Oil hits highest levels since 2015 amid tightening markets, Saudi purge

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Oil hits highest levels since 2015 amid tightening markets, Saudi purge
Released:  06/11/20172017-11-06
Word count:  412

SINGAPORE (Reuters) - Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

Reuters
Brent futures LCOc1, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level since July 2015. Brent was at $62.27 per barrel at 0230 GMT, up 20 cents, or 0.3 percent from the last close and 40 percent above June’s 2017 lows.

U.S. West Texas Intermediate (WTI) crude CLc1 hit $56.00 per barrel in early trading, also the highest since July 2015, and was at $55.79, up 15 cents, or 0.3 percent from the last settlement. WTI is a third above its 2017 lows. (bit.ly/2j3AahN)

Crown Prince Mohammed bin Salman, also known as MBS, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including prominent business billionaire Alwaleed bin Talal and the head of the National Guard, Prince Miteb bin Abdullah.

RBC Capital Markets said in a note that although the “purge represents a stunning political development in Saudi Arabia,” it expected “no immediate changes” in the oil policy of Saudi Arabia, which is the world’s biggest exporter of crude oil.

“MBS seems strongly committed to anchoring the OPEC agreement deep into 2018 and moving ahead with the Aramco sale,” RBC said.

Bin Salman’s reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year, and a higher oil prices is seen as beneficial for the market capitalisation of the future listed company.

In oil fundamentals, traders said that there were ongoing signs of tightening market conditions.

U.S. energy companies cut eight oil rigs last week, to 729, in the biggest reduction since May 2016.

The decline in U.S. drilling activity comes as the Organization of the Petroleum Exporting Countries (OPEC) and a non-OPEC group lead by Russia have pledged to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets.

The pact to withhold supplies runs to March 2018, but there is growing consensus to extend the deal. While supplies are tightening, analysts say demand remains strong.

“Synchronous global economic growth and new supply disruptions are creating the most constructive oil price environment since ... 2014,” Barclays bank said.

The British bank said it was raising its average Q4 Brent price forecast by $6 per barrel to $60 per barrel. ”The surprisingly strong macro backdrop and the accelerated inventory drawdown mean that these slightly higher price levels are likely to be sustained through Q1 of next year.

Barclays said it raised its full-year 2018 forecast by $3 per barrel to $55 per barrel. (bit.ly/2h8UbPZ)

Reporting by Henning Gloystein; Editing by Richard Pullin  
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Libya’s grain production could increase by 600 percent and provide 50 percent of local consumption in the 2018-19 season, Libya’s Ministry of Agriculture has said.

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Libya herald
Abdelmonem Shahabedine, the Chairman of the Presidency Council’s Ministry of Agriculture’s Steering Committee, told the Tripoli-based Libyan state news agency LANA, that Libya would need to import 1.1 million tons of grain to cover this year’s estimated consumption of 1.2 million tons. Libya produced only 100,000 tons last season.

However, Shahabedine said that Libya’s agricultural sector could meet half of next season’s needs by producing as much as 600,000 tons – if security and electricity supply improved. To meet this ambitious production target Shahabedine said that US$ 120 million would need to be invested in the agricultural sector, of which more than US$ 10 would go to seed imports.
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Tunis, 09 to 20 April 2018: The Food and Agriculture Organization of the United Nations (FAO) concluded a ten-day training program to officers from the Libyan Ministry of Agriculture, Animal and Marine Wealth. This program, delivered from 09 to 19 April, focused on communication and data collection, in line with the recently announced program related to strengthening national capacities in the agricultural sector in Libya.

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Mr. Michael Hage, FAO sub-regional coordinator for North Africa, inaugurated the program by affirming FAO’s readiness to contribute towards strengthening the capacity of national counterparts towards achieving the Sustainable Development Goals (SDGs).



The training program focused on two main components, communication and statistics and data collection.

In addition to the theoretical aspect, the training program provided the participants with a hands-on experience in using FAO tools in statistics and data collection, which will enable them to perform their duties with a high level of professionalism.



These training sessions are part of a two-year ambitious training project, covering various topics such as: learning needs assessment; learning plan designing and learners’ evaluation; veterinary service planning, development and management; fisheries law enforcement planning and strategy development; agriculture sector planning and organizational restructuring; plant production and plant protection; integrated pest management; mapping of natural resources using GIS and Remote Sensing Technology; agricultural marketing and market infrastructure; agricultural policy development; support, analysis and evaluation, in addition to other Food and Agriculture related fields.









Contact

Faten Aouadi Communication Officer

Bureau sous régional pour l’Afrique du Nord

faten.aouadi@fao.org

00 (216) 70 145 700 ext. : 323

00 (216) 98 703 026
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Released:  24/04/20182018-04-24
Word count:  622

TUNIS/LONDON, April 23 (Reuters) - Libya is considering whether to intervene in a $450 million deal that French major Total announced last month to buy a Marathon Oil stake in the country’s Waha concessions, several sources familiar with the matter told Reuters.

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Reuters
Officials were considering a range of options ranging from pushing for better terms - after some in the oil industry and the media said the price was too low - to a counter-offer from the state National Oil Corporation (NOC), the sources said.

“The NOC wants to buy the Total part,” one source from the leadership of Libya’s internationally recognised government, the Presidency Council (PC), said.

He added that officials were examining the value of the 16.33 percent Waha share with a view to possibly raising funds for a counter offer with money from Libya’s $67 billion sovereign wealth fund, the Libyan Investment Authority (LIA).

“They think of the LIA as a potential financier ... LIA is exploring it, the process is just starting,” the source said

Libya had not given the required formal approval to the Total-Marathon deal, meaning it could be blocked, the source added.

