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Charles Gurdon, Managing Director, Menas Associates gives his opinion of the political and economical situation in LIbya at the recent City & Financial Conference entitled "Winning Business in Libya: A Practical Guide for UK Companies" on 14 May 2012

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News Releases

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Dr Ranald Spiers, Managing Director, The Middle East Association gives his opinion of the political and economical situation in LIbya at the recent City & Financial Conference entitled "Winning Business in Libya: A Practical Guide for UK Companies" on 14 May 2012

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News Releases

News Releases Business News

Maryann Maguire, Director of InterCultures gives her opinion of the political and economical situation in LIbya at the recent City & Financial Conference entitled "Winning Business in Libya: A Practical Guide for UK Companies" on 14 May 2012

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Business News

Business News
Released:  23/06/20122012-06-23
Word count:  974

The security situation in Tripoli remains relatively stable, although the risk of a sudden temporary deterioration in certain areas remains. A group of armed gunmen stormed the Tunisian consulate in Benghazi on 18 June, in protest against an art exhibition in Tunis, which they perceive as insulting to Islam. A high profile military prosecutor accused of involvement in the killing of former rebel commander Abdel Fatah Younis was shot dead in...

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Hind Bensari
Projections

Security in Tripoli will remain relatively positive, although there is little prospect of the central authorities being able to deploy a security force capable of mitigating against all threats in the near future. There is an ongoing risk of militia groups seizing vital infrastructure in the city. Although militant attacks have been largely restricted to Benghazi, there is also a risk of similar attacks on the assets of foreign governments and NGOs in Tripoli.

The risk of further attacks in Benghazi will remain, and there is also a risk of confrontation between government security forces and alleged Jihadi militant groups reportedly based near the town of Derna. There is also a risk of demonstrations in Benghazi which may be related to the upcoming elections or the issue of semi-autonomy for the east of the country. These will also carry a risk of sporadic violence.

Campaigning for the upcoming elections will gather pace over the coming weeks, and a clearer picture of who will be the main players may begin to appear. There will be a heightened risk of political demonstrations with the potential for violence throughout the country as the polls approach.

Tripoli

The security situation in Tripoli remains relatively stable, although the risk of a sudden temporary deterioration in certain areas remains. A number of militia groups retain the ability to enter the city at will and seize vital infrastructure, something that has occurred on numerous occasions in the past and which remains a real possibility, particularly in response to perceived unfair treatment by the central authorities.

AKE personnel on the ground have highlighted a growing number of power cuts in the city, likely due to the heat and increasing use of air conditioning during the summer months. This may also increase in frequency during Ramadan, which begins in mid-July.

Benghazi

A group of armed gunmen stormed the Tunisian consulate in the city on 18 June, in protest against an art exhibition in Tunis, which they perceive as insulting to Islam. A group of around 20 young men carrying Kalashnikovs reportedly stormed the building and burned the Tunisian flag inside. Security forces deployed en mass to the consulate and regained control of the building from the men, who withdrew without resistance. The incident again demonstrates the ease with which armed groups can enter strategic sites at will.

Juma Obaidi al-Jazawi, a high profile military prosecutor accused of involvement in the killing of former rebel commander Abdel Fatah Younis, was shot dead after leaving a mosque in Benghazi on 21 June. The incident comes after a spate of attacks on foreign NGO and government targets in the city, many of which have been claimed by Islamist militants believed to be based in Derna.

Last week armed jeeps carrying Jihadists entered Benghazi bearing black al-Qaeda flags and gathered in the town centre. They were then confronted by thousands of youths, who were alerted through a Facebook appeal, chanting pro-Libyan and pro-democracy slogans. The men were subsequently forced out of the square by the hostile crowd.

Meanwhile, the headstones on World War Two military graves in the city were desecrated for a second time in four months on 21 June. NTC officials stated that they were unsure who carried out the act of vandalism, although unconfirmed reports indicate that Islamists may have been responsible.

