Oil in Libya 2012 budget

Libya’s 2012 proposed budget draws heavily on oil revenues, forecast to reach about $54 billion or 41 billion euros, to compensate for the loss of corporate tax revenues in last year’s conflict. “Libyan state revenues for this year will depend heavily on oil revenues,” a senior official was quoted as saying late on Thursday. The […]

BOV plans to expand operations in Libya

Bank of Valletta is actively looking at expanding its operations in Libya as stability continues to be restored. CEO Charles Borg said when addressing the New Libya Forum the bank had already received new business requests from customers operating in the Libyan market Mr Borg said BOV was the first bank to open a representative […]

Africa offers promise and peril to telcos

Poor infrastructure, fragmented markets and stiff competition mean Africa poses risks as well as potential rewards for telecom operators hunting for growth in countries like oil-rich Nigeria and post-revolution Libya and Tunisia. With new cheaper smartphones set to drive sales, a growing corporate market, and the fact that most in Africa will use mobile phones […]

China in 140,000 bpd Libya oil deals for 2012-traders

China’s top two state oil firms have agreed to lift a total of about 140,000 barrels of crude oil per day from Libya under term deals for 2012, set to raise China’s crude purchases from the North African exporter after supply disruptions last year. State trader Unipec, the trading arm of top Asian refiner China […]

Liberated Libya finally on the move again

Flying into Tripoli International Airport offers the traveller an aerial view of Libya’s pressing challenges as well as its future potential. First the plane flies over the Mediterranean coastline, scattered with sleepy ports ringed by the hulks of Libyan warships bombed during last year’s Nato campaign. As the aircraft descends, passengers peering below see a […]

SNC-Lavalin’s silence on Libya dealings triggers stock sell-off

SNC-Lavalin’s revelation this week that it was investigating $35 million in “undocumented payments” led to a sharp drop in its share price over the past two days. Many are speculating that the payments are linked to the engineering giant’s business dealings in Libya, and financial analysts are warning there may be another shoe to drop […]

Libya resumes exploration and rises crude output

Reuters reported that 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 said that Seismic surveys at oil concessions belonging to the Arabian Gulf Oil company have resumed, and the […]