NOC confirmed in a statement on Monday that it was “discussing arrangements” over Marathon’s “planned sale” with the PC. “Any transaction of this nature must have the approval of NOC and the Libyan authorities,” it said in a statement.

The Libyan Investment Authority did not immediately provide a response.

Total CEO Patrick Pouyanne told reporters at an industry event in Paris on Thursday that the deal was all but settled.

“The transaction is closed,” Pouyanne said. “There are some discussions on some fiscal issues with the government, but it will be done.”

A spokeswoman for Marathon Oil said the company had already received payment for the sale of its share.

A Libyan oil source, speaking on condition of anonymity, said that at least some within the NOC found the price Total was paying too low.

The deal was “still under consideration and negotiations between many parties here in Tripoli”, a second oil Libyan oil source said.

NOC holds a 59.18 percent stake in Waha Oil Co. Other stakeholders are ConocoPhillips with 16.33 percent and Hess with 8.16 percent.

EXPLORATION POTENTIAL

Waha’s output of 300,000 boe/d is expected to rise to 400,000 boe/d by the end of the decade, according to production figures given by Total when it announced the deal in early March.

Total said the deal would give it access to reserves and resources in excess of 500 million barrels of oil equivalent (boe), with immediate production of around 50,000 boe/d (per day) and “significant exploration potential” in concessions in the Sirte Basin.

The stake carries production risks - a Waha pipeline has been hit twice in the past four months by suspected attacks, most recently on Saturday.

But it also gives Total a presence at fields in eastern Libya, where most of the country’s oil resources lie. Total already had stakes in the giant southwestern Sharara field, and the offshore Al Jurf field along the Tunisian border.

Libya has been split between rival military factions and governments based in the west and east of the country since 2014. The eastern-based Libyan National Army (LNA) has allowed the NOC in Tripoli to operate facilities on LNA territory, while opposing the internationally recognised government in the capital.

The Waha concessions, granted decades ago, are governed by a law that stipulates that Libya’s oil ministry must approve the deal, the Presidency Council source said.

Since the oil ministry is not currently operational, that power falls to the Presidency Council, he said, though the NOC has previously disputed the Council’s attempts to take over oil ministry powers.

Any acquisition should deliver the “best possible outcome for all the Libyan people, taking into account Libya’s security situation, fiscal position and external investment requirements”, the NOC said.

(Additional reporting by Ron Busso in London, Bate Felix in Paris and Ernest Scheyder in Houston; editing by Jason Neely)
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Released:  23/04/20182018-04-23
Word count:  179

The Italian-Libyan Business Development Association was launched at the Waddan hotel in Tripoli last Thursday, organizers informed Libya Herald.

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Libya herald
The launch event was attended by Deputy head of the Presidency Council, Ahmed Maetig, Italian ambassador Giuseppe Perrone, Italian Member of Parliament Castiglia Kalid (the first Member of the Italian Parliament of Maghrebi origin), Tripoli Municipality, the mayor of Zliten, the Libyan Business Council, the NOC, GECOL, as well as a number of business representatives from both Libya and Italy.

The Italian business representatives, it is to be noted, made a trip to Tripoli specifically for the launch event.

The aim of the ILBDA, organizers explained, was to activate Libyan-Italian commercial and economic relations to further the bilateral interests of the two countries.

Some of the Italian participants commented that despite the country’s political stalemate, Tripoli had started to safely smile to its visitors as they roamed through its markets and illuminated streets welcoming visitors and moving forward, building the country with confidence and determination.

The Libyan Deputy head of the Association, Ashraf Tulty, said that a series of events will be held between Italian and Libyan business representatives, starting with a business event in Tripoli on 5 July.
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Released:  20/04/20182018-04-20
Word count:  265

TRIPOLI, April 18 (Reuters) - Libya’s central bank has approved letters of credit for importers worth $2 billion, in an effort to curb “frightening” price increases, the bank said on Wednesday, as the declining value of the dinar drives up inflation.

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Reuters
Sales of oil, Libya’s main export, have been hit by protests blocking fields and lack of investment as well as damage of equipment. That has cut into the flow of hard currency, which Libya needs to import basic items like wheat and milk.

The letters of credit letters enable importers to buy dollars at the official rate of 1.3 dinars to the dollar, a bargain since the dollar costs more than 6 dinars on the dominant black market.

A total of 2,722 of the letters has been processed since Jan. 1, the bank said in a statement. Applications for 1,187 more, worth another $1 billion, are currently being handled.

Use of the letters were temporarily halted late last year amid allegations some importers were using them to obtain cheap dollars and sell them on the black market.

“There is no justification for a frightening rise of basic goods which is burdening citizens,” the bank said, blaming increased demand ahead of the Muslim fasting month of Ramadan next month.

Libya has been struggling to sustain an extensive welfare state, which guarantees some of the world’s lowest petrol and bread prices and provides employment for most adults in a bloated public service.

The system was put in place under Muammar Gaddafi, who was toppled in 2011. It has been expanded to add to the payroll more of the armed groups that helped overthrow Gaddafi.

Oil production recovered somewhat last year, helping to slow a decline by the dinar, but it remains 1 million barrels a day less than the 1.6 million Libya had reached in 2011.

(Additional reporting by Ahmed Elumami, editing by Larry King )
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Released:  19/04/20182018-04-19
Word count:  450

TUNIS (Reuters) - Libya’s National Oil Corporation (NOC) is considering using a chemical marking system to help trace oil products smuggled out of the country, its chairman said on Wednesday.

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Reuters
Mustafa Sanalla also called on a European Union naval mission to combat smugglers by seizing their ships in the Mediterranean, said the United Nations should consider sanctioning smugglers, and urged Libya to reform massive subsidies that allow fuel to be sold for as little as 2-3 U.S. cents per liter.

