Business

Governor of parallel Libya central bank opposed to economic reforms

  • 10 June 2018 - 15:57
Governor of parallel Libya central bank opposed to economic reforms

The former governor of the parallel Central Bank of Libya in al-Bayda, eastern Libya, Ali Al-Hibri, said the economic reforms announced by the CBL governor in Tripoli Al-Siddiq Al-Kabeer and the Presidential Council in Tunisia are "harmful" and could lead to the collapse of the Libyan...

Central Bank of Libya imposes fees on selling foreign currency

  • 10 June 2018 - 00:38
Central Bank of Libya imposes fees on selling foreign currency

The Central Bank of Libya (CBL) agreed in a meeting Saturday to charge fees on foreign currency transactions in the country in an attempt to narrow the gap between the official rates of foreign currency and those on black market.  The step was announced by the CBL Governor Al-Sediq Al-Kabir...

Key economic reforms announced by Libya’s central bank and Presidential Council

  • 6 June 2018 - 00:29
Key economic reforms announced by Libya’s central bank and Presidential Council

The Governor of the Central Bank of Libya (CB) in Tripoli Al-Sidiq Al-Kabir said that officials in the Government of National Accord's Presidential Council had reached agreement on enacting key economic reforms, including to fuel subsidies and the exchange rates, by the end of July 2018. This...

Libya wins lawsuit at French court against Portuguese companies

  • 29 May 2018 - 12:13
Libya wins lawsuit at French court against Portuguese companies

Libya has won two international lawsuits against a Portuguese company and a Lebanese one respectively, demanding financial compensation totaling 88 million Euros (102 million U.S. dollars). The justice ministry's lawsuit department said in a statement Monday that it won an lawsuit before the...

US dollar against Libyan dinar skyrockets to near LYD8

  • 27 May 2018 - 15:56
US dollar against Libyan dinar skyrockets to near LYD8

The Libyan dinar has sharply dropped in value on Sunday starting in a hike from 6.60 on Friday to 7.75 per one US dollar on Sunday at the black market.  The Libyan dinar to US dollar exchange rates at the central bank are still at around 1.40 per one dollar. The new skyrocketing of exchange...

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...

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...

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...

Total says informed Libyan authorities of Marathon Oil deal

  • 25 April 2018 - 18:00
Total says informed Libyan authorities of Marathon Oil deal

French Total said on Wednesday it had informed Libya’s authorities of plans to acquire Marathon Oil’s stake in the Waha field for $4.5 billion even though it believed it did not require their consent. “The deal with Marathon has closed and Total owns Marathon’s stakes in Libya. On the...

Libya resumes oil flow to Es Sider terminal after fixing exploded pipeline

  • 25 April 2018 - 11:10
Libya resumes oil flow to Es Sider terminal after fixing exploded pipeline

Libya has resumed crude oil flows to the Es Sider export terminal after completing repairs to the pipeline that was damaged by an explosion on Saturday, sources close to the work said Wednesday. Libya's crude oil production was cut by 80,000 b/d after the Saturday attack on the pipeline...

Libya’s NOC: Fixing exploded pipeline takes few days

  • 22 April 2018 - 22:50
Libya’s NOC: Fixing exploded pipeline takes few days

The National Oil Corporation (NOC) in Libya said in a statement on Sunday that the pipeline operated by Libya’s Waha Oil Co that feeds Es Sider port will take few days top repair and regain about 80.000 bpd of crude.  Libya’s National Oil Corp (NOC) had said it expected a loss of production...