France returns a Bust to Libya
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Source:Libya Today
November 24, 2023 09:05 UTC
NOC chairman Bengdara hosts the influential Economic Salon, reforms discussed and some agreed – an expanded meeting to be held
The Chairman of the state National Oil Corporation (NOC), Farhat Bengdara, hosted Tuesday at the NOC’s Tripoli headquarters, several members of the NGO, the Libyan Economic Salon. The meeting discussed several topics related to the oil sector, most notably the NOC’s strategy for development, increasing production rates, and the possibility of financing the oil sector from outside the state budget. In an exclusive interview with Libya Herald, the Executive Director of the Economic Salon and Professor of Accounting at the Academy of Graduate Studies, Dr. Abu Bakr Abu Al-Qasim, said that several files were raised during the meeting. In a positive response, Bengdara agreed to the request, the Abu Al-Qasim reported, instructing the administration to publish information on a daily, monthly, and quarterly basis. 45 projects at US$17 billion agreed for increased oil production: But how?
Source:Libya Today
November 24, 2023 07:32 UTC
Minister of Economy meets Greek companies wishing to enter Libyan market
The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, hosted in the Ministry’s Tripoli headquarters Wednesday several Greek business owners and companies wishing to enter the Libyan market. The Minister affirmed the desire of the Libyan government to develop trade relations between the private sector in the two countries and enhance its role in implementing the ministry’s plan towards transitioning to a knowledge economy and mutual benefit through a true partnership in areas of common interest. He added that the ministry provides the necessary facilities and support in registering companies and trademarks and approving investment projects under the supervision of the Ministry’s Privatisation and Investment Board (PIB). At the conclusion of the meeting, it was agreed to organise an expanded meeting that includes business owners and companies from both countries under the supervision of the Ministry of Economy and Trade.
Source:Libya Today
November 24, 2023 06:33 UTC
Libya: Special Representative Abdoulaye Bathily Invites Institutional Stakeholders to a Meeting to Discuss Next Steps of the Electoral Process
To this end, the SRSG has requested the institutional stakeholders to designate representatives to participate in a preparatory meeting. At this preparatory meeting, the designated representatives of the Presidential Council, House of Representatives, High Council of State, Government of National Unity and the General Command of the Libyan National Army will discuss the date, venue, and agenda of the meeting of their Principals. They will also identify the outstanding issues that need to be resolved to enable the High National Elections Commission to commence the implementation of the electoral laws issued by the House of Representatives (HoR). These stakeholders include political parties, military and security actors, elders and notables, cultural and linguistic components, academics, youth, women and civil society. SRSG Bathily calls on stakeholders to show their full commitment to achieving national unity, peace and security in Libya, by engaging positively with his efforts to break the political deadlock.
Source:Libya Today
November 24, 2023 06:18 UTC
Qatar, Libya Ministers discuss cooperation in labour sector
QNABaku: Minister of Labour H E Dr. Ali bin Smaikh Al Marri met Minister of Labour, Rehabilitation and Civil Service of the Government of National Unity in Libya H E Ali Al Abed, on the sidelines of the Fifth Islamic Conference of Labour Ministers in the Azerbaijani capital, Baku. During the meeting, ways to enhance joint cooperation were discussed, especially in the areas of the labour sector, and the Qatari experience in improving the work environment was reviewed.
Source:Libya Today
November 24, 2023 05:34 UTC
Libya's Ras Lanuf resumes production at polyethylene factory -NOC
TRIPOLI, Nov 23 (Reuters) - Libya's Ras Lanuf company has resumed production at a polyethylene factory after a 12-year hiatus, with production capacity of 240,000 tons per day, its parent state oil firm NOC said on Thursday. Ras Lanuf oil and gas company operated the factory along with an ethylene factory, which supplied it, that had resumed a 330,000 tons per year production at the end of October. "This is the first time that the factory has been operated by supplying it with the raw material ethylene gas through a thermal cracking plant after a hiatus that lasted for more than 12 years," the NOC said. Separately, NOC said that another subsidiary, Sirte Oil Company, reached a crude oil production of 93,500 barrels per day from the company's fields, the highest since 2021The OPEC member state's total oil output has reached 1.2 million barrels per day. (Reporting by libya's Reuters newsroom; editing by David Evans)((ahmed.elumami@thomsonreuters.com; @AhmedElumai;))The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Source:Libya Today
November 24, 2023 01:50 UTC
Jumhouria bank official detained pending trial for LD 296,000 fraud
The Attorney General’s Office announced Tuesday that the Public Prosecutor is charging the treasury official at the Jumhouria Bank, Ain Zara branch of fraud for LD 296,500. The official is accused of carrying out illegal banking operations through which he sought to achieve financial benefits for himself by intentionally deducting LD 296,500 to use bank instruments that were falsely attributed to one of the bank’s customers. Then the accused deliberately concealed these instruments to complicate tracking the procedures related to them. The investigator ordered the accused to be detained pending the case.