“The fuel smugglers and thieves have permeated not only the militias which control much of Libya, but also the fuel distribution companies which are supposed to bring cheap fuel to Libyan citizens,” Sanalla told an inaugural Oil and Fuel Theft conference in Geneva.

“The huge sums of money available from smuggling have corrupted large parts of Libyan society,” he said, according to a text of his speech.

The state-run NOC was looking at adding molecular markers to subsidized fuel, to help Libyan and international law enforcers including Europol, CEPOL and Interpol identify smugglers, Sanalla said.

Fuels can be tracked by using chemical markers that bind to fuel molecules.

Smuggling networks have flourished amid the political turmoil and armed conflict that developed following Libya’s 2011 uprising. Groups are often involved in multiple types of smuggling, making huge profits from illicit sales of fuel and the transfer of migrants toward Europe.

Between 30 and 40 percent of fuel refined in Libya or imported into the country is stolen or smuggled, according to the NOC. Libyan vessels smuggle mainly diesel to international ships offshore, while gasoline is diverted to roadside sellers or smugglers who operate across Libya’s land borders.

The practice costs the Libyan state one billion Libyan dinars per year, or $750 million at the official exchange rate, the NOC estimates.

Action taken so far — including Italian prosecution and U.S. sanctions against smuggling networks and a ditch and berm built by Tunisia on its border with Libya — had “not been enough to create a major disincentive for the fuel smugglers”, Sanalla said.

Though local officials say they are trying to crack down on fuel smuggling, fuel is still allocated to inoperational or “ghost” petrol stations. Prices are among the lowest in the world, though rampant smuggling means petrol shortages are common and Libyans often pay a higher, black market price.

“Fuel smugglers are well-armed, and well-resourced. And every day their grip on regions of Libya – and also on neighboring countries who receive smuggled and stolen Libyan fuel – becomes stronger and more institutionalized,” Sanalla said.

He called for the mandate of the EU’s naval mission, Operation Sophia, to be extended to combat the smuggling of refined fuel as well as oil, saying that much of the illegal activity could be traced by radar or satellite and was concentrated at Hurd’s Bank anchorage just outside Maltese territorial waters.

Editing by Adrian Croft
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The Faiez Serraj-led Presidency Council’s Ministry of Finance and the Libyan Foreign Bank (LFB) discussed various ways that Libya can recover ‘‘faltering’’ loans to African countries.

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Libya herald
At a meeting held on Tuesday between the Minister of Finance-designate of the Government of National Accord, Osama Hamad, and the LFB Director General, discussed and reviewed the financial and legal status of a number of loans granted by the Libyan state to a number of African states. Legal, diplomatic and other means open to Libya to recover these loans and to protect its rights and interests, were also discussed.

A joint Ministry of Finance-LFB committee was formed and empowered to coordinate with other relevant state sectors to intensify efforts to encourage debtor African states to repay their outstanding Libyan loans. The committee is to report within three weeks.

It will be recalled that in February Tanzania had agreed to start repaying its outstanding debt to Libya after a meeting of Libya’s Foreign Minister Mohamed Siala with his Tanzanian counterpart in the Ethiopian capital Addis Ababa.

It was agreed that an official Libyan delegation was to visit Tanzania to discuss arrangements for the repayment of the Tanzania’s debts to Libya. No further details were revealed at the time by the Libyan Foreign Ministry, which had made the announcement. In the same month, Sao Tome and Principe had agreed to unfreeze Libyan investments.

Libya is still struggling to recurring annual budget deficits and a depletion of its foreign currency reserves.

The LFB (formerly the Libyan Arab Foreign Bank) is Libya’s prime offshore bank. The state-owned entity is headquartered in Tripoli and is wholly owned and controlled by the Tripoli-based Central Bank of Libya. The LFB owns a majority share the British Arab Commercial Bank and the Banca UBAE in Rome.

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Mellitah Oil & Gas B. V. (Gas Division)intends to inviting local & foreign specialized companies that have established themselves in the ability & competence to carry out the required work, by presenting two (2) files as follows:

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NOC

             File for Legal and Financial documents.

             File for Technical documents includes (Technical profile, experience, CV,….etc.)

 

For the purpose of evaluation and pre-qualification in order to select suitable and eligible companies to participate in the following tender:

Tender No. PRQ/731/MCX/18

Provision of Installation, Commissioning and Start-Up of New Steam Turbine (B) at Mellitah Complex.

Scope of Work

The scope of work is to be carried out is the installation, commissioning and start up of the new steam turbine (B) at Mellitah complex as well as the contractor shall carry out the Work under the supervision of General Electrical Company / Libyan Branch (GE) and Mellitah Oil & Gas Company (MOG), by provision of highly qualified and experienced manpower, equipments, working tools and lifting machines. In addition the new Steam Turbine Platform skid to be installed on the existing concrete base foundation.

The required work shall include the following :-

•             Lay down of new cable between Control room and turbine building. GE will supervise cable routing to ensure correct layout, Remove the electrical cable and instrumentation signal cables damaged by fire, pull the new cables instead, number of pulled new cables must cover the installation of new )GE MKVie) control system needs, pulling of new fire fighting cables between the control room and the fire fighting skid. GE is responsible to define the required number of cables. Pulling off new cables between the control room and the turbine’s junction boxes as cable routes must be according to GE-MOG procedures and drawing layouts. Separated routes are required for different voltage level (signal cables and power cables). All required Electrical works, including but not limited to; cables termination, testing Interconnection cables, cables insulation test, loop checks, use of cable trays wherever is needed. Carrying out of these activities must be according to GE reference drawings.

