Business

Libya: AGOCO hopes to end power dilemmas impeding oil production

  • 1 January 2018 - 21:35
Libya: AGOCO hopes to end power dilemmas impeding oil production

The Libyan Arabian Gulf Oil Company (AGOCO) said it was hoping to resolve electricity problems by the end of March 2018. "Power complexities and outages are keeping production well below potential," AGOCO's Chairman said on Monday, Rueters reported. In recent weeks, AGOCO's production has...

Libya oil production is back to normal after repairs finished at key oilfield

  • 31 December 2017 - 22:52
Libya oil production is back to normal after repairs finished at key oilfield

Repairing has been finished on the Libyan oil pipeline that has been damaged in a suspected attack five days ago, engineers working at the site said, according to Reuters. The engineers added that the oil production is restarting gradually after a blast and resulting fire on Tuesday about 130 km...

Libya’s 2018 budget set at about 31 billion dollars as living conditions hit a new low

  • 30 December 2017 - 18:55
Libya’s 2018 budget set at about 31 billion dollars as living conditions hit a new low

The public budget for Libya in 2018 has been set at about 42.5 billion Libyan dinars, which is worth about 31 billion dollars at the official banking rates in the country, a source at the Ministry of Finance told The New Arab news website. The source, who requested to remain unnamed, added that...

Blown-up oil pipeline to be repaired by Sunday the most, Libya oil officials say

  • 30 December 2017 - 11:40
Blown-up oil pipeline to be repaired by Sunday the most, Libya oil officials say

The Libyan oil sector is likely going to start repairs Saturday or Sunday on a crude oil pipeline that had been blown up earlier this week, an oil official reported, according to Reuters. An explosion on Tuesday about 130 km (80 miles) south of the Sidra terminal cut Libya’s oil output by...

Oil prices soar to a two-year record high over Libya pipeline attack

  • 27 December 2017 - 20:41
Oil prices soar to a two-year record high over Libya pipeline attack

Crude slipped from the highest level in two and a half years amid light trading volume and reports that repairs to a Libyan pipeline should wrap up next week. Futures fell as much as 1.1 percent in New York amid holiday trading volume about 44 percent below the 100-day average. The Waha Oil Co....

HoR-appointed CBL governor sold gold bars during 2011 revolution, leaks show

  • 27 December 2017 - 14:42
HoR-appointed CBL governor sold gold bars during 2011 revolution, leaks show

The newly appointed governor of the Central Bank of Libya (CBL) by the House of Representatives (HoR) in Tobruk, Mohammed Al-Shukri, has sold gold bars from the CBL during the February revolution in 2011, a leaked document circulated on social media and media outlets in Libya has shown. The...

Libyan oil output drops by over 70.000 bpd as gunmen blow up key pipeline

  • 26 December 2017 - 21:04
Libyan oil output drops by over 70.000 bpd as gunmen blow up key pipeline

A group of gunmen have blasted a pipeline pumping crude oil to Al-Sider port on Tuesday, cutting Libya’s oil production by up to 100,000 barrels per day (bpd), military and oil sources reported on Monday. The Libyan National Oil Corporation (NOC) commented on the incident in a statement,...

Libya’s Central Bank announces $500 per family member in 2018

  • 21 December 2017 - 20:58
Libya’s Central Bank announces $500 per family member in 2018

The Central Bank of Libya (CBL) has announced the continuation of 2017 decision to allow Libyan families to buy dollars for the official bank rates with each family member getting 500 dollars in 2018 instead of 400 that was in 2017. The decision was issued on the CBL's official website Thursday,...

Disney buys Fox for $52.4bn

  • 14 December 2017 - 16:26
Disney buys Fox for $52.4bn

Walt Disney announced on Thursday that it is set to buy 21st Century Fox's entertainment assets for a total $52.4bn. The much talked about deal in recent days includes Fox's 39% stake in satellite broadcaster Sky, and the 20th Century Fox film studio. Disney will buy the Fox assets for...

Central Bank of Libya to give 256 million dinars to commercial banks in the eastern region

  • 14 December 2017 - 15:44
Central Bank of Libya to give 256 million dinars to commercial banks in the eastern region

The head of the crisis committee of the Central Bank of Libya (CBL) in Al-Bayda, Ramzi Al-Agha said that the bank will start distributing 256 million dinars in cash on the branches of commercial banks in the eastern region, next Sunday. Al-Agha said in a post on his official Facebook page that...