of unrest in 2011. The company has two exploration blocs, one on-shore and another off-shore in the bay of Benghazi. Company executives stated recently that it could spend up to US$20bln over the next 10 years. Shell to Exit Libya Royal Dutch Shell became the first company in the post-revolutionary period to announce it was ending operations in Libya. A statement by the company said it would abandon drilled wells and stop exploration in its Libyan licences.

The reason for the move appears to be disappointing results in its exploration activities, meaning further exploration could not be economically justified. Despite the move Shell insisted it remained interested in a return to the country should the right opportunity arise and it is unlikely that instability or political uncertainty was the major factor in the company's departure.

Political Section National Transitional Council (NTC) leader Mustafa Abdel Jalil stated on 28 May that he expected elections to the national assembly to be delayed, as many of the candidates who have been blocked from running will appeal in court against the decision, meaning the elections will not be able to go ahead on schedule. The elections are currently scheduled for 19 June, but Jalil did not specify a likely new date.

The electoral commission has also hinted that a delay to the elections may be possible, leading to concerns among some ordinary Libyan's that the ruling council was attempting to entrench itself. Around 80 per cent of eligible voters had registered to take part in the elections by the time the registration process ended in May, and there is likely to be a lot of frustration if the elections are eventually delayed.

There is potential for protests against what some will see as the political elite attempting to tighten their grip and carve a long-term role for themselves, however necessary the delay happens to be.
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Construction News

Construction News

Supported by Libya Business TV, Tripoli will host the Libya “Post Revolution” Infrastructure & Investment Summit between 2nd and 3rd of October 2012

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Mina Monir
The Investment Summit will provide the earliest opportunity to assess the economic opportunities which Libya presents across a wide spectrum of sectors central to its reconstruction programme. Since the termination of the old regime, a new society has emerged, one with fresh needs and aspirations: particularly across civil and commercial infrastructure, upgrading to establishing new policies and entities. There is a newly emerged security environment, and space opened in the NGO sector, and a total healthcare modernization and expansion programme, as well as media and publishing. While the ongoing infrastructural projects are being renegotiated and gradually resumed, companies both re-entering the Libyan market, and those that are considering it for the first time, should use this timely and high-level networking summit to meet the newly elected public sector decision makers. Delegates will be able to gain a first-hand an insight into the new administrative and legal/regulatory procedures, and from dialogue and discussion with key stakeholders learn how to engage in successful business and investment strategies in Libya. Keynote speakers are: Ahmed El-Kaushaly, Minister of Economy Gianni de Michelis, Former Minister of Foreign Affairs and Chairman of IPALMO - Institute for Latin America and the Middle East , Italy Ibrahim Segutry, Minister of Housing Issa Etwejer, Minister for Planning Baroness Symons of Vernham Dean, Chair, Arab-British Chamber of Commerce, United Kingdom Dr. Fatma Hamrus, Minister of Health Dr. Saddeq Omar Elakber, Governor of the Central Bank of Libya Muhsin Draiza, Chairman, LIA (Sovereign Wealth Fund) Dr. Faraj Sayah, Chairman of National Economic Development Board Ahmed Abdulsallam Kashadah, General Manager, Libyan African Portfolio Guaider Ibrahim Guaider, Chairman, Foreign Investment Authority Dr. Ahmed Karrud, General Manager of Libyan Stock Exchange Peter Bradley, Partner, Corporate Finance, Stephenson Harwood, UK
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Political News

Political News
Released:  08/06/20122012-06-08

In Libya, the National Transitional Council (NTC) stated they have recovered control over the Tripoli airport from discontented militians. teleSUR http://multimedia.telesurtv.net

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Mina Monir
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Oil & Gas News

Oil & Gas News
Released:  08/06/20122012-06-08
Word count:  225

Libya's National Oil Corporation (NOC) has announced that a new oil field has been discovered.

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Mina Monir
Libya's National Oil Corporation (NOC) has announced that the Arabian Gulf Oil Company (AGOCO), wholly owned by the NOC, has drilled the new D1-NC8 wildcat well to a total depth of 7,020 feet. The well is located in the Ghadames Basin approximately 400 km south of Tripoli. The important discovery comes after considerable progress was achieved in cooperation between AGOCO and NOC to overcame some security and legal problems. AGOCO recently declared that its oil output has reached 397 thousand barrels per day, which is close to the pre-revolution levels, giving an indication of the progress in the political and economic sectors in Libya. The head of AGOCO, Ahmed al-Mujbari, stated that the high speed in reaching the pre-revolution levels is due to the honest and loyal workers of the company and the honest cooperation of the Libyan government to facilitate operations in the country. In addition, the Oil Ministry has opened a new office in Benghazi to be able to facilitate the increasing amount of workbeing carried Libyan oil fields in the region. Oil Minister Abdulrahman Ben Yazza, along with a number of senior oil officials, took part in the opening ceremony. Large amounts of oil are being produced in the eastern part of Libya and Benghazi is the home of the headquarters of the Arabian Gulf Oil Company, one of the largest Libyan oil companies.
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