•             Fire Fighting skid and all related accessory installation

 

•             New GE (MKVie) control system cabinet installation

•             Check the civil foundation leveling and surface condition, Check the positioning of anchor bolts, foundation pockets and sole plates, foundation bolts grouting and restoring the foundations as per the original installation procedures and drawings.

•             New skid lifting and positioning as per GE drawings.

•             Leveling for the new Steam Turbine skid, Steam Turbine rotor centering.

•             Preliminary alignment between rotating.

•             Acoustic Enclosure and Ventilation erection, walls, roof, beams, etc.

•             Removal of oil from oil console, tank cleaning and filling up of new oil, lube oil piping connecting between turbine skid and oil console and lube Oil system console preparation.

•             Steam System Installation, Steam pipes connection to turbine (steam blowing procedure will be performed under GE supervision).

•             Final alignment between rotating shafts.

•             Electrical-Instrumental devices assembly, new cable connections and loop check.

•             Final alignment between the Load gear box and Generator after complete installation of the generator.

•             Couplings installation.

•             Pre-commissioning, commissioning & Start-up.

QUALIFICATION REQUIREMENTS:

Interested companies for the above tender must satisfy the stipulated requirements and submit all required information and documents below. Taking into consideration that failure to submit these documents will render automatic disqualification:

1.            Letter on Company's letterhead Addressed to the Contracts Department Manager (Gas Division) including (E-mail, Phone No., Mobile No. etc) stating expression of interest on the respective tender.

2.            The Participating bidders must be having the necessary licenses, all legal documents and registered in Libya to be valid for not less than six (6) months from the date of the announcement.

3.            Curriculum Vitae of staff assigned for this work

4.            Company Profile with full details and certificates of experience in the field of work to be implemented and any additional information that will enhance the potential of the applicant.

   

5.            The bidder should have a minimum three years of experience related to the scope of work for this Tender.

6.            The bidders shall have advance knowledge of local and international environmental regulations to perform the work activities.

7.            Health , Safety, Environment & Quality (HSEQ): The bidders shall provide the following:

7.1 Company's approved HSE manual attached with the company's approved HSEQ policy.

7.2 Certificates of Health, Safety, Environmental and Quality  systems (ISO-9001, ISO- 14001 & OSHAS-18001)

7.3   Company’s HSEQ Procedures list.

8.            Submission of Company's Financial Status documents turnover for the last (3 years) accredited and approved by external financial auditor.

1.            Mellitah Oil & Gas has the right to exclude any file does not meet the above stipulated requirements.

9.            In case of Joint Venture Companies / agreements;   bidder must clearly & define the expected role of each entity in this project, especially in Project management, Engineering, procurement, delivery, Installation and commissioning services.

The required Legal documents from participating companies are as follows:

Local Companies:- 

             Copy of valid commerce registration and official registration certificate with Chamber of Commerce.

             Copy of Valid Business License. 

             Original copy of Valid Tax Certificate.

             Company Establishment Contract.

             The participating Bidder registered activity should be agreed with Scope of work of Service or project that will be implemented.

Joint Venture Companies and agreements:-

A)           J.V Companies     

Submission of documents indicating the establishment of a joint venture company in accordance with the legislation and regulation in Libya, whether between two parties (local and foreign) or two local parties, in addition to other legal requirements that mentioned in the item of local company.

B)            The Agreement (Solidarity)

             All Solidarity parties should be registered in Libya.

             The agreement shall be ratified by the competent authorities (contract editor).

             The agreement shall include the commitment of the solidarity parties together or individually to carry out all the required works and services. 

             The agreement should clarify the legal representative for the parties.

             Cannot be submit separate offer by one of the participants or in solidarity with another contender to participate in the tender.

Foreign Companies

Matching with the same above mentioned conditions and requirements for local companies, in addition to submit a valid permission from Libyan Ministry of Economy to open foreign company branch.

 

Notes:

 

One hard copy & one soft copy (CD) of the Prequalification Documents containing the above stated requirements shall be submitted in sealed envelopes and marked:

 

TENDER NO.  PRQ/731/MCX/18

Provision of Installation, Commissioning and Start-Up of New Steam Turbine (B) at Mellitah Complex.

Addressed to the " Contracts Department Manager "

( Gas Division ) to the following address:

Mellitah Oil & Gas B.V. Company ( Gas Division)

Dat El-Imad Complex, Tower 1 - 4th Floor

P.O. Box 91651 Tripoli-Libya

The prequalification submission Date not later than

 

 02/05/2018

Soft Copy can be submitted to the following email address:-

PREQ-GAS@Mellitahog.ly

 

Important Notes:

1.            The prequalification’s request is not an invitation to tender. Company is neither committed nor obligated to undertake the work described above or to issue any call for tender or to include any respondent to this invitation or other company on any Bidders List or to award any form of contract.

2.            The Invitation to Tender (ITT) and full ITT Package will only be issued to qualified companies that have been pre-qualified.

3.            Company will not be responsible for what's ever costs incurred for preparation and submission presented in response to this notice.

4.            Company shall deal only with authorized officers of the bidding companies and not through individuals or agents.

 

5.            Mellitah Oil & Gas B.V. Libyan Branch has the right to extend the submission deadline of tender if necessary for a further period. The additional period shall be automatically re-announced on the MOG and NOC website after or before the announcement deadline of the tender.

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The Libyan International Pharmaceutical Manufacturing Forum will be held at the Tripoli Fairgrounds from 30 June to 5 July 2018, the Preparatory Committee announced.

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Libya herald
The event is supported by the Faiez Serraj-led Presidency Council’s Ministry of Health.

