Libya to give Syrian opposition $100 mln in aid

Libya will donate $100 million in humanitarian aid to the Syrian opposition and allow them to open an office in Tripoli, a government spokesman said on Wednesday, in a further sign of its strong support for forces fighting President Bashar al-Assad. Representatives from the Syrian National Council (SNC) visited Tripoli this week after Mustafa Abdel, […]

OPEC oil output rises to more than 3-year high

OPEC oil output has risen in February to the highest since October 2008 due to a further recovery in Libya’s production, higher supplies from Angola and Saudi Arabia, a Reuters survey found on Wednesday. Supply from all 12 members of the Organization of the Petroleum Exporting Countries has averaged 31.23 million barrels per day (bpd), […]

Libya govt proposes $55 bn 2012 budget

Libya’s interim government has proposed a 2012 budget of $55 billion as the country undertakes reconstruction efforts and gears up for its first elections since Moamer Kadhafi was toppled last year. “The estimated total budget for this year is 68.5 billion Libyan dinars ($55 billion/40.9 billion euros),” the prime minister’s office said after it was […]

Lower Libya Production Weighs On Repsol YPF Earnings

Spanish oil company Repsol YPF SA (REP.MC) said Wednesday its fourth-quarter net profit declined 90% on-year, thanks largely to extraordinary gains in the 2010 quarter from the sale of a stake in the company’s Brazilian unit. Lower production in Libya, where operations restarted in the quarter after ceasing for the duration of that country’s civil […]

Tribal elders negotiate end to Libya clashes

Tribal elders from around Libya are negotiating an end to clashes in the far southeast of the country which have killed dozens of people in the last two weeks, one of the tribes said Tuesday. Fighting in the city of Al-Kufra between two tribes with a long-standing rivalry has provided a fresh challenge for Libya’s […]

Free Libya a lucrative market for RI: Envoy

Libyans earned their freedom last year from the brutal regime of Muammar Qaddafi, but their victory came at a heavy price. Thousands of lives were lost in the uprising, and cities, towns and infrastructure were severely damaged. Libya currently needs urgent help from nations like Indonesia to rebuild the country, a Libyan envoy says. “We […]

Repsol profit hit by Libya conflict

Spanish oil company Repsol’s net profit fell more steeply than expected in the fourth quarter as production was suspended in Libya by the uprising that overthrew Muammar Gaddafi. Repsol said on Wednesday it lost 220 million euros ($295 million) of production in Libya during the fourth quarter. Quarterly net profit, adjusted for one-off gains and […]

Saras Q4 hit by weak demand and Iran tension

Saras, one of Italy’s leading refiners, said on Tuesday its core earnings in the fourth quarter fell 31 percent on weak demand due to the euro zone debt crisis and high oil prices fuelled by the growing tension over Iran. Saras, which currently uses about 10 percent of Iranian crude oils in its refinery mix, reiterated […]