Tax Authority reports record revenues of LD 3.17 bn in 2023
The Libyan Tax Authority announced Thursday that it has achieved the highest annual revenues in its history in 2023. It reported that it had earnt total revenues exceeding LD 3.17 billion dinars, an increase of 37 percent or LD 808 million – over 2022. Income tax provides highest revenues for Tax AuthorityThe details published by the Tax Authorities show that income taxes ranked first in revenues with a total of LD 1.52 billion. The total deposit tax amounted to LD 474 million, fines amounted to LD 36 million, and enforcement rights amounted to LD 608,000. Non-oil revenues registered LD 2.14 bn in 2022 – up 0.56 bn on 2021 figures: Tax Authority (libyaherald.com)
Source:Libya Today
January 05, 2024 18:30 UTC
Protests in Southern Libya Lead to Shutdown of Major Oil Fields
Protests in Southern Libya Lead to Shutdown of Major Oil FieldsIn a move that has reverberated across the global oil market, a wave of protests has led to the abrupt shutdown of two major oil fields in southern Libya. The Sharara and el-Feel fields, located in the Ubari region, were forced to cease operations on Wednesday and Thursday, respectively. The closures, as confirmed by onsite engineers, have dealt a significant blow to the country’s oil output and have raised concerns over potential impacts on the global oil supply chain. While the Ministry has reiterated its support for demanding rights and redressing injustice, it has also called upon all parties to ensure the continuation of oil production and improve its marketing. This division has resulted in two conflicting authorities vying for power and control over Libya’s crucial oil and gas sector.
Source:Libya Today
January 05, 2024 17:57 UTC
Libya Drilling Boost
Libya’s state Sirte Oil Company on 28 December announced the successful re-entry of the first of three planned development wells on block NC107 in the Sirte Basin. The A1-NC107 well tested at a “very encouraging” 2,400 b/d of crude, SOC says. Both this and the other two planned production wells were originally drilled more than a decade ago. (CONTINUED - 128 WORDS)
Source:Libya Today
January 05, 2024 16:22 UTC
Oil Sets 3% Weekly Gain on Libyan Outages, Middle East Attacks
(Bloomberg) -- Oil posted a weekly advance, bolstered by output disruptions in Libya and increased tensions in the Middle East. Most Read from BloombergWest Texas Intermediate rallied near $74 a barrel, posting a 3% weekly gain. Crude’s gain this week comes despite analysts turning more pessimistic on the market. Wall Street already is cutting price forecasts for this year after global benchmark Brent dropped by almost a fifth last quarter. Most Read from Bloomberg Businessweek©2024 Bloomberg L.P.
Source:Libya Today
January 05, 2024 16:01 UTC
Qatar Ambassador attends Libya National Unity Government Head's meeting with envoys
The PeninsulaAmbassador of Qatar to Libya H E Khalid Mohammed Al Dosari took part in a meeting of Head of the Government of National Unity (GNU) of Libya H E Abdul Hamid Muhammad Al Dbeiba with ambassadors of the Arab, African and Islamic states accredited to Libya. During the meeting, the ambassadors were apprised of the latest political developments in Libya.
Source:Libya Today
January 05, 2024 08:58 UTC
Libya : Orbis Finances on the hunt for Libyan assets in France
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Source:Libya Today
January 05, 2024 05:43 UTC
Oil prices stabilise as Libyan supply concerns allayed by slow demand
Oil prices stabilised somewhat on Thursday, as concerns over Libyan supplies were allayed by worries about slowing economic growth and demandADVERTISEMENTOil prices slowed their rally somewhat on Thursday, with crude oil falling 0.64% to $72.2 (€65.8) per barrel and Brent crude oil dipping 0.51% to $77.8 (€70.9) per barrel on Thursday (4 December) afternoon. Earlier in the week, oil prices saw some gains after Libya’s largest oilfield, the Sharara, shut down completely amid protests. Oil markets rocked by Libya’s supply pauseThe Sharara oilfield can produce up to 300,000 barrels per day, and is operated in a joint venture between Equitor, Repsol, TotalEnergies, OMV and Libya’s National Oil Corporation. Added geopolitical concerns such as the wider impact of the Israel-Hamas war on oil supply and prices further inflamed supply concerns and supported the price rally early this week. Unrelenting inflation in major European economies could cause higher rates for longerHowever, since then, worries about slowing economic growth and lagging demand have taken centre stage.
Source:Libya Today
January 05, 2024 04:13 UTC
SpaceX’s Launches Ovzon-3, Sweden’s First Privately Funded GEO Satellite
SpaceX launched the Ovzon 3 satellite for Swedish satellite operator Ovzon on Wednesday evening, after many delays. Ovzon 3 is the first privately funded and developed Swedish Geostationary Orbit (GEO) communications satellite, and it will support Ovzon’s satcom-as-a-service solutions. It is also Maxar Space Systems’ first flight of Roll-Out Solar Arrays (ROSAs). It is the first proprietary satellite for Swedish satcom company Ovzon, which invested in its own satellite as it is rolling out satcom-as-a-service capabilities. CEO Norén spoke with Via Satellite in 2022, saying the satellite will “revolutionize” the company’s satcom-as-a-service offering and allow service for new generations of small, mobile satellite terminals.