At the Tripoli press conference announcing the event, the Preparatory Committee lamented the damage and looting suffered by the two state-owned pharmaceutical factories at Rabta and Maya since the 2011 revolution.

They called on all the relevant Libyan authorities to cooperate in relaunching the Libyan pharmaceutical manufacturing sector and asserted that by holding this event in Libya it would boost the sector by establishing a foundation for other related subsectors to build upon. The organizers also hoped that the event would help the transfer of know-how into Libya.

All the schools of medicine will participate in the event as well as the holding of workshops with local and international experts through video links.
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U.S. Embassy Libya External Office, based in Tunis, and the Libya Local Investment & Development Fund (LLIDF) co-hosted a U.S.-Libya commercial roundtable, bringing together representatives of U.S. companies to learn about LLIDF’s priorities on private sector investment to advance shared interests in creating essential infrastructure and diversifying Libya’s economy.

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U.S. Embassy in Libya
This is the first such event organized by the United States in almost four years. Representatives from American companies such as Bechtel, Caterpillar, G.E., G.E. Health, Whispering Bell, and Hill International attended the event in Tunis. In addition, two trade organizations representing many U.S. firms participated in the event, including the American Chamber of Commerce in Libya based in Tripoli, and the U.S. Libya-Business Association, based in Washington, D.C.

The LLIDF is a private company under Libyan law established in 2009.

The U.S. Embassy Libya’s Deputy Chief of Mission Natalie Baker thanked LLIDF Chief Executive Officer Bader Ben-Othman and the LLIDF for hosting the event. “We are so pleased that everyone could join us in what we hope is the first in a series of events that will expand the economic ties between the United States and Libya,” said DCM Baker. “The State Department and the Libya External Office are here to support U.S. firms as they seek to expand into new markets – and, just as importantly, we are sure the knowledge and expertise you bring can help Libya tackle some of its biggest development challenges.”
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Released:  12/04/20182018-04-12
Word count:  350

The Faiez Serraj-led Presidency Council has formed a committee to review all contracts with Chinese companies.

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Libya herald
PC decree number 188 dated 14 February but published on 28 March creates a committee of 8 people headed by the PC’s Minister of Planning. The 8 representative members are:



1-The Minister of Planning

2-The Economic and Social Development Fund (ESDF)

3-The Organization for the Development of Administrative Centres (ODAC)

4-The Housing and Infrastructure Board (HIB)

5-The Libyan Stock Exchange

6-The Railways Execution Board

7-The Audit Bureau

8-The Central Bank of Libya



The decree stipulates that the committee is tasked with solving all the delayed and stalled construction contracts, and any other associated contracts, with Chinese companies.

This is to be achieved through negotiations and discussion with relevant parties in China in order to arrive at a comprehensive vision through which to arrive at a rebalanced contractual relationship.

The committee has 60 days to conduct its work after which it must present a report to Presidency Council head Faiez Serraj.

It will be recalled that the Presidency Council had announced earlier this month that it was carrying out a review of all 22,000 stalled contracted projects estimated to be worth US$ 110 bn.

It must also be borne in mind that successive transitional Libyan governments since the 2011 revolution have reviewed and assessed Libya’s stalled projects – without any clear tangible results.

A conference was also held in Istanbul at the end of February this year to discuss stalled Libyan projects contracted to Turkish companies. Sources informed Libya Herald that at the meeting, a set of proposals were agreed – at the heart of which lies the ability of the Libyan state to pay at least some of its outstanding debts to Turkish companies.

Sources at the Libyan Ministry of Planning confirmed to Libya Herald that a separate committee, headed by the Planning Minister, has already been formed by the Presidency Council to review contracts specifically with Turkish companies.

The source revealed that a third committee is to be formed soon to review contracts with Libyan companies. ‘‘The purpose is to sort out contracts, try to solve certain issues and kick-start selected contracts and projects’’, the highly placed Ministry of Planning source said on the strict condition of anonymity.

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Released:  11/04/20182018-04-11
Word count:  49

Libya’s National Oil Corporation (NOC) has announced that ethylene and polyethylene production is to start soon at the Ras Lanuf Oil and Gas Manufacturing Company.

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Libya herald
No exact date was given in the announcement.

It should be noted that the Ras Lanuf ethylene plant has been inactive since 2011, and the polyethylene plant has been suspended since 2013.

The plants are awaiting necessary maintenance and the re-commissioning of the refinery to provide the necessary feedstock raw material.
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The Main Tender Committee of the Arabian Gulf Oil Company desires to release the following project: -

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NOC

No.

MTC No.

Projects Title

1

MTC-13/2018

Refurbishment of four (4) first & second stage desalters    At GC-9 Messla Oil field

Project No (O-96)

 

 

 

 

 

Description:

 

Scope of work:

The work consist of opening, cleaning four (4) first and second stage desalters at GC-9 Messla field. The work also includes repair / replace all damaged parts of the desalters internally as required. In addition to that, the work includes also replace the required damaged piping and painting works in accordance with the scope of work and technical inspection report.

Bidding procedure:

All specialized companies which have participated in this tender, please be informed that the proposals shall be submitted during the official working hours to the main Tender Committee at the Arabian Gulf Oil company Headquarter- Alkeish- Benghazi- B.O. box 263 the dead line is: (Time: 14:00 P.M Day Monday, corresponding to: 16/04/2018 A.D)

 

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

Bidding Requirements(Provided by all applicants)

                     

  1. A copy of work license. (Valid)
  2. A copy of a recent Commercial Record Extract. (Valid)
  3. A copy of record certificate of the Chamber of Commerce. (Valid) and financial file
  4. A proof of tax payment. (Valid).
  5. A copy of the decree of formation.
  6. A copy of the basic structure.
  7. A copy of a partnership agreement (if any)- if the company had incorporated or joined another legal person - certified by the local competent authorities or by those at the state headquarters-If the other party in the partnership agreement is a foreigner and approved by the Libyan embassy at the State Headquarters.
  8. Work permission from the competent ministry for the foreign companies.
  9. The applicant’s qualification and previous experience, supported with documents of the related field, including copies of the handing –over minutes of projects executed for the interested bodies.
  10. The participant, if accepted, shall facilitate the field visit procedures to his company’s headquarter for the Arabian Gulf Oil company representatives who authorized to examine all his available material and human capabilities.