Derna

Unconfirmed reports indicate that clashes took place in Derna this week involving national army forces. Rumours of Jihadi militant cells operating in the city have raised the profile of the town in recent weeks and led to expectations that the NTC would look to conduct military operations there to flush out any hostile elements. There is therefore a risk of further violence in and around the town over the coming weeks and months.

ICC Employee Detention

Deputy Foreign Minister Mohammed Abdel Aziz stated on 16 June that he expected the International Criminal Court (ICC) to cooperate with investigations into allegations that an Australian lawyer, identified as Melinda Taylor, smuggled documents to Saif al-Islam Gaddafi. The UN Security Council, human rights groups, the court in The Hague, and the Australian government have all called for the release of Taylor and her interpreter Helene Assaf, in what has proved to be the country's biggest diplomatic spat since the uprising ousted the regime of Muammar Gaddafi.

Libyan officials claimed the pair were caught passing messages from outside supporters to Saif during a meeting, and that they were in in possession of "spying and recording equipment”. Australian Foreign Minister Bob Carr arrived in Libya on 18 June in order to push for the release of all the ICC staff.

Security Companies in Libya

The government announced a new decree (decree248) that will ban foreign security companies from operating in Libya. Any Libyan company found to be trading with a security company will also be banned from operating in the country. It remains unclear how stringently this new decree will be enforced and whether it will apply to those operating in the country in support of the foreign diplomatic presence.

Political Section

Campaigning for Libya's first national election was expected to begin on 18 June ahead of the polls currently scheduled for 7 July. The elections will choose a national assembly that will then be given the task of drafting a new constitution, overseeing the government and scheduling a new round of elections. Candidates come from over 142 political associations, although only 80 seats have been reserved for political parties, with the rest reserved for independents.

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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Financial News

Financial News
Released:  22/06/20122012-06-22
Word count:  469

(Reuters) - The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs (GS.N) and Societe Generale (SOGN.PA) to see whether it can claim compensation, the fund's chairman said on Wednesday.

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Mina Monir
Mohsen Derregia, chairman of the Libyan Investment Authority (LIA), told reporters in Milan that the LIA needed to review these investments and how they were managed.

"These were investments made in 2007 to 2008, and some of those losses are quite surprising. We've had losses for around $1.75 billion, of which $900 million was on a single investment with Goldman Sachs," Derregia said.

"We will have to see how these structured products were created, valued and managed. Then we will talk to the investment houses and see if we can claim a refund."

Asked what kind of structured products were involved, Derregia said: "It's not clear to me."

Goldman Sachs declined to comment and Societe Generale could not immediately be reached for comment.

Derregia was appointed head of the LIA in April and is sifting through tens of billions of dollars in holdings and investments made by the fund worldwide during the regime of Muammar Gaddafi, which was overthrown last year.

"To have a clear oversight of everything will take time; it won't be done in one or two months," Derregia said. "Clearly, there will have to be some write-offs, although they are not huge."

The total value of assets managed by the LIA (about $60 billion) had fallen by less than the LIA feared, Derregia added. "It's now midway between $50 billion and $60 billion. People in Libya feared we had lost 50 percent of our assets. It's not like that."

ASSETS SEIZED

Derregia was in Italy to speak to authorities and the financial community about the LIA's holdings in the country, which were seized in March by Italian financial police on the grounds that they belonged to members of the Gaddafi family.

The holdings, worth about 1.1 billion euros ($1.39 billion), include stakes in Italy's largest bank by assets, UniCredit (CRDI.MI), the oil and gas giant Eni (ENI.MI) and carmaker Fiat (FIA.MI).

The LIA has appealed against the seizure, saying that those holdings belong to the LIA, held on behalf of the Libyan government. Derregia and his lawyers said this view was backed by the Italian economy ministry's Committee of Financial Security, which he met on Tuesday.

The next hearing in the case is on July 12.

Derregia said that the LIA would keep its 1.8 percent stake in UniCredit and could buy more shares in the bank if this was in its own interest.