Source:Libya Today
November 23, 2023 18:00 UTC
U.N. Libya Envoy Pushes for Meeting on Elections
TRIPOLI (Reuters) - The United Nations' envoy to Libya on Thursday asked the country's main powerbrokers to designate representatives for a meeting aimed at reaching an election settlement, part of an apparent new push for a national vote. The last big push to hold an election, in December 2021, collapsed at the last minute because of disputes over the rules. One major obstacle now is disagreement among Libya's factions over whether a new government must be installed to oversee the process. The United States, Britain, Germany, Italy and France issued a joint statement backing the move as an opportunity to "set Libya on the path to long-term stability". (Reporting by Reuters Libya newsroom; Editing by Angus McDowall and Alexandra Hudson)
Source:Libya Today
November 23, 2023 17:54 UTC
UN Libya envoy pushes for meeting on elections
TRIPOLI : The United Nations' envoy to Libya on Thursday asked the country's main powerbrokers to designate representatives for a meeting aimed at reaching an election settlement, part of an apparent new push for a national vote. The last big push to hold an election, in December 2021, collapsed at the last minute because of disputes over the rules. One major obstacle now is disagreement among Libya's factions over whether a new government must be installed to oversee the process. The United States, Britain, Germany, Italy and France issued a joint statement backing the move as an opportunity to "set Libya on the path to long-term stability". (Reporting by Reuters Libya newsroom; Editing by Angus McDowall and Alexandra Hudson)
Source:Libya Today
November 23, 2023 17:24 UTC
Libya's oil minister says some IOCs exploiting security issues to improve contract terms
Libya's oil and gas minister has accused some international oil companies operating in the OPEC member of taking advantage of lax security in the country's restive oil regions caught in fighting bouts since 2011, slacking off in implementing their development plans and seeking better contractual terms. IOCs are also exploiting Libya's need for petrodollar revenue and foreign expertise to develop its resources to exact better contractual terms from NOC, he added. Licensing roundDespite issues with IOCs, Oun said Libya is moving ahead with plans to boost its oil production capacity to 2 million b/d in three-to-five years, with the help of existing IOCs and the development of existing fields and discoveries. Libya is also keen to boost its gas production, which hovers around 2.6 bcf/d, by tapping its 56 TCF reserves to add an extra 2 bcf/d. Libya, through the Mellitah Oil & Gas joint venture between Eni and NOC, exports between 300-400 MMcf/d to Italy via the Greenstream pipeline.
Source:Libya Today
November 23, 2023 16:16 UTC
Ministry of Finance signs three agreements with African Development Bank
The Spokesman for the Tripoli based Libyan Ministry of Finance, Faisal Al-Hamali, confirmed Wednesday in an exclusive interview with Libya Herald that the Minister of Finance, Khaled Al-Mabrouk, and the representative of the African Development Bank (AfDB) signed three agreements on Tuesday. The three agreements include:The African Development Bank’s provision of technical assistance to the Ministry of Finance in the areas of financial reform and the shift towards digital systems. Emergency support for the Libyan regions and cities affected by Storm Daniel that hit regions of eastern Libya. Al-Hamali stressed the cooperation between the Ministry of Finance and the AfDB, especially in supporting small and medium enterprises, capacity building, water projects, transportation, and the digital transformation project in the financial sector. He noted the interest of the Minister of Finance, Khaled Al-Mabrouk, in opening new horizons of cooperation with the AfDB, in which Libya is considered one of the main contributors.
Source:Libya Today
November 23, 2023 12:59 UTC
Bernard Grech says overpopulation root of all problems facing the country
Opposition leader Bernard Grech has claimed the problem in overpopulation is the root to all problems in the country. “The population has grown substantially and nearly doubled since 2013, and that is because for this government the importation of foreign workers is the only solution to its shortcomings in the economic sectors,” Grech said. The Nationalist leader was speaking during the debate of the Budget estimates of the Office of the Prime Minister. Grech also claimed government is hiding the true numbers of the country’s population. Grech said Bartolo should resign from the PAC, and if he does not do so willingly, should be removed by the Prime Minister.
Source:Libya Today
November 22, 2023 17:58 UTC
Technology should be used to bring cultures together, Clayton Bartolo tells tourism summit
Technology should be used to bring together the different culture of the Mediterranean, Clayton Bartolo told the Mediterranean Tourism Forum Ministers’ Summit on Wednesday. “As Maltese, and as the Mediterranean region, we should strive to be more innovative in the way we preserve cultural traditions alongside the present and future through technology,” the tourism minister told the summit. The Mediterranean Tourism Forum Ministers’ Summit saw ministers and representatives from Croatia, Cyprus, Egypt, Greece, Libya, Italy, Palestine and Spain coming together in Malta. Making the industry more sustainable and the digitalisation of tourism were among the themes discussed during the summit.
Source:Libya Today
November 22, 2023 15:42 UTC
Trade exchange bet. Egypt, COMESA countries increased by 24%
According to CAPMAS, the total value of exports to COMESA countries reached $3.544 million during 2022, marking a 15.6 percent rise from the $3.066 million recorded in 2021. The top five COMESA countries to which Egypt directs its exports, namely Libya, Sudan, Kenya, Tunisia, and Djibouti, collectively represent 84.8 percent of the bloc's total imports. Tunisia and Djibouti complete the list with imports worth $306 million and $173 million, respectively. Furthermore, Egypt witnessed a substantial increase in its total imports from COMESA countries in 2022, reaching $1.887 million, marking a noteworthy growth of 43.1 percent compared to $1.319 million in 2021. Collectively, these five countries account for 92.6 percent of the bloc's total exports to Egypt.
Source:Libya Today
November 22, 2023 15:12 UTC
INTERVIEW: Libya's oil minister rules out OPEC embargo amid Israel-Gaza war
Register Now"OPEC includes non-Arab countries [and] perhaps they will not be willing to do it (oil embargo)," Mohamed Oun told S&P Global Commodity Insights in a Nov. 21 interview. OPEC member Iran has been the most vocal producer within the group calling for a Muslim oil embargo, which has so far been rejected by the Gulf producers. The 1973 embargo created an unprecedented global oil crisis that led to the quadrupling of prices and gasoline shortages in the US. Iranian calls for an oil embargo come amid massive voluntary oil cuts from Saudi Arabia and Russia, the two countries co-leading OPEC+. These cuts are on top of the 2 million b/d OPEC+ curbs that started in November, 2022 and have been extended till the end of 2024.
Source:Libya Today
November 22, 2023 12:38 UTC