Business

Chatham House: Libyan war economy impeding government performance

  • 17 April 2018 - 22:12
Chatham House: Libyan war economy impeding government performance

As Libya’s war economy persists, prospects for the restoration of functioning central governance become more distant, a recently published Chatham House report has concluded. Chatham House, the Royal Institute of International Affairs, is an independent policy institute based in London. The...

Libya credit cards and Turkish ATMs: A story that never ends

  • 16 April 2018 - 22:05
Libya credit cards and Turkish ATMs: A story that never ends

Since the beginning of 2017, the Central Bank of Libya (CBL) has decided to sell families 400 dollars per each member at the official rates (1.4 Libyan dinars per 1 US dollar). From that day on, the story began.  The money allocated for the families has been bought by Libyan nationals and...

Libyan Investment Authority files lawsuit in London court against JPMorgan Chase Bank for fraud

  • 9 April 2018 - 17:43
Libyan Investment Authority files lawsuit in London court against JPMorgan Chase Bank for fraud

Libya’s sovereign wealth fund has filed a lawsuit against JPMorgan Chase in a London court, a spokesman for the Libyan Investment Authority (LIA) said on Monday. Details of the lawsuit were not disclosed and a spokeswoman for JPMorgan declined to comment. The LIA has previously brought...

Esnad AL Taqnya appointed as exclusive distributor for Anker in Libya

  • 6 April 2018 - 12:31
Esnad AL Taqnya appointed as exclusive distributor for Anker in Libya

Esnad AL Taqnya has been appointed as the exclusive distributor for Anker in Libya and will be working with retailers and resellers to maximise the product’s potential in the consumer and commercial markets. Esnad AL Taqnya, Inc., Libya’s leading distributor of consumer electronics, apple...

Libya’s NOC inks deal with French Artelia for new Benghazi offices

  • 5 April 2018 - 12:58
Libya’s NOC inks deal with French Artelia for new Benghazi offices

Libya’s National Oil Corporation (NOC) said on Wednesday it had signed a deal with French building and engineering group Artelia to manage the development of its offices in the eastern city of Benghazi. NOC did not say when the complex would be built. The buildings will include offices...

NOC: Libya gas fields to enter maintenance phase in next April

  • 22 March 2018 - 20:54
NOC: Libya gas fields to enter maintenance phase in next April

Libya is going to conduct maintenance at its gas fields starting from the first week of April, the National Oil Corporation said.   Mellitah Oil and Gas, or MOG, a joint venture between NOC and Italy's Eni, had originally planned the maintenance at its gas fields and processing...

Societe Generale hopeful to resolve Libya investigations within weeks

  • 19 March 2018 - 11:53
Societe Generale hopeful to resolve Libya investigations within weeks

Societe Generale SA said on Monday that it hoped to resolve "within weeks" U.S. investigations into alleged Libor rigging and transactions made by the French bank involving Libyan counterparts, Reuters reported. The French bank said in a statement that dealings with the U.S. Department of...

Workers strike at Libya Al-Zawiya port puts off oil loading operation

  • 12 March 2018 - 20:57
Workers strike at Libya Al-Zawiya port puts off oil loading operation

Workers' strike at the Libyan oil port of Al-Zawiya delayed loading activity on Monday but negotiations were under way to resolve the dispute, several oil and trading sources told Reuters.   Workers at Al-Zawiya, which exports crude from Libya’s giant Sharara oilfield,...

Libyan Foreign Bank is gambling with Libyans’ money, CBL says

  • 11 March 2018 - 15:30
Libyan Foreign Bank is gambling with Libyans’ money, CBL says

  The Central Bank of Libya (CBL) has accused the Libyan Foreign Bank (LFB) of gambling with Libyans’ money, a letter issued by the CBL and obtained by Libyan News shows.   The CBL said the LFB is investing abroad with bonds that are not legal and have weak liability,...

Revealed: Portions of Libya frozen assets in UAE given to strongman Haftar

  • 10 March 2018 - 20:38
Revealed: Portions of Libya frozen assets in UAE given to strongman Haftar

The United Arab Emirates has provided the Libyan commander of east-based self-proclaimed army, Khalifa Haftar, with portions of Libyan frozen assets in Abu Dhabi, the second deputy of the High Council of State (HCS) Mohamed Imazib disclosed Saturday. Imazib, according to local...