He said it would not make sense to sell down its Italian portfolio now, given current market conditions. "Clearly the value of the shares has declined substantially. There is no incentive for us to sell the shares now or in the foreseeable future."

Asked whether the fund would buy Italian government bonds battered by the euro zone debt crisis, he said: "We hold a lot of assets denominated in euros, and we already have enough bonds."

(Editing by David Goodman)

[Reuters]
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Construction News

Construction News
Released:  21/06/20122012-06-21
Word count:  265

The Libyan authorities have taken several economic and legal steps to boost the rebuilding process through boosting the availability of the required resources.

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Mina Monir
The decisions aim to help make available what is required to support the rebuilding process at the financial level, as well as from the perspective of resources such as structure materials. The authorities have declared that a cement plant will be constructed in Sebha, in the south of Libya. The project will cost €116M and cover an area of 600 hectares. The plant will have a capacity of 1 million tonnes of cement per year and will be funded by several promoters, mainly the Libyan Economic Development Fund, and will provide about 390 jobs for young Libyans, according to Pana press. The accelerating rebuilding process also requires firm decisions regarding financial matters in order to assure the funds are available for the rebuilding process. According to Reuters, The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs (GS.N) and Societe Generale (SOGN.PA) to see whether it can claim compensation, the fund's chairman said on Wednesday.

Mohsen Derregia, chairman of the Libyan Investment Authority (LIA), told reporters in Milan that the LIA needed to review these investments and how they were managed. "These were investments made in 2007 to 2008, and some of those losses are quite surprising. We've had losses for around $1.75 billion, of which $900 million was on a single investment with Goldman Sachs," Derregia told Reuters. The total value of assets managed by the LIA (about $60 billion) had fallen by less than the LIA feared, Derregia added. "It's now midway between $50 billion and $60 billion. People in Libya feared we had lost 50 percent of our assets. It's not like that."
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Dear Sir, Greetings from Al Manzel International. As a leading company dealing with recruitment of Pakistani staff Al Manzel International Pakistan provides professional manpower to the Construction, Oilfield, hospitality & Power plants industry. One of our main policies is not to charge recruiting fees and air ticket charges from the companies. We can guarantee to provide you with the best screened recruits as we selected through two rounds of per-interview by our company, before the selection by foreign company. As a leading company dealing with recruitment of Pakistani staff we are looking companies in Libyan market and encourage you to contact us, please feel free to contact us Best Regards with Respect, Azam Khan Managing Director Mob: +971-50-7613855 Abu Dhabi United Arab Emirates U.A.E. Al Manzel International (OEP) Overseas Employment Promoters PAKISTAN Tel: +92-62-2443847 Fax: +92-62-2441847 Mob: +92-342 7380847 (PAK) E mails: azam@almanzelint.com URL: www.almanzelint.com YOU THINK WE MAKE POSSIBLE

Anonymous
5 yearss ago

Business News

Business News
Released:  21/06/20122012-06-21
Word count:  968

Libya is seeking to boost its oil production by a third to 2 million barrels a day by year-end, surpassing last year’s pre-conflict level, Libyan ambassador to Washington Ali Aujali said.

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Mina Monir
How fast Libya returns to pre-war levels or surpasses them “depends also on the oil companies, how fast they are returning” to restart or expand operations, Aujali said, speaking at a Bloomberg Government breakfast in Washington yesterday.

Beyond oil, Libya is eager for American investment in tourism, health care and education, he said. The nation, whose governance is still in flux, plans to hold the first election for the national assembly next month after four decades of rule by dictator Muammar Qaddafi.

“The environment is great” for U.S. companies, in large part because the Obama administration is credited by Libyans with pressing for NATO military action that helped topple Qaddafi last year, Aujali said.

“They appreciate what the Americans did,” he said, and American flags are often flown alongside Libyan ones around the country. Libya’s governor for OPEC, Samir Kamal, set expectations lower than Aujali did, telling reporters last week in Vienna that the government hopes to reach 1.6 million barrels a day by year-end.

