Business

The Libyan Foreign Bank and Al Baraka Group sign MoU to enhance their financial services

  • 26 July 2017 - 14:42
The Libyan Foreign Bank and Al Baraka Group sign MoU to enhance their financial services

Al Baraka Banking Group, B.S.C (ABG), the leading Bahrain-based banking group, has signed a Memorandum of Understanding (MoU) with the Libyan Foreign Bank (LFB), the leading Arab bank in Africa, to collaborate in all banking areas. The MoU was signed by Mr. Adnan Ahmed Yousif, President &...

Oil prices increase ahead of OPEC meeting today

  • 24 July 2017 - 10:39
Oil prices increase ahead of OPEC meeting today

Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production. Ministers from the Organization of the...

LAICO Central Africa General Director denies registering the company in his name

  • 23 July 2017 - 19:51
LAICO Central Africa General Director denies registering the company in his name

The General Director of the Libyan African Investment Company (LAICO)in Central Africa,  Ziyad Al-Zarzour, confirmed that what was reported on social media and media outlets about registering LAICO in his name is untrue at all.Al-Zarzour indicated that he retains his right to sue those who were...

Libya, Nigeria exempted from OPEC deeper oil output cuts policy

  • 23 July 2017 - 19:11
Libya, Nigeria exempted from OPEC deeper oil output cuts policy

Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, according to two people familiar with the...

Sanallah: Libya’s oil output aims for 1.25 million bpd by end of 2018

  • 20 July 2017 - 11:46
Sanallah: Libya’s oil output aims for 1.25 million bpd by end of 2018

Libya is aiming to produce 1.25 million barrels per day (bpd) by the end of the year and 1.5 million bpd by the end of 2018, the head of the National Oil Corporation (NOC) said on Wednesday. Libya hopes to reach output of 2.1 million bpd in four or five years, NOC chief Mustafa Sanallah said...

Libya’s NOC to share Libya’s oil production plan in OPEC meeting in Russia

  • 18 July 2017 - 15:29
Libya’s NOC to share Libya’s oil production plan in OPEC meeting in Russia

The Chairman of Libya's National Oil Corporation (NOC) said on Tuesday he would lead a Libyan delegation to a meeting of OPEC and non-OPEC oil producers in St Petersburg, Russia on July 22 to share his country's production plans, Reuters reported. NOC Chairman Mustafa Sanallah will share with a...

Oil prices up a little as Libya output keeps rising

  • 18 July 2017 - 12:27
Oil prices up a little as Libya output keeps rising

  Oil traded near $46 a barrel after snapping a five-day gain on concern output in the U.S. and OPEC member Libya is growing just as demand shows signs of improvement. Futures were little changed in New York after sliding 1.1 percent Monday, paring last week’s 5.2 percent gain. Output...

Kuwait: Not about time to curb oil production in Libya, Nigeria

  • 16 July 2017 - 08:56
Kuwait: Not about time to curb oil production in Libya, Nigeria

Kuwati’s OPEC governor, Haitham Al-Ghais, said on Friday that it was not yet time to curb crude oil production in Libya and Nigeria—the two OPEC members with the largest production increases over the last two months. The reason for OPEC’s unwillingness to pull the trigger on a cap for...

Libya’s Supreme Judiciary Council hails Libyan Foreign Bank’s efforts in annulling Tunisian company lawsuit

  • 10 July 2017 - 21:34
Libya’s Supreme Judiciary Council hails Libyan Foreign Bank’s efforts in annulling Tunisian company lawsuit

The Supreme Judiciary Council in Libya has extended thanks to the Libyan Foreign Bank (LFB) for doing remarkable work in the case filed by the Tunisian company (LMS) against it at Tunisian courts. In a letter signed by the Chairman of the Supreme Judiciary Council, the efforts to track down the...

Russian Rosneft oil firm starting lifting oil from Libya

  • 10 July 2017 - 21:21
Russian Rosneft oil firm starting lifting oil from Libya

The Russia'n oil firm, Rosneft, has begun lifting oil from Libya, the Chairman of the National Oil Corporation (NOC) Mustafa Sanallah, told reporters on Monday, according to Reuters. "Yes, they started," Sanallah told reporters when asked whether Rosneft had started to lift oil from the...