The Central Bank of Libya (CBL) has distributed 98 billion Libyan dinars (about $22 billion) to local commercial banks across Libya since the beginning of this year, the bank announced Tuesday. The measure is part of the CBL’s strategy to inject liquidity into bank branches nationwide, according to a CBL statement published on its Facebook page detailing the bank’s expenditures and revenues from January 1 to November 30. Over that period, the CBL processed nearly 2.2 million electronic payments worth 64 billion dinars via 648 bank branches and clearing houses in cities and towns across Libya, the statement revealed. The CBL has also been expanding usage of electronic banking and payments in Libya. As of the end of November, there were nearly 140,000 registered e-wallets in circulation, which have processed 34 million dinars in transactions.

The Wagner Group is a Russian private military company that provides security services to protect military and oil infrastructure in Libya. The Wagner Group has also been reported to have a presence in other conflict zones around the world, including Syria and Ukraine. The United Nations estimates that there are more than 20 thousand foreign mercenaries in Syria, including 13 thousand Syrian fighters. These mercenaries from Wagner were stationed at a base in Benghazi and participated in various operations of the Libyan National Army. Regarding the arming of mercenaries, Libyan military reports indicate that Syrian mercenary groups are using weapons that came as part of a shipment from Algeria.

Libyan National Oil Corporation launches sustainability strategyThe Libyan National Oil Corporation (LNOC) has launched its sustainability strategy, 'Think Tomorrow,' at COP28, marking its commitment to sustainable development, environmental stewardship, and diversified energy sources in LibyaThe strategy includes an 83% reduction in gas flaring by 2030, (Image source: Adobe Stock)Centered around the 'Power of Potential', the strategy signifies LNOC's intention to move beyond traditional oil-centric operations, aligning with the global shift towards sustainable practices. The strategy includes an 83% reduction in gas flaring by 2030, pooling collaborative efforts from nine oil subsidiaries, namely Mellitah, Al Khaleej, Sirte, Mabruk, Waha, Zueitina, Harouge, Akakus, and Alsarir. As part of its environmental commitment, the corporation plans to plant one million trees between 2023 and 2025. Our vision extends beyond oil and gas production; it's about unlocking the potential for positive change – for Libya, our industry, and the global community. We are navigating toward a resilient and prosperous energy future through collaboration, innovation, and a dedication to responsible practices."

The head of the General Authority for Exhibitions, Essam Al-Aoul, revealed in an exclusive interview with Libya Herald that an economic forum will be organized within the activities of the Tripoli International Fair in its 50th edition next year. Wide international participation expectedHe revealed that there will be wide participation from several countries from Asia, Europe and Africa, in the 50th edition which will bring together several international companies in numerous sectors. Al-Aoul said invitations will be sent out early and the General Authority for Exhibitions will facilitate the participation of countries and companies. April 2024Al-Aoul indicated that the 50th edition of Tripoli International Fair will be held at the end of next April, and invitations will be sent directly to countries and international companies during these days so that all invited parties can prepare well to attend and reserve spaces that suit their offers. Events on sidelinesAl-Aoul stressed the readiness of the Tripoli International Fair pavilions to receive participants and provide them with all the necessary needs for various services, expecting to attract many international and local companies with the holding of multiple and distinguished events on the sidelines of the exhibition.

Libya’s National Oil Corporation (NOC) plans to step up its output by 100,000 barrels per day in 2024, its chairman has said. The state oil company plans to boost production to 2 million bpd in the next three to five years, from about 1.2 million bpd currently. In 2021, oil revenue accounted for an estimated 98 per cent of Libya’s total government revenue, according to the country's central bank. Saudi Arabia, the world's largest oil exporter, has said it will keep its voluntary output cut of one million bpd until the end of March. In an interview with Bloomberg on Monday, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said he expected Opec to bring about the crude oil production cuts.

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The Federal Government in collaboration with the International Organisation for Migration (IOM) has safely returned 145 stranded Nigerians from Libya under the IOM Voluntary Humanitarian Return programme. According to Musa, the stranded Nigerians were in various detention centres for living illegally in Libya and without travel documents. Musa said that the evacuees who departed from the Mitiga International Airport in Libya on Monday afternoon were expected to arrive at the Murtala Mohammed International Airport on Monday evening. “Today, 145 stranded Nigerians were evacuated from Mitiga Airport, Libya, aboard chartered flight No UZ 189, and are expected to arrive the Murtala Muhammed International Airport on Monday evening. Musa stated that the Federal Government will continue to work collaboratively with IOM to repatriate stranded Nigerians in Libya under the Voluntary Humanitarian Return programme.

A new study by the U.S.-based think tank The Sentry has deemed Libya as “an integrated hub for intercontinental drug trafficking,” with the illicit narcotics business being the country’s fastest-growing trade. Most cannabis originates from Morocco, cocaine from Latin America, and captagon from Syria, the study noted. However, the analysis highlighted India as another key starting point for captagon, indicating manufacturing facilities may already operate on Libyan soil. Meanwhile, Libya reportedly sees a burgeoning cannabis trade given recent seizures of shipments. Cannabis streaming northward from Morocco can traverse Algeria or enter Libya directly through the Ghat border crossing after transiting Mauritania, Mali and Niger.

