Business

Daewoo and Libya’s GECOL sign construction MoU for new power plant

  • 26 March 2019 - 19:28
Daewoo and Libya’s GECOL sign construction MoU for new power plant

South Korean Daewoo Engineering & Construction (E&C) Co. announced on March 21 that it had signed a memorandum of understanding (MOU) on the construction of a 450 MW power generation facility at Western Mountain Combined Cycle Power Plant with General Electricity Co. of Libya (GECOL) at...

Tripoli court rules for LFB director Ben Yousef to resume his post

  • 25 March 2019 - 21:28
Tripoli court rules for LFB director Ben Yousef to resume his post

North Tripoli Court ruled Sunday to stop the order of the Governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer of 2018 to dismiss the Director of the Libyan Foreign Bank (LFB) Mohamed Ben Yousef and his board of directors.  The ruling thus implicates that Ben Yousef is still the legal...

Workers of Libya’s Sharara oilfield demand salary hike of 67%

  • 25 March 2019 - 14:33
Workers of Libya’s Sharara oilfield demand salary hike of 67%

Some 50 to 60 workers at Libya's largest oilfield, Sharara, wearing blue jumpsuits, appeared in a video demanding a salary hike of 67%, a figure that the government decided in 2013. The demands are the first sign of dissent at the 315,000-barrels-per-day (bpd) field in southern Libya since it...

Sanallah to Bloomberg: Libya boosts oil output by a third after reopening Sharara field

  • 18 March 2019 - 20:27
Sanallah to Bloomberg: Libya boosts oil output by a third after reopening Sharara field

Libya's Sharara oilfield is currently pumping 260,000 barrels a day, the Chairman of the National Oil Corporation (NOC) Mustafa Sanallah told Bloomberg Television in an interview on Monday. Sanallah told Bloomberg that Libya's crude production has been boosted by a third after restarting its...

Libya’s parallel government sold $23 billion worth of bonds to cover employees’ salaries

  • 7 March 2019 - 20:56
Libya’s parallel government sold $23 billion worth of bonds to cover employees’ salaries

The Libyan east-based Interim Government has sold bonds worth more than $23 billion to fund its wage bill, bypassing the Central Bank of Libya in Tripoli and creating a potential financial black hole if the country reunifies, Reuters reported bankers and diplomats as saying. Interim Government's...

Libya’s NOC reopens Sharara oilfield

  • 5 March 2019 - 16:11
Libya’s NOC reopens Sharara oilfield

Libya's National Oil Corporation says production is to resume within hours at the southwestern Sharara oil field after control was retaken from an armed group last month. The militia's blockade had cost the state oil company around $1.8 billion in lost production. NOC chairman Mustafa Sanallah...

Libya’s NOC Chairman: Sharara oilfield remains shut till security improves

  • 28 February 2019 - 20:27
Libya’s NOC Chairman: Sharara oilfield remains shut till security improves

Libya’s Sharara oilfield is going to remain shut until armed groups leave the site, the Chairman of state oil company NOC said on Thursday.  “NOC is technically ready to lift the state of force majeure at Sharara, but the issue that remains is security,” Mustafa Sanallah said in a video...

Libya’s Central Bank relaunches $500 family grant

  • 27 February 2019 - 20:10
Libya’s Central Bank relaunches $500 family grant

The Central Bank of Libya (CBL) said in a statement on Wednesday that it is going to resume the $500 grant for every family member in the country starting from next Sunday. The CBL explained that the delay has been caused by the bank's investigation into the fake national IDs at the system of the...

Libya’s state oil firm lifts force majeure on Sharara oilfield

  • 26 February 2019 - 20:18
Libya’s state oil firm lifts force majeure on Sharara oilfield

After arriving in the UAE on Monday, the Chairman of the National Oil Corporation (NOC) Mustafa Sanallah met with the Head of the Presidential Council Faye Al-Sirraj and agreed on reopening Sharara oilfield and lifting force majeure.  "Sanallah met with the chairman of the Presidency Council...

Chairman of Libya’s NOC rejects reopening Sharara oilfield for security reasons

  • 25 February 2019 - 12:48
Chairman of Libya’s NOC rejects reopening Sharara oilfield for security reasons

The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah said in a video statement late on Sunday that the NOC won't reopen the biggest oilfield in the country "Sharara" because there are still armed militias and lack of security in there. He explained in the video that Sharara...

