Business

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...

Libya’s state oil firm suspends natural gas supply to LifeCo over debts

  • 26 January 2019 - 12:38
Libya’s state oil firm suspends natural gas supply to LifeCo over debts

The Libyan National Oil Corporation (NOC) confirmed Friday the suspension of natural gas supply to the Libyan Norwegian Fertiliser Company (LifeCo) pending settlement of unpaid debts.   The NOC said in a statement on its website that its management had attempted to resolve the...

Libya’s Central Bank says deficit lowered to 4.6 billion dinars by end of 2018

  • 15 January 2019 - 13:11
Libya’s Central Bank says deficit lowered to 4.6 billion dinars by end of 2018

Libya’s budget deficit was narrowed to 4.6 billion dinars ($3.32 billion dollars) in 2018 down from 10.6 billion dinars in 2017 thanks to a rise in oil revenues, the central bank said on Monday. Libya’s oil revenues stood at 24.5 billion dollars in 2018, up 78 percent from the previous year,...

Swiss Glencore loses exclusive rights to major Libyan oil grades

  • 10 January 2019 - 17:00
Swiss Glencore loses exclusive rights to major Libyan oil grades

Reuters reported on Thursday that the Swiss trading and mining giant Glencore (GLEN.L) had lost its exclusive marketing rights for two of Libya’s main crude oil export grades after holding them since late 2015, citing trading sources with direct knowledge with the matter. The Switzerland-based...

Libya’s oil revenue highest in five years reaching over $24 billion

  • 7 January 2019 - 20:58
Libya’s oil revenue highest in five years reaching over $24 billion

The National Oil Corporation (NOC) recorded an average production of 1.107 million barrels per day in 2018 and total revenues of 24.4 billion USD – a five year high and 78% year-on-year increase. NOC chairman, Eng. Mustafa Sanalla presented the 2018 financial data and NOC subsidiary plans...

Libya aims to raise oil output to 2.1 million bpd, Sanallah says

  • 6 January 2019 - 18:36
Libya aims to raise oil output to 2.1 million bpd, Sanallah says

Libya aims to increase its oil production to 2.1 million barrels per day (bpd) from 953,000 bpd currently, the chairman of the state oil company NOC said on Sunday in Benghazi. Reaching that target hinges on improving security conditions in the country, Mustafa Sanallah said at a news...