Libya helps give Italy’s Eni a Q1 profit boost

Italy’s largest energy company Eni SpA said Friday that its first-quarter profits rose 42 percent on increased production in Libya and higher prices. The Rome-based company said net profit for the first three months of 2012 was €3.62 billion ($4.78 billion), up from €2.55 billion in the same period last year, even though oil and […]

Libyan wealth fund to appeal against asset seizure in Italy

Libya’s sovereign fund said on Thursday it would appeal to recover around 1.1 billion euros of assets, including stakes in top Italian companies, that were seized in Italy last month at the request of the International Criminal Court. Italian financial police had seized the assets saying they belonged to members of the Gaddafi family, but the […]

Maltese firm to resume massive Tripoli project

Malta-based Mediterranean Investments Holding has restarted its preparatory work on the €300m Medina Tower in Tripoli. The work was brought to an abrupt halt by the uprising in Libya, but the company has now reconvened the project team to get the project going again. “The directors are of the opinion that the opportunity for the […]

Coveney expects Libya to reopen to Irish beef

THE VALUABLE Libyan market for Irish and EU beef looks set to be reopened after a 16-year ban, Minister for Agriculture Simon Coveney said yesterday. He said he was optimistic that official confirmation of this would be received imminently. Libya has been a valuable market for Irish live cattle exports in the past. In 1995 […]

Minister of Petroleum Invites Libyan Counterpart to Discuss Shared Issues

Minister of Petroleum Awad Ahmed Al-Jaz, has invited his Libyan counterpart to visit Sudan in order to discuss issues of mutual concern, especially oil. The Minister commended the desire expressed by the Libyan Holding Oil company (Oilibya) to broaden its business range in Sudan in the oil services and oil derivatives distribution fields. In a […]

Libya bans religious, tribal or ethnic parties

Libya, preparing for elections in June, has banned parties based on religion, tribe or ethnicity, the government said on Wednesday, and a new Islamist party viewed as a leading contender signaled it would challenge the decision. National Transitional Council spokesman Mohammed al-Harizy said the council passed the law governing the formation of political parties on […]

The Challenges of Winning Business in Libya

Lord Green of Hurstpierpoint, Minister of State for Trade and Investment, Department of Business, Innovation and Skills recently said of Libya that it is “a country where the post-conflict reconstruction programme is going to require spending of $200 billion over a ten-year period.” The size of this investment and its long- term nature are a […]

Libya’s biggest oil refinery faces restart delay

Libya’s largest refinery, 220,000 barrels per day (bpd) Ras Lanuf, is unlikely to restart for another month or more until after a meeting between board members and shareholders, an official at the refinery operator Libyan Emirati Refining Co (Lerco) told Reuters. Lerco is a joint-venture between Libya’s state oil company National Oil Corporation (NOC) and […]