Business

on January 28, 2013 at 22:01 / in Business

Strike keeps Libya’s main oil refinery shut after fault -traders

Jan 28 (Reuters) – Libya’s main oil refinery, Ras Lanuf, remained offline on Monday due a workers’ strike, after the 220,000 barrels per day plant was shut down last week due to a technical fault, traders said. A note was sent to clients in the afternoon to say that employees [...]

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on January 26, 2013 at 12:51 / in Business

Taqnya: everybody was talking fibre optics and LTE

By Tom Westcott Taqnya, Libya’s seventh annual Telecommunication and Information Technology Exhibition, ran from the 21-24 January at the Tripoli International Fairground. Improving Libya’s poor internet connectivity and unreliable mobile networks was what everybody wanted to talk about. Hatif Libya, the national carrier for all telephone lines in the country, [...]

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on January 25, 2013 at 11:48 / in Business

Libya’s silence on oil deals a setback for transparency

By Jessica Donati and Marie-Louise Gumuchian (Reuters) – Libya will not reveal the details of its oil sales this year, National Oil Corporation (NOC) officials told Reuters this week, stepping back from pledges to deliver greater transparency after the corruption of the pre-revolutionary regime. Oil producers commonly keep the details [...]

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on January 13, 2013 at 01:12 / in Business

Italy’s Consul-General in Benghazi shot at

Italy’s Consul-General in Benghazi, Guido de Sanctis, was attacked in Benghazi late today Saturday, but was not hurt.  ”He was unharmed”, an Italian official told the Libya Herald, “but we have no details exactly what happened”. A source in Benghazi said that the incident took place early this evening. Unknown assailants [...]

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on December 18, 2012 at 14:03 / in Business

Contraband suspicions keep Libyan militias on high alert for Malta vessels

‘Cargo’ trawler was kept under arrest at Khoms over suspicions of fuel smuggling – witness By Matthew Vella A fishing trawler that was converted into a cargo boat was suspected of smuggling contraband marine diesel oil, when Libyan rebel militias were called in to place the vessel under arrest. The [...]

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on December 17, 2012 at 13:11 / in Business

Eni to Invest $8 Billion to Develop Libya Operations

By Gilles Castonguay Italian energy company Eni SpA (ENI.MI) Sunday said it planned to invest $8 billion in Libya over the next 10 years to develop its production activities as well as conduct more exploration in the north African country. Eni made the announcement after its chief executive, Paolo Scaroni, [...]

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on December 7, 2012 at 15:48 / in Business

PM Gonzi hopes for energy agreement with Libya

By Mark Micallef The Prime Minister has expressed hope that Malta would reach an energy agreement with Libya with a view to secure oil purchases from the North African state. He was addressing a news conference at the Radisson in Tripoli following a meeting with Libyan Prime Minister Ali Zeidan, [...]

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on December 3, 2012 at 18:35 / in Business

Libya pays extra for food imports as sellers fear disarray

* International traders cite growing uncertainty * Libya has stepped up wheat, sugar purchases since 2011 war By Jonathan Saul and Marie-Louise Gumuchian LONDON/TRIPOLI, Dec 3 (Reuters) – Libya is having to pay extra for food imports and traders say some foreign firms are diverting shipments elsewhere due to fears [...]

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on November 29, 2012 at 14:00 / in Business

Libya’s new currency to begin circulation by the end of January 2013

The governor of the Central Bank of Libya, Al-Siddig Al-Kabiir, announced that the new currency begins circulation in Libya by the end of January 2013 of its five, ten, twenty and fifty dinar denominations. According to a statement issued by Mr. Al-Kabiir, the Central Bank of Libya began since the [...]

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on November 27, 2012 at 22:31 / in Business

Libya oil ministry proposes shake-up of key industry

* Ministry proposes creation of two separate bodies in Tripoli and Benghazi * Exploration and production would be separated from refining By Marie-Louise Gumuchian TRIPOLI, Nov 27 (Reuters) – Libya’s oil ministry is proposing to separate the OPEC member’s exploration and production activities from refining, shaking up the running of [...]

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on November 19, 2012 at 14:10 / in Business

Libya and Saudi Arabia looking to strengthen ties

Dr. Muhammad Al-Mgariaf, president of the Libyan National Conference, has expressed his country’s desire to strengthen economic and commercial cooperation with Saudi Arabia. Addressing Saudi businessmen at the Council of Saudi Chambers in Riyadh, he said: “We would like to encourage Saudi investors to carry out joint projects in Libya.” [...]

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on November 12, 2012 at 14:17 / in Business

Libya’s Afriqiyah Airways buys 4 more Airbus A350s

Libyan carrier Afriqiyah Airways has ordered four Airbus A350-900 XWB aircraft, the European planemaker said on Monday, in a deal worth $1.1 billion at list prices. The airline has also converted a previous order for six A350-800s into the larger A350-900 model. The total order for 10 A350-900s is worth [...]

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on November 7, 2012 at 23:56 / in Business

Libya’s NOC targets 1.72 mln bpd oil by end-March

* Says protests caused brief outage at El-Sharara field * Aims for 2.2 mln bpd output within five years * Libya to increase refining capacity, look for shale gas (Adds detail on refining capacity) By Emma Farge VIENNA, Nov 7 (Reuters) – Libya’s National Oil Corporation (NOC) aims to boost [...]

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on October 1, 2012 at 21:53 / in Business

Libya says pushing forward with Islamic finance plans

Libya hopes to start implementing its new Islamic banking law by the end of the year and expects strong demand among the public for sharia-compliant financial services, Libyan central bank governor Saddek Omar Elkaber said on Monday. The country approved an Islamic banking law in May and has been working [...]

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on October 1, 2012 at 21:24 / in Business

Edison wins Libya gas arbitration with Eni

* Edison EBITDA gets 250 mln euro boost from arbitration * Follows Qatar LNG arbitration win for 450 mln euro * Expects to conclude Algeria gas arbitration in 2013 (Recasts lead, adds details, background) Italian energy group Edison said on Monday it had won a dispute with Eni to review [...]

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