Libya’s National Oil Corporation (NOC) has unveiled ambitious plans to expand the country’s oil and gas production over the next few years. NOC chairman Farhat Bengdara announced intentions to offer new licensing bids for onshore and offshore exploration by end-2024. Speaking Tuesday at the COP28 climate summit, Bengdara said “we are in initial phases of mapping prospective areas.” The NOC seeks to double Libya’s current oil output to 2 million daily barrels within 3-5 years, eyeing preliminary boosts by 100,000 bpd through existing fields by end-2024. Bengdara also set goals to eliminate all flaring of associated gas by 2030. Rampant gas flaring has plagued Libyan petroleum facilities for decades.

With the participation of companies from both countries and under the slogan, ‘‘Libya and Italy: We grow together’’, the Libyan-Italian Economic Forum will be held in Rome tomorrow, Wednesday 6 December. New phase of trade relations to be launchedCommenting exclusively to Libya Herald, about the forum, the President of the Libyan-Italian Chamber of Commerce and the Forum Coordinator, Anwar Abu Sitta, said 100 Libyan businessmen are participating in the forum. He said the forum aims to launch a new phase of trade exchange and economic cooperation, enhance, and develop economic exchange between them, and solve the obstacles facing businessmen in the two countries. Abu Sitta added that the forum comes in accordance with the cooperation agreement concluded between the Libyan and Italian sides of the Joint Chamber of Commerce during the past months. Strengthening private sector economic tiesThe forum, he added, will include dialogue sessions aimed at strengthening economic ties between the private sector in both countries and presenting the problems and difficulties facing companies and business owners dealing in the two countries.

The NESDB team presented a visual presentation that included the most important projects (completed and ongoing for the years 2022-2023) that it is working on in collaboration with implementing stakeholders. In its presentation, the Malaysian delegation conveyed practical experience in supporting the Malaysian government by evolving a new developmental vision. This is based on developing the human element and caring for providing a decent life, promoting the health sector, and then focusing on the national economy. The spotlight was also shed on the most important previous achievements of the advisory council as a supporter of the government despite the obstacles it faced due to the succession of governments and periods of (relative) instability that Malaysia went through. NESDB signs agreement with Malaysia Consultative Council to benefit from its development experience (libyaherald.com)Libya draws inspiration from successful experiences in Malaysia (libyaherald.com)

📩 05/12/2023 10:38Parliament's decision to extend the duration of the permission given to send troops to Libya for 2024 months, starting from January 24 Official newspaperIt entered into force after being announced in . The Decision on 2 Month Extension as of January 2024, 24 was published in today's Official Gazette. In the said decision; It is reminded that the Libya Political Agreement was signed in Suheyrat, Morocco, on 17 December 2015, following the Libya Political Dialogue, which was carried out with the participation of all parties in Libya under the facilitation of the United Nations and with the participation of all parties in Libya to establish peace and stability in Libya, on December 2259, XNUMX. Establishing peace and ensuring stability is of great importance for Turkey. "In this context, Turkey continues to provide training and consultancy support that will contribute to Libya's security within the scope of the Security and Military Cooperation Memorandum of Understanding signed with Libya and entered into force."

The Federal Government in collaboration with the International Organisation for Migration has rescued 145 stranded Nigerians from Libya under the IOM Voluntary Humanitarian Return programme. According to Mr Musa, the stranded Nigerians were in various detention centres for living illegally in Libya and without travel documents. Mr Musa said that the evacuees who departed from the Mitiga International Airport in Libya on Monday were expected to arrive at the Murtala Muhammed International Airport on Monday evening. “Today, 145 stranded Nigerians were evacuated from Mitiga Airport, Libya, aboard chartered flight No UZ 189, and are expected to arrive at the Murtala Muhammed International Airport on Monday evening. Mr Musa stated that the Federal Government would continue to work with IOM to repatriate stranded Nigerians in Libya under the Voluntary Humanitarian Return programme.

The Federal Government, in partnership with the International Organisation for Migration (IOM) has safely returned 145 stranded Nigerians from Libya under the IOM Voluntary Humanitarian Return initiative. Charge d’Affaires of the Nigerian Mission in Libya, Kabiru Musa revealed this in a statement issued on Monday. According to Musa, the stranded Nigerians were being held in various prison institutions for being in Libya illegally and without travel permits. Musa stated that the evacuees who left Libya’s Mitiga International Airport on Monday afternoon were anticipated to arrive at Murtala Muhammed International Airport on Monday evening. “Today, 145 stranded Nigerians were evacuated from Mitiga Airport, Libya, aboard chartered flight No UZ 189, and are expected to arrive at the Murtala Muhammed International Airport on Monday evening.

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