Libya Investment Authority, Belgian Deputy Foreign Minister deny vanishing of €10b of Libya frozen assets

  • 10 March 2018 - 12:03
Libya Investment Authority, Belgian Deputy Foreign Minister deny vanishing of €10b of Libya frozen assets

  Belgian Deputy Foreign Minister Didier Reynders said the report of the disappearance of frozen Libyan funds from the Belgian Euroclear bank are "fake news."   The top diplomatic official was commenting on the report of Le Vif weekly news outlet, claiming that 10...

Belgium: 10 billion euros of frozen Libya assets disappeared from Euroclear Bank

  • 8 March 2018 - 21:28
Belgium: 10 billion euros of frozen Libya assets disappeared from Euroclear Bank

Authorities in Belgium have discovered the disappearance of 10 billion euros of frozen Libyan assets kept in the Euroclear Bank during the period 2013 to 2017, according to the Le Vif magazine. Le Vif magazine said these funds were controlled by the inner circle of ousted and killed Muammar...

Al-Feel oilfield in Libya to reopen regaining 70.000 bpd

  • 8 March 2018 - 14:39
Al-Feel oilfield in Libya to reopen regaining 70.000 bpd

  Reopening Libya’s 70,000 barrel-per-day Al-Feel oilfield, which was shut by a dispute on February 23, has been agreed on, the Petroleum Facilities Guard (PFG) said on Wednesday.   “It has been agreed to reopen Al-Feel oilfield,” PFG spokesman Taha Ghrouda...

Report: Billion-dollar Embezzled via the Libyan Foreign Bank

  • 7 March 2018 - 22:23
Report: Billion-dollar Embezzled via the Libyan Foreign Bank

United Nations panel of experts on Libya reported that 10 companies based in Tajoura - a Tripoli suburb - have received a billion dollars in illegal letters of credits from Jumhouria Bank. The report was based on details provided by some bank officials, revealing that there had been also threats...

Oil pumps again in Sharara oilfield in Libya

  • 5 March 2018 - 16:49
Oil pumps again in Sharara oilfield in Libya

Oil steadied after its steepest weekly loss in a month as Libya resumed production at its biggest oilfield following a brief halt. Futures in New York rose 0.2 percent after a 3.6 percent decline last week. The Sharara field, Libya’s biggest, has started producing again...

Libya oil production loses 300.000 bpd as gang shuts down key Sharara oilfield, demanding LYD 25 million

  • 4 March 2018 - 20:45
Libya oil production loses 300.000 bpd as gang shuts down key Sharara oilfield, demanding LYD 25 million

    Libya’s Sharara oil field stopped pumping crude oil and the National Oil Corporation announced force majuere inside it after a gang in Hamada area shut down pipeline from Sharara to the Zawiya refinery.   This plague to Libya's oil production comes several days...

French oil giant Total buys US MRO.N stake at Libya’s Waha oilfield for $450 million

  • 3 March 2018 - 10:11
French oil giant Total buys US MRO.N stake at Libya’s Waha oilfield for $450 million

French energy company Total (TOTF.PA) substantially raised its presence in Libya with the purchase of a 16.33 percent stake in Libya’s Waha concessions from U.S. Marathon Oil (MRO.N) for $450 million on Friday, Reuters reported. The deal will give Total access to reserves and...

Libya’s oil output soaring despite latest shutdown of key oilfield, Bloomberg reports

  • 1 March 2018 - 18:43
Libya’s oil output soaring despite latest shutdown of key oilfield, Bloomberg reports

    PetroChina Co. agreed to an annual contract to buy Libyan crude after similar deals by oil majors like Royal Dutch Shell Plc and BP Plc, underscoring a recovery in the North African country’s production even as its political uncertainty persists. The term contract is the...

Repsol earnings increase due to resumed Libya production

  • 28 February 2018 - 16:37
Repsol earnings increase due to resumed Libya production

Spanish energy company Repsol says cost reduction efforts, resumed production in Libya and rising market prices for crude boosted its earnings rise last year. Repsol S.A. said Wednesday it posted net income of 2.121 billion euros ($2.6 billion) in 2017 — a 22 percent increase on the previous...

US Treasury Department imposes sanctions on individuals, companies and vessels smuggling fuel from Libya

  • 26 February 2018 - 18:39
US Treasury Department imposes sanctions on individuals, companies and vessels smuggling fuel from Libya

The United States has issued a new round of sanctions targeting oil smugglers in Libya aimed at blocking exploitation of natural resources that is driving instability, the U.S. Treasury Department said on Monday. In a statement, Treasury’s Office of Foreign Assets Control (OFAC) said it was...