CAIRO (AP) — Libya’s state-owned oil company resumed production at the country’s largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages. The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country’s south and resumed full production. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances. Barzingi al-Zarrouk, the protesters’ spokesman, announced that they have suspended their protest after they reached agreement with the company. Libya has been in turmoil since a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011.

In an effort to streamline its customer service operations and enhance its customers’ digital banking experience, Libyan Islamic Bank (LIB) has partnered with Backbase (www.Backbase.com), the renowned expert in engagement banking platform solutions worldwide. Backbase stands out as a market leader with top-notch innovative digital platform capabilities, making it a preferred choice for this partnership. About Libyan Islamic Bank:Libyan Islamic Bank, established in 2017, is an Islamic financial institution based in Libya with a capital of 250 million Libyan dinars. Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform - including Over 120 financials around the world have embraced the Backbase Engagement Banking Platform - including Standard Bank, Mauritius Commercial Bank, I&M, BIAT, Stanbic Bank, Advanzia, Banco Caja Social, Banco de la Nacion Peru, Bank of the Philippine Islands, Citizens Bank, Greater Bank, HDFC, Judo Bank, KeyBank, National Bank of Bahrain, Natwest, Raiffeisen, Société Générale Group, and TPBank.

The Libyan Investment Authority (LIA) announced today that it has signed a strategic agreement with BP to enhance the partnership. The LIA said the agreement aims to enhance cooperation and partnership between the two parties to confirm the progress of the exploratory project in the Ghadames Basin and the Gulf of Sirte for blocks A, B & C, in partnership with Eni and the National Oil Corporation. It said that this project is considered one of the largest exploratory projects in Libya due to the exploration it includes on land and at sea. The LIA reported that the two parties expressed their optimism about the success of the partnership and their confidence in overcoming the challenges. They also discussed searching for new projects in the field of oil and gas to contribute to increasing Libyan production, as well as alternative energy projects to support the energy sector in Libya and reduce emissions.

In the wake of the approval of the second interconnector linking Malta and Italy, the Maltese government is reportedly considering separate energy supply agreements with Libya and Egypt. The accord was formalised during a meeting between Egyptian Energy Minister Mohammed Shaker and Malta’s Energy Minister Miriam Dalli, emphasising the positive diplomatic relations between the two nations. Meanwhile, in Libya, the General Electricity Company of Libya (GECOL) expressed serious interest in constructing an interconnector involving Malta, Italy, and Greece. In June 2023, Malta and Libya signed a memorandum of understanding, committing to collaborate on an energy interconnector connecting their electricity grids. Malta envisions becoming a conduit for green energy between Libya and Europe, building on its existing energy interconnection with Sicily.

Mauritania will reopen its embassy in the capital of Libya, Tripoli, revealed the Minister of Foreign Affairs and International Cooperation of Mauritania, Mohamed Salem, during a meeting with Libyan Prime Minister Abdul Hamid Dbeibeh in Tripoli today. According to a statement by the premier’s media office, Salem presented Dbeibeh, during the meeting, with a verbal message from the President of Mauritania, Mohamed Ould Ghazouani, confirming the depth of relations between the two countries and working to coordinate efforts at the level of the Arab Maghreb Union and the African Union. For his part, Dbeibeh called for the strengthening of economic cooperation between Libya and Mauritania and underlined the “historic relationship” between the two countries. The Prime Minister underlined the need to continue cooperation in all fields, as well as to create opportunities for Libyan producers and the private sector to present their activities in Mauritania with exhibitions and business forums in Nouakchott.

The General Electricity Company of Libya (GECOL) reveal yesterday that Greece, Italy and Malta will be the points of electrical interconnection with the European Union. The revelation was made during the Third Meeting of GECOL’s International Interconnection Committee held yesterday at GECOL’s Tripoli headquarters on Al-Swani Road. The meeting announced the start of studying a project to activate electrical interconnection points with European Union countries and to intensify efforts and overcome all obstacles and difficulties to ensure the success of plans and programmes. This comes within GECOL’s framework to diversify energy sources and strengthen the Libyan electrical network by increasing its stability. Libya and Greece to strengthen cooperation in the Electrical Interconnection Project (libyaherald.com)Libya discusses cooperation in renewables with Greece (libyaherald.com)Libya and Malta discuss strengthening energy cooperation and follow up on June’s MoU (libyaherald.com)Libya and Malta sign MoU on electricity connectivity during Maltese PM’s Tripoli visit (libyaherald.com)The International Conference on Renewable Energies and Green Hydrogen in Benghazi discusses several key topics (libyaherald.com)Beyond the controversial Turkish maritime agreement: Greece seeks cooperation in energy, construction, maritime transport, health, security, tourism, education and culture (libyaherald.com)GECOL agrees MoU to create Arab electricity network (libyaherald.com)

Turkish contractor fails to revive treaty claim against LibyaThe claim centred around construction projects in Tripoli (Credit: Shutterstock/Hussein Eddeb)The claim centred around construction projects in Tripoli (Credit: Shutterstock/Hussein Eddeb)The Paris Court of Appeal has upheld an ICC award that dismissed a US$190 million investment treaty claim brought by a Turkish construction company against Libya over projects left unfinished after recent civil war.

