Author Archive | editor2

Kufra Roads to be Repaired

The Ministry of Housing and Utilities has reportedly granted permission for the repair of nine main roads and a cemetery in the city of Kufra. Roads to be repaired include the roundabout road, the station road, the new kufra road, Asusa Qarter road, and Hawary gate road. (Source: Libyan Investment) (Photo Credit: Tore Kjeilen at […]

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Marathon Oil Not Including Libyan Production in Forecasts

In its third quarter results published on Tuesday, Marathon Oil Corporation issued the following statement on its operations in Libya: Production operations in Libya were suspended in the first quarter of 2011 and resumed with limited production in the fourth quarter of 2011. During the third quarter of 2012, net production available for sale averaged […]

Libyan Stakes in UniCredit, Finmeccanica Unfrozen

The Court of Appeal in Rome has ordered the release from judicial seizure of the Libyan Investment Authority‘s equity stakes in Italian bank UniCredit and Italian air defence group Finmeccanica. The decision follows the release in July of LIA’s stake in oil company Eni; according to Dow Jones, the ruling means all LIA’s investments in […]

Sit-in at Zawiyah Refinery Costs $30m

Wounded civil war veterans have blockaded Libya’s Zawiyah [Zawiya, Zawia, Azzawia] refinery demanding better medical treatment, in a move that has already cost the country at least $30 million in three days. Outgoing deputy oil minister Omar al-Shakmak told AFP that the losses were due to the interruption of operations at the refinery, which supplies […]

EFG Hermes Eyes Expansion into Libya

Egyptian investment bank EFG Hermes is planning to expand into Turkey, Iraq and Libya, according to a report from Reuters. The company also plans to grow its asset management arm by 50 percent after the completion of its joint venture with Qatar’s QInvest. QInvest will hold 60 per cent and EFG’s holding company will own […]

Govt Must Steer a Careful Path

As Americans go to the polls to elect a new President, few would have guessed that the tragic events of two months ago in Benghazi might be the deciding factor in determining who will win. But whatever the truth about these events, it’s clear that security will be the biggest challenge for the incoming administration. […]

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Libyan Fund to Buy French Refinery?

Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), is reported to be interested in taking over the Petroplus oil refinery in northwestern France, which is currently in bankruptcy proceedings. France’s Industry Minister Arnaud Montebourg told RTL Radio that he had received a letter from the fund saying they would like to examine the possibility […]

Profile of Libya’s New Oil & Gas Minister

By Ibrahim El Mayet, of ie. consultancy. Profile of Libya’s New Oil & Gas Minister, Dr. Abdulbari Ali Elhadi Alarusi. Dr. Alarusi [Al Arusi] (51), from Zawia in Western Libya, studied Engineering, earning a Bachelor’s degrree in Chemical Engineering before embarking on a career in the oil industry. He later earned a Master’s degree (1987 […]