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 […]

2,596 visas processed by Malta’s consulates in Libya in two months

The foreign ministry said it had taken specific measures inside its Central Visa Unit to facilitate visa issuance to Libyan nationals, in response to criticism made by the Opposition leader during at the New Libya Forum, a two-day conference organised by Deloitte and EMCS. Joseph Muscat said a Labour government would simplify the issuing of […]

Libya resumes exploration works, rises crude output

Libya has resumed oil exploration activities, and its crude output has climbed to 1.4 million barrels per day, while gas production is now at 2.3 billion cubic feet per day, the National Oil Corporation (NOC) said on Monday. “The National Oil Corporation announced on Monday the return of exploration activity in Libya. Seismic surveys at […]

$5 billion injection to help cure local ills

With the dust still to settle after the chaos of the Arab Spring, many foreign investors are thinking twice about sinking their cash into the region.  The International Finance Corporation (IFC), the private investment arm of the World Bank Group, is seeking to help make up the shortfall, however. It aims over the next three […]

Libya Pumps 1.4 Million Barrels a Day of Oil, NOC Chief Says

Libya is pumping 1.4 million barrels a day of crude and is on track to exceed what it produced before last year’s revolt against Muammar Qaddafi, said the chairman of the state-run National Oil Corp. The NOC expects Libya to pump 1.5 million barrels a day by early April and 1.7 million barrels a day […]