A boat in distress was intercepted by a rescue ship, saving 126 people, including 30 minors and one infant. Mediterranean Sea – In the pitch-black hours of early Thursday morning, the Humanity 1 rescue ship approached a sky-blue wooden boat in distress in the central Mediterranean Sea. They boarded the Humanity 1 barefoot, completely soaked in saltwater and obviously suffering from the cold and severe dehydration. The Humanity 1 was assigned a port of safety in Genova, north of Italy – but will request a closer port to disembark the suffering survivors sooner. Humanity 1 is operated by the German NGO SOS Humanity and has been undertaking risky search-and-rescue missions across the Mediterranean Sea since 2022.

Libya Connects its Electricity Network with EU: An Initiative ForwardThe General Electricity Company of Libya (GECOL) has unveiled plans to sync Libya’s power network with the European Union, identifying Greece, Italy, and Malta as focal points for electrical interconnection. This announcement came to light during the Third Meeting of GECOL’s International Interconnection Committee held at the company’s headquarters in Tripoli. Connecting Libya and EUThe project’s primary objective is to explore and establish electrical interconnection points with EU nations. It forms a part of GECOL’s broader strategic plan to diversify energy sources and boost the resilience of Libya’s electrical network. Energy Cooperation and DiversificationThis move aligns with Libya’s ongoing endeavors to fortify international collaboration in the energy sector, notably with Greece and Malta.

The Libyan Investment Authority (LIA) announced today that it has signed a strategic agreement with BP to enhance the partnership. The signing took place at BP’s headquarters in Cairo yesterday, in the presence of the Chairman of the Board of Directors and CEO, Ali Mahmoud Hassan, members of the Board of Directors, and several officials and experts from both sides. It said that this project is considered one of the largest exploratory projects in Libya due to the exploration it includes on land and at sea. The LIA reported that the two parties expressed their optimism about the success of the partnership and their confidence in overcoming the challenges. They also discussed searching for new projects in the field of oil and gas to contribute to increasing Libyan production, as well as alternative energy projects to support the energy sector in Libya and reduce emissions.

During his meeting with the (elected) Local Chiefs of Libya, Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, said Libya loses about LD 60 billion (US$ 12 bn) annually in subsidies. Aldabaiba has announced that he is reforming the current subsidy system by paying the estimated calculated amount equivalent of fuel by every Libyan directly into their bank accounts. There is also a fear that the inflationary effect of removing subsidies would negate any payments made by the government. Aldabaiba said he will consult with the general public through conducting opinion polls and is engaging in an information campaign to sell the idea of subsidy reform. Weak interim governments lack mandate to force subsidy reformsIt will be recalled that nearly every interim Libyan government since the February 2011 revolution that ended the Qaddafi regime has talked about subsidy reform without taking any action.

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Stephanie Williams, the former UN envoy to Libya, claimed in a recent article that the Haftar family is consolidating its grip on power in eastern Libya. Struggle for control in the westWilliams warned of continuing struggles for dominance among various militias in western Libya, noting deadly clashes in Tripoli last summer between the Deterrence Force and Brigade 444, which killed dozens. She explained that “the hybrid armed group environment in western Libya remains highly fragmented.” Armed groups in Tripoli continue to compete by preying on what remains of the country’s institutions. Dbeibah has channeled billions in patronage to western militias, offering financial and political support through bloated budgets, dodgy contracts and shadow state structures accountable only to him. As her troubled tenure ends, Williams might reflect on how overlooking brazen corruption helped enable the rise of armed groups and rogue actors devastating Libya today.

The European Union’s ambassador to Libya urged domestic factions on Thursday to unite behind UN special representative Abdoulaye Bathily, warning that key foreign powers also need to stand back and enable compromise. Following talks with Presidential Council Vice President Abdullah Al-Lafi, Ambassador Nicola Orlando said they agreed on “the need for key stakeholders to put aside self-interest and work with Bathily to pursue unity and durable stability in Libya.”“Wwe called on international and regional partners to allow a Libyan solution to emerge to resolve the current stalemate.” He added. This call echoed Bathily’s own warnings that Libya faces ongoing deadlock or potential renewed clashes unless leading actors, both internal and international, allow an autonomous political recalibration untainted by competing agendas.

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