Offers Submission:

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

 

  1. The first envelope should include a priced financial proposal (original + 1 copy)
  2. The second envelope should contain an un-priced financial proposal without price (original + 1 copy) (do not mention the price); otherwise, it will be rejected and has to contain the required financial conditions and the required method of payment, with the necessity to agree on all AGOCO general terms and conditions.
  3. The third envelope includes a technical proposal (original + 3 copies). As well as the validity of the proposal shall be three months at least from the closing date stated in this announcement. (Plus an electronic copy of the technical proposal ONLY).
  4. The forth should contain a Bid Bond (a preliminarily guarantee in separate closed envelope).

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

Note:

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

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

  

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

 

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

 

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

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

Fax No.:218-61-2229006

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

Email address: mtc@agoco.ly

 

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

Comments:

Contract News

Contract News Business News

Libya’s National Oil Corporation (NOC) has announced that it has signed an agreement with the French-Italian Artelia Group for the management of the new NOC premises in Benghazi.

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Libya herald
The NOC did not reveal how much the project will cost. It stated that work would begin ‘‘upon completion of the preliminary financial guarantee and tax authority procedures”, and added that the project will be ”financed by lending from commercial banks”.

The NOC said that the agreement was signed by NOC chairman Mustafa Sanalla and Artelia executive director Alberto Romeo in Milan on Friday 30 March.

The NOC said the project is ‘‘an ambitious development plan for Benghazi, including local offices for NOC, further oil companies and governmental departments, as well as a hotel and conference complex, to launch this landmark development for Benghazi, proactively building a brighter and more confident future for the whole country’’. Sanalla added that the “NOC’s new facilities in Benghazi will reflect our potential as a country and the global importance of Libya’s oil sector. There is a bright future for our country if we can put conflict and instability behind us. We should be considering our country’s long-term potential – our mutual horizon. This project is a glance to what this future could look like.”

in describing the new development, the NOC said that the centre-piece of this development will be the stunning 100m tall “vertical blade” NOC local offices, clad in an iridescent and shimmering metallic gold. Also included in the harbour-side site will be the double hexagonal headquarters of Brega Petroleum Marketing Company, offices for Central Bank of Libya, a hotel and helipad, plus offices for further oil companies and an international conference centre.

It added that the project will play a big part in the development of the harbour area and grow the reputation of the city.

Moreover, the NOC said that it expected that the project will be the first in the Mediterranean area to obtain a Leadership in Energy and Environmental Neighbourhood Development sustainability rating – the most widely used environmental building rating system in the world.

it is worth noting that the issue of the NOC’s premises in Benghazi is a politically sensitive one, with locals demanding that the NOC’s headquarters, transferred to Tripoli by Qaddafi, be returned to their original location in Benghazi. The fact that over two-thirds of Libya’s oil production is produced in the east adds credence to this demand.
Comments:

Dear, Sir/Ma.

We offer Legitimately FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC) alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group. We deliver cautious of the time line required for the completion of transactions and other intermediaries are welcome to deal. Other financial instruments such as MTN, CD, DLC, PB are also available. For genuine and Serious inquiry of any form please kindly contact me via the details below.

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

Regards SIVAJOTHI GNANATHEEVAM

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News
Released:  06/04/20182018-04-06
Word count:  131

Libya’s National Authority for Communications and Informatics and the security services of the Presidency Council’s Ministry of Interior launched what they referred to as the Tripoli Smart City project today.

Play
Libya herald
The project will start at the end of this month in the Greater Tripoli area and will be rolled out to the rest of the country later, the Tripoli-based LANA state news agency reports.

The project will provide information on the state of the weather, traffic, transport, emergencies and crime control. This information will be available through intelligent sensors distributed throughout the city, which will provide ”all the information and services in an intangible and highly accurate manner”, the report stated.

Quoting a National Authority for Communications and Informatics official, LANA reported that the project would have positive results in assisting the police and traffic in the identification, location and solving of congestions, in addition to the provision of information for emergencies, fire, ambulances, police and marching tracks to avoid congestion.
Comments:

Dear, Sir/Ma.

We offer Legitimately FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC) alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group. We deliver cautious of the time line required for the completion of transactions and other intermediaries are welcome to deal. Other financial instruments such as MTN, CD, DLC, PB are also available. For genuine and Serious inquiry of any form please kindly contact me via the details below.

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

Regards SIVAJOTHI GNANATHEEVAM

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Contract News

Contract News

Austrian medical services company Vamed signed a maintenance contract with Tripoli Medical Centre (TMC) yesterday. The contract was signed by the new TMC Director, Dr Nabil Alageli and the VAMED Libya representative.

Play
Libya herald
The contract ends a four-year absence for Vamed from Libya.

During the signing ceremony speech, Alageli praised the efforts made by Vamed in overcoming difficulties and in resuming their work at the TMC in order to resume the maintenance of stalled medical equipment and devices that have led to a low level of services at the centre.

Alageli explained that Vamed had the experience and competence to maintain the idle medical equipment at the centre, and to work on replacing non-serviceable devices with modern devices in accordance with the contract.