Aujali said the North African nation has restored crude oil production to more than 1.5 million barrels a day, or 90 percent of official production figures before Qaddafi was ousted in a violent uprising.

The months-long conflict sent production levels plummeting to 45,000 barrels a day in August, according to a monthly Bloomberg survey of oil companies, producers and analysts.

Rising Output

Libyan production was restored to 1.45 million to 1.55 million barrels daily by the end of May, according to figures from the Organization of Petroleum Exporting Countries.

Oil Minister Abdul-Rahman Ben Yezza said last week that Libya plans to spend about $10 billion to develop long-term oil and natural gas projects and increase its crude production capacity. He said the country also has a five-year plan to increase production to about 2.2 million barrels a day.

Aujali said “we need more investment” to develop the oil industry and fulfill a longer-term goal of restoring Libya’s crude production capacity to its historical high. The U.S. Department of Energy estimates it exceeded 3 million barrels a day in the 1960s.

Aujali cited ConocoPhillips (COP), Exxon Mobil Corp. (XOM) and Occidental Petroleum Corp. (OXY) as among U.S.-based multinational energy giants that have returned to Libya, and urged other U.S. companies to invest in all sectors of Libya’s economy.

American Opportunities

American companies need to “be more involved, to be more aggressive to visit Libya to see where they can make business,” he said, so they don’t lose opportunities to other countries such as Italy, which has been proactive in seeking business prospects.

Aujali cited health care, infrastructure, education and tourism as sectors in which the Libyan government is seeking foreign investment. He said tourism remains one of the least- developed industries, citing Libya’s 2,000 kilometers (1,243 miles) of beaches and its cultural attractions, including Leptis Magna, one of the best-preserved Roman ruins in the Mediterranean, Aujali said Libya is seeking American universities and hospitals interested in assisting with training and technology and setting up branches or partnerships, as many have done in the Persian Gulf and North Africa.

Unfrozen Assets

Libya is looking to the U.S. and NATO countries to help rebuild after a bloody conflict that cost the nation billions of dollars in lost trade and revenue, according to the International Monetary Fund.

The revolution killed 30,000 people and wounded 50,000 others, according to the Libyan government. “You supported this revolution at a critical time,” he said. Still, “the new road is not built,” so the U.S. needs to stay involved to ensure the democratic transition is completed.

The Obama administration has done everything possible to assist Libya’s government, including making available $31 billion in Libyan government assets under U.S. jurisdiction that was frozen as a penalty on Qaddafi’s government, Aujali said.

The only Libyan assets that remain frozen by the U.S. are about $3 billion belonging to the Libyan Investment Authority, the government-managed sovereign wealth fund and holding company based in Tripoli, he said.

The authority needs to be reorganized under a dependable board of directors before “we feel safe” asking for the funds to be released, he said.

Election Plans

Libya has scheduled elections for July 7. Aujali said 145 political parties have formed, with 3,000 candidates vying for 200 legislative posts. About 80 percent of eligible voters have registered, underscoring excitement about the democratic transition, he said. Still, the situation remains volatile, Mustafa Abdul Jalil, chairman of the National Transitional Council, said in an interview with state-run Qatar News Agency June 17.

Libya risks descending into civil war if the current unstable security situation persists, he was quoted as saying. Aujali said his country has studied other nations’ models for reconciliation and justice following long dictatorships during which many were persecuted. Libya is “not starting from zero. There are many with experience in the history and we learn from them.”

‘No Revenge’

While some members of the old regime are under arrest, “there is no revenge at the time being against the Qaddafi regime,” he said. “Reconciliation is important. But in the first place, justice has to be made.”

Aujali said he expects a speedy resolution of the “misunderstandings” in the case of a team from the International Criminal Court in the Hague that was detained June 7 by Libyan authorities. Libya accused Australian defense lawyer Melinda Taylor of trying to smuggle documents to Qaddafi’s son Saif al-Islam Qaddafi in a Libyan prison. The Libyan government accuses Qaddafi’s son of directing the killing of thousands during his father’s regime and during the rebellion.

