Huge Obstacles Impeding Libya’s Stability

A new study has pointed to lack of political stability and security as Libya’s main hurdles on the road to post-conflict reconstruction and economic recovery. Though officially declared as “liberated”, Libya is considered an “extreme risk” country. Prior to the uprisings, Libya’s hydrocarbon industry accounted for over 95% of export earnings and between 85% and 90% […]

Under Libya: Riches More Precious Than Oil

Libya’s new government may look beyond oil, to water, as it builds a longer-term economic future for the nation’s young population. An enormous geological store of water, the Nubian Aquifer, sits below Libya, Egypt, Chad and Sudan. It may hold as much as 500 years of the Nile’s flow, most of which accumulated during the Pleistocene epoch, as […]

EgyptAir resumes flights to Benghazi on 5 November

EgyptAir will resume flights from Cairo to Benghazi on 5 November following a gap of seven months caused by Libya’s civil war, the chairman of the national carrier’s holding company said on Thursday. Chairman Masoud Al Hussein said the airline will provide four services a week — on Saturday, Monday, Tuesday and Thursday — from […]

Eni Profit Rises 7% as Higher Oil Prices Counter Lost Output

 Eni SpA, Italy’s largest oil producer, reported better-than-estimated third-quarter earnings as higher oil prices countered lower production from Libya. Adjusted net income rose 7 percent to 1.8 billion euros ($2.5 billion) from 1.7 billion euros a year earlier, the company said in a statement. That beat the 1.5 billion-euro average estimate of 15 analysts surveyed […]

Experts eye impact of Sharia law on Maltese business with Libya

It is too early to determine the implications of Libya’s plans for an Islamic banking structure for Maltese firms operating there, but they will certainly have to heighten their cultural awareness, Islamic finance expert Reuben Buttigieg told The Times Business. Declaring Libya liberated on Sunday, three days after the death of Colonel Muammar Gaddafi, transitional […]

Pragmatic China goes to work in new Libya

China faces mounting challenges in its struggle to build favour and protect its business interests and infrastructure projects in Libya after being seen to be slow-moving in its support for the African oil-producing country’s transitional government. Analysts say Beijing has been subtly changing its tone and tactics since the death of Colonel Muammar Gaddafi last […]

Conoco earnings fall on Libyan instability

ConocoPhillips, the third-biggest US oil company by market capitalisation, reported a 16 per cent drop in third-quarter earnings, citing a range of factors, including suspended operations in Libya and offshore China. The company, which next year will split its exploration and production and its refining operations into two separate companies, on Wednesday reported earnings of […]