Source:Libya Today
January 05, 2024 01:11 UTC
Protests interrupt output at Libya's Sharara oil field
(MENAFN) According to two engineers who spoke to Reuters on Wednesday, ongoing local demonstrations have significantly impacted the production output of Libya's Sharara oil field, a crucial energy asset with a production capacity of approximately 300,000 barrels per day. The engineers' accounts were corroborated by a circulating video clip on social media platforms, depicting demonstrators from the Fezzan region in southern Libya publicly announcing the suspension of operations at the Sharara field until their stipulated demands are adequately addressed. Providing further context to the immediacy and proximity of the demonstrations, the engineer emphasized the presence of protesters directly at the entrance gate of the Sharara field. Meanwhile, a protester from the Fezzan region conveyed their community's grievances and underlying motivations propelling the demonstrations. As the situation continues to unfold, stakeholders remain vigilant, monitoring developments and assessing potential ramifications on Libya's critical oil production infrastructure amidst escalating socio-economic tensions in the Fezzan region.
Source:Libya Today
January 04, 2024 22:50 UTC
EUBAM Libya’s new Head of Mission assumes office
The European Union Border Assistance Mission in Libya (EUBAM Libya) announced today that Jan Vyčítal was appointed as its new Head of Mission. According to EUBAM, Vyčítal is “a seasoned Czech diplomat with over 20 years of experience” and “will lead the mission in supporting Libyan authorities in the fields of border management, combating cross-border crime, and countering terrorism.”“I am honored to take on this important role,” said Vyčítal. The mission contributes to enhancing the capacity of the relevant Libyan authorities and agencies in the management of Libya’s borders; fighting cross-border crime, including human trafficking and migrant smuggling; and countering terrorism. In carrying out its tasks, EUBAM Libya provides technical advice, and capacity-building activities at the operational and technical levels, including projects and specialized training. Furthermore, the mission provides strategic advice where requested by the Libyan authorities.
Source:Libya Today
January 04, 2024 17:34 UTC
Stock market news today: Tech lags as Apple falls for 4th straight day ahead of Dec. jobs data
The Dow Jones Industrial Average (^DJI) closed just above the flatline, while the benchmark S&P 500 (^GSPC) fell about 0.3%. Investors looking for confirmation of bets on a March rate cut got uncertainty instead in the Fed minutes released Wednesday. In single stock moves, Apple (AAPL) stock stumbled for a fourth straight day as Wall Street highlighted concerns about weakening iPhone demand. The monthly labor report from the Bureau of Labor Statistics, slated for release at 8:30 a.m. Story continuesClick here for in-depth analysis of the latest stock market news and events moving stock prices.
Source:Libya Today
January 04, 2024 16:35 UTC
Very Large Product Builds Push Oil Lower Despite Crude Draw
Crude oil prices moved lower today after the Energy Information Administration reported substantial fuel inventory builds for the week to December 29. In crude oil, the authority estimated an inventory decline of 5.5 million barrels for the last week of 2023. This compared with a weekly inventory draw of 6.9 million barrels for the previous week, when fuel inventories posted mixed inventory changes with gasoline stocks falling and middle distillate inventories swelling. Gasoline production averaged 8.8 million barrels daily last week, which compared with 10 million barrels daily. Middle distillate production averaged 5.1 million barrels daily in the final week of December, which compared with 5.1 million bpd for the previous week.
Source:Libya Today
January 04, 2024 16:25 UTC
Oil Slips as Rising US Gasoline Inventories Signal Shaky Demand
(Bloomberg) -- Oil fell as rising gasoline stockpiles in the US signaled a shaky picture for demand, undercutting the effect of output disruptions in Libya. Traders weighed rising tensions in the Middle East against data showing US gasoline inventories swelling the most since in three decades and implied demand dropping to a yearly low. Still, the unrest in the Middle East is diverting attention from weak near-term fundamentals, contributing to greater upside potential than downside risk, he said. A renewed focus on geopolitics, both in the Middle East and Libya, is showing the potential to reintroduce a conflict premium for oil. Crude fell by about a fifth in the previous quarter as rising production from non-OPEC+ sources, including the US, threatened to outstrip demand.
Source:Libya Today
January 04, 2024 15:40 UTC
Oil futures: Prices lower after huge builds in US product inventories
Oil futures: Prices lower after huge builds in US product inventoriesQuantum Commodity Intelligence – Crude oil futures Thursday were trading lower following another choppy session, as markets rowed back from earlier highs after US data revealed a sharp build in reserves of refined products. For gasoline, it was the highest weekly build in three decades, although oil prices were already off from the day's highs prior to the EIA data release. Oil prices had sparked into life on Wednesday following reports that Libya's 300,000 bpd El Sharara field was shut following renewed protests that started the previous day. But so far the decision to divert away from the Red Sea has not had a huge impact on oil prices, with benchmarks broadly drifting lower since the latest wave of attacks started prior to the holiday season. InventoriesEarlier in the session, crude prices were neutral after data from the American Petroleum Institute revealed that crude inventories tumbled by 7.4 million barrels last week, beating forecasts for a drop of 3 million barrels.
Source:Libya Today
January 04, 2024 15:10 UTC
Malta Prime Minister to Speak at the 2023 Libya Energy & Economic Summit
As the Libya Energy & Economic Summit prepares for its second edition on January 13-14, 2024, Robert Abela, Prime Minister of Malta, is confirmed to speak at the transformative event, reflecting the growing interest of European countries in Libya’s energy prospects. Following growing cooperation between Libya and Malta, Prime Minister Abela is expected to discuss trade and commercial ties between the two countries and explore the feasibility of a proposed renewable energy interconnector project. The Prime Minister will also be accompanied by Dr. Miriam Dalli, Maltese Minister of Environment, Energy and Enterprise, who will participate in a panel on renewable power and its role in supporting Libya’s broader economic growth. The Libya Energy & Economic Summit returns for its second edition in Tripoli on January 13-14, 2024 under the theme, A New Libya: Built on Energy. The historic event is poised to explore and unlock partnership and investment opportunities within Libya’s dynamic energy sector.
Source:Libya Today
January 04, 2024 14:58 UTC