“The Libyan people, they have the right before anybody else to try Saif al-Islam in Libya,” Aujali said of the effort to try him in the international court in the Netherlands.

To contact the reporter on this story: Indira A.R. Lakshmanan in Washington at ilakshmanan@bloomberg.net [Source: Bloomberg]
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Oil & Gas News

Oil & Gas News
Released:  21/06/20122012-06-21
Word count:  364

(Reuters) - The oil arm of Germany's power giant RWE said on Wednesday it would postpone a start up of its large oil fields in Libya, still awaiting an agreement with local authorities on the structure of the venture.

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Mina Monir
"We are now at the place where we need to build up a joint venture with NOC, all the formalities are in place we are now waiting for NOC to go into registration with us," Christoph Schlichter, senior vice president for North Africa at RWE Dea said on the sidelines of a conference in London.

RWE had initially hoped to start production in 2014-2015 but that date is no longer realistic, said Schlichter.

"They (Libyans) are keen to get new investments on the rise quickly to provide more jobs. But their focus has been ramping up (existing) production," he said referring to a full shut down of Libyan production last year due to a civil war.

The company undertook an exploration campaign in Libya between 2003 and 2010 and made eight discoveries at blocks NC 193 and NC 195. The fields were declared to be commercially viable just prior to the start of the 2011 Libyan conflict, so development plans with NOC could not be finalised.

The discoveries are in the order of 100 million barrels but it is too early to estimate a production rate, added Schlichter.

RWE is the top power producer in Germany and it has been expanding abroad to focus predominantly on Norway, the UK, Egypt, Libya and Algeria, as well as on Denmark and Poland and the Caspian region.

In Algeria, state-owned Sonatrach gave final approval in February this year for a $3 billion development of the North Reggane gas field project.

RWE has a 19.5 percent stake in the project led by Spanish oil and gas company Repsol with Algeria's Sonatrach and Italian utilities company Edison.

The start of production further depends on the timely construction of the GR5 pipeline, which has been delayed several times. The pipeline will connect South West gas fields with Algeria's largest gas field and gas hub, Hassi R' Mel.

"We started field development of Reggane North, together with Sonatrach, Edison and Repsol," said Schlichter, "From what we hear, the (GR5) pipeline should be ready by end 2015. And we will start after, in 2016."

Production is expected to stabilise at 8 million cubic metres a day for the first 12 years Reggane is in operation. (Reporting by Julia Payne; editing by Keiron Henderson) [Reuters]
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Anonymous
5 yearss ago

Dear Sir, Greetings from Al Manzel International. As a leading company dealing with recruitment of Pakistani staff Al Manzel International Pakistan provides professional manpower to the Construction, Oilfield, hospitality & Power plants industry. One of our main policies is not to charge recruiting fees and air ticket charges from the companies. We can guarantee to provide you with the best screened recruits as we selected through two rounds of per-interview by our company, before the selection by foreign company. As a leading company dealing with recruitment of Pakistani staff we are looking companies in Libyan market and encourage you to contact us, please feel free to contact us Best Regards with Respect, Azam Khan Managing Director Mob: +971-50-7613855 Abu Dhabi United Arab Emirates U.A.E. Al Manzel International (OEP) Overseas Employment Promoters PAKISTAN Tel: +92-62-2443847 Fax: +92-62-2441847 Mob: +92-342 7380847 (PAK) E mails: azam@almanzelint.com URL: www.almanzelint.com YOU THINK WE MAKE POSSIBLE

Anonymous
5 yearss ago

Business News

Business News
Released:  20/06/20122012-06-20
Word count:  381

BMI Industry View: Libya near-term growth outlook was given a slight boost in late December following reports that the resumption of oil production was proceeding more quickly than previously expected, and that the United Nations and US and EU governments had decided to lift sanctions against the central bank. Given the faster-than-expected ramp up in oil production in late 2011, we expect to see a strong rebound in growth in Libya's...

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Mina Monir
Headline Industry Data

- Per capita food consumption is forecast to grow by 12.3%. To 2016, per capita food consumption is forecast to grow at a compound annual rate of 8%.

