Saturday 19 August 2017
(Bloomberg 08/17/17)
Libya’s getting better at resolving stoppages in its oil industry, underpinning a growing perception that the OPEC member is closer to becoming a stable producer again. That’s because of the duration of the incidents. While in prior years protests could shutter fields for months and years, now the stoppages are being resolved within days and barely hindering flows. Sharara, Libya’s biggest field, had several short disruptions this year, including two this month, after being closed for more than two years. Mustafa Sanalla, chairman of state-run National Oil Corp., was quick to visit Sharara this week to resolve the latest dispute, offering to revise security measures. “One fundamental change that allows upstream activities to restart quickly...
(Reuters (Eng) 08/16/17)
Production at Libya's Sharara oilfield dropped to between 130,000 and 150,000 barrels per day (bpd), from about 280,000 bpd, because of recent security breaches, an engineer who works at the field said on Tuesday. Field employees had difficulty accessing some of the field's facilities after cars and mobile phones were stolen, said the engineer, who did not want to be named because he was not authorized to speak to the media. It was not clear if production at Sharara had recovered since the security problems, which occurred several days ago. On Monday, the National Oil Corporation (NOC) said security breaches in recent days were the result of an individual act, that the perpetrator had been punished and that the field...
(The Libya Observer 08/16/17)
The Ministry of Economy of the Interim Government, a parallel body in east Libya, has issued a resolution to ban the Italian companies from working in Libya or establishing any joint Libyan-Italian firms. The resolution referred for the prohibition of opening or extending branches of Italian companies in Libya until further notice. Minister Munir Asar told his government’s news agency that the decision was taken due to "Italy's outspoken hostility towards Libyan people". “Our friends who stood with us in...
(Bloomberg 08/14/17)
Libya’s biggest oil field has reduced crude production by more than 30 percent in recent days and the Zueitina export terminal ceased loadings over the weekend, throwing the OPEC country’s output back on a downward spiral. Output at the Sharara field was down to 200,000 barrels a day on Sunday, compared with 300,000 barrels a day about a week ago, a person familiar with the matter said Sunday, asking not to be identified because the information is confidential. Workers were...
(Libya Herald 08/10/17)
Representatives from three South Korean construction companies have been in Tripoli to assess whether conditions have sufficiently changed in the country to permit them to restart work on three power stations. Hyundai and Doosan were building the 1400-MW Khaleej Power station at Sirte, work on which began in 2007. Daewoo was building the power station at Zueitina and Hyundai was expanding the Tripoli West station. The projects were said to be worth LD 4 billion. However, all pulled their workers...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal...
(Reuters (Eng) 08/08/17)
Production from Libya's largest oil field was returning to normal after being briefly disrupted by armed protesters who broke into a control room in the coastal city of Zawiya, the National Oil Corporation (NOC) said on Monday. A pipeline supplying jet fuel and gasoline from Zawiya to Tripoli that the protesters had also closed has reopened, the NOC added. Libya's Sharara field has been producing about 270,000 barrels a day (bpd), accounting for about a quarter of the country's output...
(Cnbc Africa 08/08/17)
Two oil-exporting nations could decide the future of a historic deal to drain a worldwide glut of crude oil, according to Helima Croft, global head of commodity strategy at RBC Capital Markets. It's not top producers Saudi Arabia and Russia, the architects of the accord, but conflict-plagued Libya and Venezuela, a petrostate on the brink of collapse. Oil producers are meeting in Abu Dhabi on Monday and Tuesday to figure out how to improve compliance with a deal struck by...
(RT 08/04/17)
Russia plans to resume contracts with Libya agreed by former leader Muammar Gaddafi. The infrastructure projects have been frozen since Gaddafi’s assassination and the breakout of civil war. "We plan to resign the contracts signed during Muammar Gaddafi’s rule. This includes the previous agreements in the transport sector, construction of railways, energy, electrification and a number of others," said Lev Dengov, the head of the Russian contact team on Libya in an interview with Kommersant daily. After six years of...
(AFP (eng) 08/03/17)
French bank Societe Generale on Wednesday said its net profit tumbled by over a quarter in the second quarter of this year due to the cost of settling a lawsuit with Libya's sovereign wealth fund. While it had already set aside some funds, Societe Generale had to book a charge of nearly billion euros against second-quarter profits for the out-of-court settlement with the Libyan Investment Authority in May. The LIA sued the bank in 2014 for $1.5 billion for allegedly channelling bribes to allies of Moamer Kadhafi's son.
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year,...
(AFP (eng) 08/02/17)
French bank Societe Generale on Wednesday said its net profit tumbled by over a quarter in the second quarter of this year due to the cost of settling a lawsuit with Libya's sovereign wealth fund. While it had already set aside some funds, Societe Generale had to book a charge of nearly billion euros against second-quarter profits for the out-of-court settlement with the Libyan Investment Authority in May. The LIA sued the bank in 2014 for $1.5 billion for allegedly...
(Bloomberg 08/02/17)
Libya’s crude shipments jumped to a new three-year high last month, dealing a fresh blow to OPEC and allied oil-producing nations as they battle to restrict a global supply surplus that’s depressing prices for the commodity. The North African nation shipped about 865,000 barrels a day of crude in July, tanker tracking data compiled by Bloomberg show. That was a gain of 11 percent from June, which was already the highest since at least July 2014. The pace at which...
(The Libya Observer 08/02/17)
General Electric Company of Libya (GECOL) officials held discussions with the South Korean ambassador to Libya on arrangements for the return of Korean companies to complete remaining work on a number of stalled projects they had previously contracted. The company said on their Facebook page that an extensive meeting was held with the Korean ambassador and his delegation, the Director of the Asian Department of the Ministry of Foreign Affairs and the Mayor of Janzur Municipality to discuss the possibility...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Reuters (Eng) 08/01/17)
OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC's adherence to its supply curbs to 84 percent. While this is up from a revised 77 percent in June, compliance in both months has fallen from...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(AFP (eng) 07/27/17)
Spanish oil giant Repsol posted Thursday a jump in quarterly net profit, lifted by lower restructuring costs, recovering oil prices and the resumption of production in Libya. The company said its net profit in the April-June period stood at 367 million euros ($428 million), a 79 percent increase over the same year-ago period, but below the 434 million predicted by analysts polled by financial data firm Factset. Production decreased to 677,000 barrels of oil equivalent a day during the quarter,...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...

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