Business

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...

Libya’s Sirte Oil Company boosts production to 61.000 bpd

  • 29 April 2018 - 10:51
Libya’s Sirte Oil Company boosts production to 61.000 bpd

Oil production at Sirte Oil Co, a subsidiary of Libya’s state-owned National Oil Corp (NOC), now stands at 61,000 barrels per day (bpd), a senior official said on Saturday. Mohamed Aoud told Reuters that Sirte hoped to raise production to 90,000 bpd but the company lacked some equipment needed...

Libyan writer accuses Tunisia of stealing Libyan Foreign Bank

  • 26 April 2018 - 18:16
Libyan writer accuses Tunisia of stealing Libyan Foreign Bank

Libyan writer Abdelrazzak Al-Dahesh published an article telling the Tunisian President, Beji Caid Essebsi, that the Libyan Foreign Bank money ($200 million) frozen by Tunisia is being used illicitly to boost Tunisia's economy. "The reason why the money is frozen is that a Tunisian crook...

NOC discusses with BP and Eni resumption of oil exploration activities

  • 26 April 2018 - 18:12
NOC discusses with BP and Eni resumption of oil exploration activities

The Libyan National Oil Corporation (NOC) held discussions with BP and Eni about resuming exploration activity in the country, a statement on its website said on Thursday.    “Both BP and Eni expressed their desire to quickly return to Libya to resume suspended exploration...