He also stressed that the signing of the agreement and the resumption of the company’s work came within the framework of joint health cooperation between Libya and Austria in accordance with the agreements signed between the two countries.

It will be recalled that the TMC has had a maintenance contract with the Vamed since it was inaugurated in 1996.

In reality, Libyan health sector sources told Libya Herald that Vamed has had a resident representative in Libya all along – since 1996. They estimate that the lack of a professional world class service contract had cost Libya around US$ 30 million in lost equipment and that there were no other realistic alternatives to signing this maintenance contract with Vamed.

Libya Herald was unable to obtain the value of the maintenance contract.

At the time of publishing, Vamed had not responded to Libya Herald’s invitation to comment.
Comments:

Dear, Sir/Ma.

We offer Legitimately FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC) alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group. We deliver cautious of the time line required for the completion of transactions and other intermediaries are welcome to deal. Other financial instruments such as MTN, CD, DLC, PB are also available. For genuine and Serious inquiry of any form please kindly contact me via the details below.

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

Regards SIVAJOTHI GNANATHEEVAM

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News

Company announces theHarouge Oil Operationis joint operating company on behalf of National Oil operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender no.TS-C(06/2018)

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NOC

For companies that have the required legal and valid documents.

BRIEF DESCRIPTION OF THE PROJECT     

 

  1. Location of the work

 

  1. Libba Station -Amal field
  2. General Brief Description of the work:

 

Tie-in of new drilled ESP well A4( Libba Station)

at Amal field as described in SOW

 

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

 

NOTE: That the date for collection the tender package commences on Sunday 11/04/2018 until Tuesday13/04/2018from (9:30)am TO (12:30)pm.

 

 

The collection of the package is from tender Committee office fourth floor room (444) at the company head office in Tripoli. The package will be issued according to the following criteria:

 

  1. Official  letter addressed to HOO company’s

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

  1. Representative of the interested company shall be authorized to collect the tender package and shall present an official document stamped with a company seal.
  2. Provide a copy of the following legal :

 

  • Valid license compatible with the required work.
  • Commercial Registration
  • Certificate of Registration in chamber of commerce.
  • Article of association.
  • Payment of tax certificate

 

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

 

5. Paying value of (300 D.L)three hundred Libyan dinars,As the price to buy the tender specifications brochurecash only, which is non-refundable, in favor of HOO.

 

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

 

  • Bids are to be submitted by hand to Harouge Oil Operations, El- Magarab Street, Ghanat Al Arif, Tripoli, Libya, and Attention: Secretary of Tender Sub - committee, fourth floor room (444).
  •  

*       Contractor's quotation shall be returned in the form above mentioned on or before middy of   Sunday13/05/2018

 

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

 

  Tie-in of new drilled ESP well A4

(Libba Station) at Amal field

 

  1. Tenderno TS-C(06/2018)

 

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

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

*Envelope (B) shall contain the commercial sections of tender without price.

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

          *Envelope (D)shall contain the bid bondshould be separate.

 

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

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

FAX no. : 00218-21-3330081 EXT. 5043.

Email to:- Hafed.Eljenfawi@harough.com

Comments:

Dear, Sir/Ma.

We offer Legitimately FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC) alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group. We deliver cautious of the time line required for the completion of transactions and other intermediaries are welcome to deal. Other financial instruments such as MTN, CD, DLC, PB are also available. For genuine and Serious inquiry of any form please kindly contact me via the details below.

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

Regards SIVAJOTHI GNANATHEEVAM

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Construction News

Construction News

Led by top private security and critical infrastructure firm The Guidry Group, an innovative project to build the largest deep-sea port in all of North Africa has been named a finalist for two of CG/LA's distinguished Project of the Year Awards.

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prweb

The accolades will be awarded this week at CG/LA's Global Infrastructure Leadership Forum in Montreal, where The Guidry Group and Libyan officials will also present on the project.

Leading private security and critical infrastructure company The Guidry Group today proudly announced that its current project to create the largest deep-sea port in all of North Africa in Susah, Libya has been named a finalist in two categories of CG/LA's Project of the Year Awards.

Part of CG/LA's Global Infrastructure Leadership Forum taking place in Montreal this week, the awards ceremony will be held on Wednesday, March 28 at 1:30 p.m. The Guidry Group will be recognized among other finalists selected from the Top 100 Projects of the Year.

The Libya port is nominated for the Strategic Infrastructure Project of the Year, awarded to a game-changing project that dramatically enhances the global competitiveness of the country or region where it is based. It is also nominated for Job/Opportunity Creation Project of the Year, which recognizes a project that will create the greatest number of jobs and/or businesses, both direct and indirect, over the lifetime of the project.

During the conference, The Guidry Group will also give a presentation on the nominated project, which will create a multi-purpose container port and logistics hub in Susah, Libya and ultimately stimulate business and help revive the economy of the war-torn country. Libyan officials plan to remotely participate in the presentation, which will take place on Wednesday, March 28 at 3:15 p.m., shortly after the awards ceremony.

Media interested in attending or speaking with executives from The Guidry Group should contact Pamela Armstrong at pamela(at)redbanyan(dot)com

Voting is now open for the Project of the Year awards at http://go.cg-la.com/e/311431/r-AconexProjectAwards/6b5cc/100793328.

About The Guidry Group

Founded in 1985, The Guidry Group is a global leader in kidnap and ransom resolution, security services, and crisis response and management with experience in 148 countries. The company's services also include specialized skills training in its areas of expertise, business pathfinding, and specialty insurance for kidnap and ransom, cyber, data breach, identity theft and more. In recent years, The Guidry Group has also become increasingly focused on the development of critical infrastructure, including large-scale projects to help revive war-torn countries by assisting them with rebuilding their economies and communities. Learn more at http://www.guidry.com.

