Business

Libya’s National Oil Corporation signs oil investment and purchase deals with Russian Rosneft

  • 21 February 2017 - 13:38
Libya’s National Oil Corporation signs oil investment and purchase deals with Russian Rosneft

Russian oil company, Rosneft PJSC, signed investment and crude-purchasing agreements with Libya’s National Oil Corporation (NOC). Moscow-based Rosneft agreed to invest in exploration and production in Libya, the state-run NOC said Tuesday in a statement on its website, without specifying...

NOC official says Libya’s oil output exceeded 700k bpd, stressing 45% of land is still virgin

  • 16 February 2017 - 12:31
NOC official says Libya’s oil output exceeded 700k bpd, stressing 45% of land is still virgin

Libya’s oil output has so far exceeded 700,000 barrels per day (bpd), the board member of the National Oil Corporation (NOC) Jadallah Al-Okli, stated in an interview in Egypt, reported Bloomberg. “Libya’s oil production is due to keep rising as working conditions in the country improve...

Libya’s Special Deterrence Force arrest four oil executives over offshore fraud

  • 15 February 2017 - 11:36
Libya’s Special Deterrence Force arrest four oil executives over offshore fraud

Days after Libya loaded its first tanker from a new floating storage platform in the offshore Bouri oilfield, Special Deterrence Force had detained four senior oil executives over fraud related to the project. The Special Deterrence Force (SDF), based in Tripoli, on Monday arrested four...

Uganda’s MPS to visit Libya over Uganda Telecom mismanagement

  • 14 February 2017 - 19:30
Uganda’s MPS to visit Libya over Uganda Telecom mismanagement

Uganda's parliamentary select committee, which is investigating mismanagement at Uganda Telecom (UTL), will soon travel to Libya in line with the inquiry. LAP-Green, a subsidiary of Libyan Post, Telecommunication and Information Technology Holding Company holds 69% majority shareholding in UTL...

Germany repatriates 300 tons of gold bars from US Federal Reserve Bank

  • 11 February 2017 - 12:09
Germany repatriates 300 tons of gold bars from US Federal Reserve Bank

Germany has finished repatriation of 300 tons of gold bars from the United States.. Germany’s central bank has established the return of its gold reserves to domestic vaults by the end of 2017, three years ahead of schedule. Earlier this week, the Associated Press reported that the...

Exclusive: Tripoli Appeals Court’s order shows cancellation of PC’s LIA steering committee

  • 7 February 2017 - 16:40
Exclusive: Tripoli Appeals Court’s order shows cancellation of PC’s LIA steering committee

The Libyan Express has obtained the Tripoli Appeals Court's order that ordered the cancellation of the Presidential Council's decree to form a steering committee to head the Libyan Investment Authority (LIA). The order shows clearly that on January 22, following the decision of the second...

Libyan Investment Authority denies reports of armed men taking over headquarters in Tripoli

  • 6 February 2017 - 22:27
Libyan Investment Authority denies reports of armed men taking over headquarters in Tripoli

A source at the Libyan Investment Authority (LIA) in Tripoli tells Libyan Express that reports of armed men taking over the LIA headquarters, which have been circulated by some media outlets and on social media, are untrue. The source reaffirmed that this news has no basis in fact, and that...

Glencore strikes a deal with Libya’s NOC to handle Libyan oil output

  • 6 February 2017 - 12:09
Glencore strikes a deal with Libya’s NOC to handle Libyan oil output

Reuters - Swiss-based commodities giant Glencore has extended a deal with Libya's state oil firm to be the sole marketer of one third of the country's current crude oil production, sources familiar with the matter said. It was not clear for how long Glencore would continue to have exclusivity...

New banknotes arrive in Tripoli from the UK

  • 2 February 2017 - 20:00
New banknotes arrive in Tripoli from the UK

The Central Bank of Libya (CBL) said it had received new banknotes of the Libyan dinar printed in the UK on Thursday morning at Mitiga Airport, Tripoli. The CBL added that money cargo is worth over 20 million dinars and will be sent to all the commercial banks in Libya according to the...

Libya’s foreign currency black market fluctuating as dollar drops sharply

  • 2 February 2017 - 15:21
Libya’s foreign currency black market fluctuating as dollar drops sharply

The Libyan black market for foreign currencies in Tripoli's Al-Dahra and Sooq Al-Dahab (Gold Market) has been reportedly fluctuating in the last 24 hours with the $1 ranging between LYD5.8 and LYD5.5, according to sources from the market. The sources, who asked to remain anonymous, told the...