Business

DLA: Ali Mahmoud controls Libyan Investment Authority’s decisions

  • 16 July 2018 - 22:52
DLA: Ali Mahmoud controls Libyan Investment Authority’s decisions

  Digital Libya Agency (DLA) revealed on Facebook leaked information saying that the board of directors of the Libyan Investment Authority (LIA) did not review the the necessary work assessment of the board members in its last week meeting, adding that one of the armed brigades...

Production at Sharara oilfield in south Libya disrupted over abduction of engineers

  • 14 July 2018 - 20:38
Production at Sharara oilfield in south Libya disrupted over abduction of engineers

Production at Libya’s giant Sharara oil field is said to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown armed group, the National Oil Corporation (NOC) said. The attack happened at a control station on the outskirts of...

Libya’s NOC lifts force majeure on El Feel oilfield, expects production to reach 72.000 bpd

  • 12 July 2018 - 20:42
Libya’s NOC lifts force majeure on El Feel oilfield, expects production to reach 72.000 bpd

Libya’s National Oil Corporation (NOC) said on Thursday that it was reopening the El Feel oilfield after resolving a dispute with guards over pay and benefits that shut it down in February. Production at El Feel was expected to reach 50,000 bpd in two days, and 72,000 bpd three days later, NOC...

Oil prices drop after Libya announced oil exports resumption

  • 11 July 2018 - 20:14
Oil prices drop after Libya announced oil exports resumption

Oil futures plunged on Wednesday as the market remained fixed on supplies resuming from Libya and rising trade tensions between the U.S. and China. The market shrugged off bullish government data showing U.S. crude stockpiles slumped by nearly 13 million barrels last week, the biggest slide in...

Trump’s letter to rivals allegedly results in resumption of oil exports in Libya

  • 11 July 2018 - 15:41
Trump’s letter to rivals allegedly results in resumption of oil exports in Libya

The President of the United States Donald Trump has allegedly sent a letter on Tuesday to the Speaker of the Tobruk-based House of Representatives (HoR) Aqilah Saleh and the Head of the Tripoli-based Presidential Council, Fayez Al-Sirraj, scolding them for badly tackling the oil crescent region...

Libya’s state oil company lifts force majeure on ports, resumes crude exports

  • 11 July 2018 - 12:05
Libya’s state oil company lifts force majeure on ports, resumes crude exports

Libya’s Tripoli-based National Oil Corporation (NOC) said on Wednesday that four export terminals were being reopened after eastern factions handed them the ports. Force majeure, a legal waiver on contractual obligations, was lifted on the ports of Ras Lanuf, Es Sider, Zueitina and Hariga, it...

Libya’s PM asks UN to from commission to monitor central bank transactions, governor welcomes

  • 10 July 2018 - 23:57
Libya’s PM asks UN to from commission to monitor central bank transactions, governor welcomes

The Head of the Presidential Council Fayez Al-Sirraj has asked in a letter to the international community for forming a commission to be tasked with monitoring and going though every transaction made by the Central Bank of Libya (CBL) in Tripoli and the parallel institution in...

NOC Chairman: Libya’s oil production on slide everyday due to shutdown of exports

  • 10 July 2018 - 15:00
NOC Chairman: Libya’s oil production on slide everyday due to shutdown of exports

Libya’s national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation (NOC) said in a statement on Monday. The NOC had not previously stated how high the country’s...

Libya force majeure on oil exports make prices skyrocket

  • 4 July 2018 - 20:28
Libya force majeure on oil exports make prices skyrocket

Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted US crude to levels not seen since late 2014. US light crude jumped 90 US cents, or 1.2%, to $74.84 a barrel, its highest since November 2014, before...

Libya’s NOC chairman urges UN sanctions commission to punish Haftar and 47 others for blocking oil exports

  • 3 July 2018 - 22:05
Libya’s NOC chairman urges UN sanctions commission to punish Haftar and 47 others for blocking oil exports

The National Oil Corporation (NOC) has also written to the UN sanctions committee and foreign embassies with evidence that it says shows Haftar’s allies have for years been offering questionable contracts in breach of UN resolutions, that would lead to millions in dollars of oil revenues being...