Comments:

Dear, Sir/Ma.

We offer Legitimately FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC) alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group. We deliver cautious of the time line required for the completion of transactions and other intermediaries are welcome to deal. Other financial instruments such as MTN, CD, DLC, PB are also available. For genuine and Serious inquiry of any form please kindly contact me via the details below.

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

Regards SIVAJOTHI GNANATHEEVAM

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Dear Sir/Ma

We have direct providers of Fresh Cut BG, SBLC and MTN which arespecifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges , Real Estate and all kind of projects.

If you have need for corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.

DESCRIPTION OF INSTRUMENTS: 1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A) 2. Total Face Value: Eur 1 MIN and Eur 5B MAX (Five Billion USD). 3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB 4. Age: One Year, One Day 5. Leasing Fee: Based on the Face Value of BG/SBLC Plus (0.5% + X %) Commission. 1M � 50M: 3.0% + (0.5% + X%) = 3.5% + X% 51M � 100M: 2.5% + (0.5% + X%) = 3.0% + X% 101M � 500M: 2.0% + (0.5% + X%) = 2.5% + X% 6. Delivery: Bank to Bank Swift MT799 and/or MT760 7. Payment: MT103

8. Hard Copy: By Bank Bonded Courier within 7 banking days after delivery of Swift. Martin Steffens Email: marts.capitalfinance@gmail.com Skype: marts.capitalfinance@gmail.com

WE FINANCE ALL PROJECT WITH BG, SBLC
4 weeks ago

Oil & Gas News

Oil & Gas News
Released:  27/03/20182018-03-27
Word count:  422

SINGAPORE (Reuters) - Oil prices edged up on Tuesday, supported by concerns that tensions in the Middle East could lead to supply disruptions.

Play
Reuters
Hopes that behind-the-scenes talks between the United States and China will prevent a looming trade war between the world’s two biggest economies also supported global markets, including crude oil futures.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $65.69 a barrel at 0602 GMT, up 14 cents, or 0.2 percent, from their previous close.

Brent crude futures LCOc1 were at $70.20 per barrel, up 8 cents, or 0.1 percent.

James Mick, Managing Director and Energy Portfolio Manager with asset management firm Tortoise, said “rising geopolitical tensions” were driving up oil prices. The biggest risk was that the United States could re-introduce sanctions on Iran.

“Crude also received support from OPEC members as Saudi Arabia and Russia both reiterated goals to extend the production cut agreement,” Mick said.

Iraq, the second biggest producer within the Organization of the Petroleum Exporting Countries (OPEC) said on Monday that it also supports the producer cartel’s agreement to cut oil output.

OPEC, together with a group of non-OPEC producers led by Russia, started withholding production in 2017 in order to prop up prices. The deal to cut is scheduled to last through 2018, and there has been recent support by OPEC’s de-facto leader Saudi Arabia to extend the cuts into 2019.

However, some traders cautioned that such a moved faced opposition.

Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore said there was “considerable resistance” as current or higher prices opened the possibility that even more U.S. shale producers could come back online.

U.S. crude production - thanks largely to shale, or tight oil drilling - has already jumped by almost a quarter since mid-2016, to 10.4 million barrels per day (bpd) C-OUT-T-EIA, taking it past top exporter Saudi Arabia and within reach of top producer Russia, which pumps around 11 million bpd.

“For oil, we expect the supply deficit of the past couple of quarters to give way to a surplus, driven largely by strong growth in U.S. tight oil supply,” Britain’s Barclays bank said on Tuesday.

In Asia, Shanghai crude oil futures saw their second day of trading <0#ISC:>, repeating Monday’s high volumes.

Shanghai crude ISCU8 fell 1.9 percent to 425.7 yuan ($67.93) per barrel by 0602 GMT from the previous settlement of 433.8 yuan ($69.31).

In dollar-terms, Chinese crude prices are trading between Brent and WTI.

Some traders that the influx of foreign oil money into Shanghai crude futures also contributed to the rise in the yuan to a 7-week high on Tuesday against the dollar CNY=PBOC.

Reporting by Henning Gloystein; editing by Richard Pullin
Comments:

Dear, Sir/Ma.

We offer Legitimately FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC) alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group. We deliver cautious of the time line required for the completion of transactions and other intermediaries are welcome to deal. Other financial instruments such as MTN, CD, DLC, PB are also available. For genuine and Serious inquiry of any form please kindly contact me via the details below.

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

Regards SIVAJOTHI GNANATHEEVAM

SIVAJOTHI GNANATHEEVAM
2 weeks ago

Dear Sir/Ma

We have direct providers of Fresh Cut BG, SBLC and MTN which arespecifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges , Real Estate and all kind of projects.

If you have need for corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.

DESCRIPTION OF INSTRUMENTS: 1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A) 2. Total Face Value: Eur 1 MIN and Eur 5B MAX (Five Billion USD). 3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB 4. Age: One Year, One Day 5. Leasing Fee: Based on the Face Value of BG/SBLC Plus (0.5% + X %) Commission. 1M � 50M: 3.0% + (0.5% + X%) = 3.5% + X% 51M � 100M: 2.5% + (0.5% + X%) = 3.0% + X% 101M � 500M: 2.0% + (0.5% + X%) = 2.5% + X% 6. Delivery: Bank to Bank Swift MT799 and/or MT760 7. Payment: MT103

8. Hard Copy: By Bank Bonded Courier within 7 banking days after delivery of Swift. Martin Steffens Email: marts.capitalfinance@gmail.com Skype: marts.capitalfinance@gmail.com

WE FINANCE ALL PROJECT WITH BG, SBLC
4 weeks ago
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