Business

Libya government officials accused of wastage of public funds

  • 24 May 2018 - 15:48
Libya government officials accused of wastage of public funds

Libyan officials in the governments climbing to power since 2012 until 2017 have authorized spending over 277 billion Libyan dinars in the central bureaus except the eastern government "Interim Government" which spent in east Libya 21 billion dinars in those five years, an annual report by the...

Libya ships propane to Italy after four years of suspension

  • 24 May 2018 - 15:14
Libya ships propane to Italy after four years of suspension

Libya's National Oil Corporation shipped its first cargo of propane from Zueitina port, four years after the gas processing plant at the port was closed due to protests, the company said late Wednesday. NOC said on its website it shipped 61,761 barrels of propane to Italy on Sunday, onboard the...

Protesters threaten more oil output disruptions in Libya

  • 23 May 2018 - 21:20
Protesters threaten more oil output disruptions in Libya

Protesters have called on workers at the Waha oilfield in eastern Libya to shut down production but it was unclear whether output had actually stopped, a spokesman for the protesters said on Wednesday. The group of youths had earlier stopped output at a field operated by state-run Sirte Oil...

Unemployed youths vow to shut down key Libya oilfield

  • 20 May 2018 - 22:05
Unemployed youths vow to shut down key Libya oilfield

Several unemployed Libyan youths vowed on Sunday to shut down oilfields in Marada town in the eastern Libyan region unless demands for better state services are answered by the government. An oil engineer reported to Reuters that despite the threat, oil production was running normally through...

EU mulls Iran central bank transfers against US sanctions

  • 19 May 2018 - 15:55
EU mulls Iran central bank transfers against US sanctions

The European Commission is proposing that EU governments make direct money transfers to Iran’s central bank to avoid U.S. penalties, an EU official said, in what would be the most forthright challenge to Washington’s newly reimposed sanctions. The step, which would seek to bypass the U.S....

Libya Central Bank blames Audit Bureau for rocketing of foods prices in Ramadan

  • 17 May 2018 - 17:45
Libya Central Bank blames Audit Bureau for rocketing of foods prices in Ramadan

The Central Bank of Libya (CBL) issued a statement blaming the Audit Bureau for the current high prices of foods and goods in the markets during Ramadan. CBL said it had informed the related authorities of a looming economic crisis and foods shortages as well as rocketing prices in Libya, but...

Malta is adding to Libya’s instability by ignoring oil smuggling, report says

  • 9 May 2018 - 12:05
Malta is adding to Libya’s instability by ignoring oil smuggling, report says

Maltese authorities are ignoring calls by their Italian counterparts to tackle Libyan oil smuggling inside Maltese contiguous waters, reported The Guardian. Ship-to-ship transfers of the stolen oil is taking place some 19km from Malta. The stolen goods is said to be fueling further...

Libya eyes over 2 million bpd of crude output by 2022

  • 8 May 2018 - 22:14
Libya eyes over 2 million bpd of crude output by 2022

The Chairman of the Libyan National Oil Corporation Mustafa Sanallah said Libya aims to raise its oil production capacity to more than 2 million barrels per day (bpd) by 2022. Sanallah told a conference in Aberdeen on Tuesday that to support this strategy, Libya will be targeting all investment...

Societe Generale nears payment to settle Libya bribery case

  • 3 May 2018 - 17:29
Societe Generale nears payment to settle Libya bribery case

 Societe Generale is nearing an agreement to pay as much as $1 billion to resolve two U.S. probes -- into the rigging of benchmark interest rates and allegations of bribery in Libya -- according to people familiar with the matter reported by Bloomberg. Bloomberg said that the settlement deals...

Libya’s NOC to withhold Total-Marathon oil deal

  • 3 May 2018 - 17:19
Libya’s NOC to withhold Total-Marathon oil deal

The Libyan National Oil Corporation (NOC) will withhold Total’s share of crude from the Waha concession as a dispute drags on over the French oil major’s purchase of Marathon’s stake in the concession two months ago, Libyan oil and industry sources said. Total closed a $450 million deal to...