Libya to review contracts with Italian oil major ENI

Libya on Thursday said it will review its contracts with Italy’s ENI and insisted the oil major participate in reconstructing cities destroyed by Moamer Kadhafi’s forces in the conflict. The decision to review the contracts was communicated to the Italian firm’s Chief Executive Officer Paolo Scaroni on Wednesday by Prime Minister Abdel Rahim al-Kib during […]

Libyan Islamic banking law seen in March

Libyan central bank may finalise Islamic finance regulations by March, in what would be the first major step towards introducing sharia-compliant banking in the country. The bank’s deputy governor, Ali Mohammed Salem, also told Reuters in an interview on Tuesday the exchange rate of the Libyan dinar would be fixed for up to three years, […]

Libya: the Outlook

The situation in Libya is fragile. Some commentators have spoken of fears of a failed state, but that is alarmist and not evidence-based; the situation in Libya today can not be compared with that in Iraq, Syria, Afghanistan or Yemen. One Libyan commentator who recently used the expression “failed state” suggested that the model might as well […]

OPEC Agrees to Accomodate Libyan Oil Output

Libya’s oil minister Abdurahman Benyezza was reported saying by Zawya Dow Jones, at the Organisation of Petroleum Exporting Countries,OPEC, meeting in Cairo, that there is a “gentlemen” agreement inside the organisation, to accommodate the country’s crude oil as production recovers. When Benyezza was asked in the Egyptain capital, Cairo where he was attending a meeting […]

Libyan Oil Production Exceeds 1 Million Barrels a Day, NOC Chairman Says

Libya, holder of Africa’s biggest oil reserves, is now pumping “more than a million” barrels a day, the chairman of its state-run National Oil Corp. said. The country will resume normal oil production by the middle of next year, Nuri Berruien told reporters in Cairo today, where he is attending a meeting of the Organization […]

Libya’s 2012 product tender held up by bartering

A tender by Libya to buy millions of tonnes of heavy oil products, needed to rebuild the country in 2012, is being held up by plans to swap exports for imports, traders said on Friday. Libya’s National Oil Corporation (NOC) previously issued a tender to buy up to 3 million tonnes of low-sulphur fuel oil, […]

Energy prices predictions for 2012

The oil price has rarely fallen below $100 a barrel since the Arab Spring threatened supplies at the start of 2011. Libya is now nearly back at full-scale production post-war, which some suggest could increase global supply and theoretically lead to price falls. But other analysts believe other Opec powers such as Saudi Arabia will […]

Oil supply contracts: Libya signs oil supply contracts with four companies

Libya has signed contracts on oil supply for next year with four companies, the Libyan national oil company (NOC) said on Wednesday. It named the companies as Glencore, Gianfor, Trafigura and Vitol. The quick resumption of Libyan oil production has surprised many people, the Libyan News Agency said. Libyan’s production has reached one million barrels […]