Libyan Investment Authority appoints Mustafa Al-Manea as new member

  • 24 February 2019 - 15:45
Libyan Investment Authority appoints Mustafa Al-Manea as new member

The board of directors of the Libyan Investment Authority (LIA) has appointed Mustafa Al-Manea as a new member. Al-Manea comes from Ghadames. He was born in Benghazi but has been living in Tripoli. He's a law school graduate from Garyounis University in Benghazi. The new appointee has several...

Dignity Forces spent one third of the spending budget

  • 20 February 2019 - 21:51
Dignity Forces spent one third of the spending budget

  The governor of CBL in eastern Al Bayda', Ali al-Hibri said that the dignity forces disbursed about 43% of the 2016 budget of 9 billion, 27% of the 2017 budget, and 20% of the 2018 budget. A triple of the spending budget approved by the bank in the last three years has been disbursed in...

Libyan NAC investigates 121 companies operating in Tunisia

  • 20 February 2019 - 18:50
Libyan NAC investigates 121 companies operating in Tunisia

The consultant of Libyan National Anti-corruption Commission Mehadi Ben Jemaa revealed that, the Commission has requested from its Tunisian counterpart to provide data of 121 Libyan companies operating in Tunisia, suspected to be implicated in laundering money. Ben Jemaa mentioned in statements to...

Libyan Food Expo to be held March 4

  • 20 February 2019 - 08:10
Libyan Food Expo to be held March 4

The second edition of ‘The Libya Food Expo’ will be organised by El Dawlia company and will be held from March 4 to 7, 2019 at the Tripoli International Fair, Tripoli. The event is supported by the Ministry of Economy and the General Fairs Authority. The Libya Food Expo focuses to serve as a...

Central Bank of Libya announces new ‘plastic banknote’ in Tripoli

  • 18 February 2019 - 21:35
Central Bank of Libya announces new ‘plastic banknote’ in Tripoli

The Central Bank of Libya (CBL) yesterday announced the new version of the cash currency Category 1 Dinar, coinciding with the 8th anniversary of February 17 revolution. It was during a ceremony held by the bank at its headquarters in the capital Tripoli, during which the Governor of CBL,...

EU blacklists Libya for money laundering and terrorism financing

  • 14 February 2019 - 16:33
EU blacklists Libya for money laundering and terrorism financing

The European Commission has placed Libya on a list of countries which have “strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks." The commission unveiled a list of 23 countries that also included Nigeria, Panama and Saudi Arabia, uam, Samoa, The...

Libya’s HoR Speaker calls for lifting force majeure at Sharara oilfield

  • 12 February 2019 - 20:18
Libya’s HoR Speaker calls for lifting force majeure at Sharara oilfield

The House of Representatives (HoR) Speaker Aquila Saleh has demanded that the Chairman of National Oil Corporation (NOC), Mustafa Sanallah, lift the force majeure declared in December at Sharara oilfield - the country's largest oilfield. The HoR's spokesperson Abdullah Bleheeq said Saleh said so...

Libyan Foreign Bank wins lawsuit against Tunisian firm

  • 9 February 2019 - 15:28
Libyan Foreign Bank wins lawsuit against Tunisian firm

The Libyan Foreign Bank (LFB) has won a lawsuit against a Tunisian company at the Tunisian Court of Appeals in a verdict delivered last Wednesday.  The Tunisian petroleum products filed a lawsuit against the LFB for $200 million in debt, however; the Tunisian court dropped those claims and ruled...

Haftar’s forces seize Libya’s largest oilfield Sharara

  • 7 February 2019 - 13:22
Haftar’s forces seize Libya’s largest oilfield Sharara

East-based Libyan self-styled army forces loyal to Khalifa Haftar said they had captured the closed Sharara oilfield on Wednesday. Haftar’s forces' spokesman Ahmed Al-Mismari called on state oil firm NOC to lift force majeure, a contractual waiver, it had declared when it shut down...

Libyan Investment Authority Chairman arrested on suspicion of corruption and embezzlement of funds

  • 6 February 2019 - 20:09
Libyan Investment Authority Chairman arrested on suspicion of corruption and embezzlement of funds

The Libyan Office of Public Prosecutor in Tripoli has issued an arrest warrant of the Chairman of the Libyan Investment Authority (LIA) Dr Ali Mahmoud Hassan Mohamed. Sources from the office reported Wednesday that Ali Mahmoud was detained and placed at the Special Deterrence Force-run...