- Mass grocery retail sales are forecast to increase by 26.6% in 2012. To 2016, compound annual growth of 15.70%.

Key Regional Company Trends Casino and Al Meera Investing In Retail – In February 2012, French retailer Casino signed a joint venture agreement with Qatari retail group Al Meera Holding, with plans to open outlets in North Africa and Jordan. The joint venture, called ALGE Retail, is looking at expansion in Tunisia, Libya and Egypt. It will be headquartered in Geneva, with Casino owning 49% and Al Meera 51%. Dabur India To Establish New Manufacturing Plants – In February 2012, Fast-moving consumer goods major Dabur India announced it is set to make a INR1bn (US$20.1mn) investment for the establishment of new manufacturing plants in Africa over the next two years in a bid to expand its global footprint.

According to a company official, the fund will be utilised primarily to construct plants in places such as Morocco and Southern and Eastern Africa. The official added that the new plants will support its existing factories in Nigeria and Egypt.

Key Risks to Outlook Political Risks Remain Elevated – The risks to our current consumer outlook and to the wider market for food and beverages are mostly to the downside. Libya's combination of oil wealth, tribal divisions, weakto- non-existent institutions and the prevailing security vacuum portend to significant instability and potential for violent conflict over the coming years. This will translate into a highly risky operating environment, which will continue to detract investment in new and existing capacities for food and beverage production. In the meantime, the economy's growth potential will remain dependent on three key variables: the speed and scale with which oil production can be brought back online; the state of the underlying security environment; and the state of the utilities sector – in particular, the provision of a stable supply of electricity.

Business Monitor International's Libya Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Libya's food and drink industry.

For more information: http://www.researchandmarkets.com/reports/2147562/libya_food_and_drink_report_q3_2012
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Legal News

Legal News
Released:  20/06/20122012-06-20
Word count:  175

New Delhi: The government on Friday partially lifted the ban on emigration to Libya more than a year after the country was hit by violence and internal strife.

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Mina Monir
Overseas Indian Affairs Minister Vayalar Ravi announced the partial lifting of the emigration ban to Libya. The ban on going to Libya for employment was imposed on February 21, 2011 after violence rocked the country. After an interim government has taken over, the situation has improved. It has been noticed that there is growing demand for manpower in Libya in various sectors, officials in the Overseas Indian Affairs Ministry said.

They said there have been repeated requests for sending required manpower from India to Libya. The manpower from other competitive markets like Bangladesh, Egypt, Philippines are arriving in Libya. The decision to lift the ban partially was taken in consultation with Ministry of External Affairs and the Indian Mission in Libya, they said. Ravi said doctors and para-medical staff will be permitted to emigrate to Libya as the Libyan Health Ministry has approached the Indian mission in Tripoli in this regard. Complete lifting of ban will be reviewed after considering the situation immediately after the conclusion of elections in Libya after July 15, Ravi said.

[source: IBN Live]
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Oil & Gas News

Oil & Gas News
Released:  19/06/20122012-06-19
Word count:  484

Germany's Wintershall is currently producing just over 70,000 b/d of oil in Libya, or around 70% of its output level from before the civil war in the North African country, a senior company official said Monday.

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Mina Monir
Speaking at a conference in London, Wintershall vice president Klaus Langemann said the company's output was being restricted by infrastructure constraints and that production would rise once a new oil export pipeline in Libya was completed.

"We are at more than 70% of our original production capacity, and we are producing a little beyond 70,000 b/d," Langemann told the conference.

Before the unrest in Libya began in February 2011, Wintershall was producing around 100,000 b/d from its fields in the country.

Langemann said the company's production facilities suffered no damage during the civil war, and that it was able to boost production up to around 50,000 b/d within a week of the end of the war.

He also said that Libya had asked Wintershall to help build a new export pipeline together with the state-owned NOC and Agoco.

"We acted quickly, and the pipeline is now under construction," Langemann said. "It will be finalized early next year."

This will help the company restore its pre-uprising output, Langemann told Platts later on the sidelines of the conference.

"It's just a question of pipeline infrastructure," he said. "The wells could produce more -- indeed our reservoir engineers told us the shut-in had helped the reservoir 'relax', which is a good thing."

EXPLORATION EFFORTS

Langemann also said Wintershall was committed to a long-term future in Libya, although he said the company's exploration efforts would depend on the terms offered for new blocks.

"The terms are tough in Libya," he said, referring to the EPSA IV contract system.

"In the last rounds it was shown that companies over-bid," he said.

Libya has Africa's largest oil reserves, estimated at some 47.1 million barrels, and there is expected to be a concerted effort by international companies to increase exploration with a view to developing the country's resources since the death of former Libyan leader Moammar Qadhafi.

Asked whether Wintershall would take part in any future exploration bidding rounds in Libya, Langemann said: "We wouldn't rule it out." For now, though, Langemann said the political framework for expanding Libya's oil sector was not yet in place.

"The decision-making regime is not there at the moment," he said.

Separately, Langemann also said Wintershall was looking at projects in the UAE, specifically bringing in technology to help Abu Dhabi improve its oil recovery rates.

He said Abu Dhabi currently is short on gas as it reinjects large volumes to help oil production.

"Looking at Abu Dhabi, they are deficient in gas -- we can bring the know-how on enhanced oil recovery to allow them to use gas for the domestic market," Langemann said.

Wintershall signed a memorandum of understanding with the head of the Abu Dhabi National Oil Company (ADNOC) in May 2010 on possible joint exploration and development of a gas and condensate deposit in Abu Dhabi.

--Stuart Elliott, stuart_elliott@platts.com --Edited by Jonathan Fox, jonathan_fox@platts.com [source: http://www.platts.com]
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Political News

Political News
Released:  19/06/20122012-06-19

Campaigning for Libya's first national election in a generation kicked off ahead of July 7 polls to choose an national assembly which will re-draw the autocratic system of rule put in place by ousted leader Muammar Gaddafi.

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Mina Monir
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Business News

Business News
Released:  19/06/20122012-06-19
Word count:  321

If one wants to do business in Libya it is important to understand the current situation in the country, which is going through a political, economic and social transition and is still recovering from the consequences of the revolution.

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di-ve - editorial@di-ve.com
The revolution has led to a great deal of confusion, particularly among foreign investors, because the shifting of regulation and procedures and a weak regulatory environment have not inspired confidence in the market. Following a reform process enacted by the former regime, the economy experienced slight growth in the banking system and among small and medium-sized enterprises (SMEs).

To help entrepreneurs eyeing Libya better understand the situation, the GRTU organised another in a series of New Libya Investment Law Information sessions to help local enterprises prepare and protect themselves when approaching Libya. To this end, it invited a Libyan consultancy firm to explain the New Investment Law. The meeting was very informative.

Libya is understandably a market of interest for local enterprises both for its opportunities and historical relations with Malta. The way of doing business with Libya has changed drastically following the revolution and is being accompanied by changes in the legal system, including the laws concerning investment.

The country remains a highly challenging market, and while there are potential investment opportunities, there are corresponding challenges to successfully operating in Libya. The main challenges of the Libyan market remain: lack of sufficient information on Libyan companies; lack of transparency in the tendering process; instability in terms of security, regulation and political environment; an underdeveloped banking system; lack of skilled and educated labour; corruption; lengthy bureaucratic process and difficulty finding reliable Libyan partners.

When considering market entry it is important that any processes are official to guarantee security and protection of the investment.

Foreign investors have five main options when considering market entry, each of which have certain advantages and restrictions: representative office; branch office; joint venture company with a local firm and registration under Investment Law No. 5 of 1997 (Openness to Foreign Investment).

Also mentioned during the meeting were the prohibited activities for foreign investors; requirements for getting approval; privileges and exemptions and an overview of the tax system. [Source: DI-VE]
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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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Find out what contracts are on offer in Libya
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