Fine balance sought at oil summit in Gulf

Oil producers and consumers meet tomorrow in Kuwait to discuss growing threats to supply, rising prices and an uncertain outlook for the global economy. Energy ministers and executives of oil companies from 88 nations, including the UAE, will gather as Brent, the European benchmark crude, trades at US$125.98 a barrel, about a dollar short of last […]

Libya: NTC Approves 2012 Budget of 68 Billion LD

Libya’s National Transitional Council (NTC) has approved the long awaited budget for 2012 on Sunday. The total amount of the budget is LD68,525,604,750.00. The NTC spokesman Mohammed al-Harizi told the Libyan news agency said the NTC’s approval of the budget included recommendations directed to the government relating to the spending procedures and financial oversight. He […]

Four Veteran Ex-OPEC Oil Ministers Set Up Energy Alliance

Four former oil ministers of OPEC member states Iraq, Libya, Algeria and Nigeria have set up an international energy alliance to tackle various energy issues, the four said in an announcement late Sunday. Issam Chalabi, Shokri Ghanem, Chakib Khelil and Rilwanu Lukman, former oil ministers of Iraq, Libya, Algeria and Nigeria respectively, met in Vienna […]

Libyan capital prepares to elect local council

The Libyan capital will elect its local council by May 5 in its first poll since the ouster of Moamer Gathafi, the deputy chairman of the Tripoli council announced on Sunday. The Tripoli council will keep its current format and comprise 10 representatives, one from each of the capital’s districts, along with a chairman and […]

Jalil: 2012 Budget to be Approved Soon

The chairman of Libya’s National Transitional Council (NTC), Mustafa Abdul-Jalil said Saturday that the Libyan budget for 2012 which is estimated at over 68 billion Dinars will be approved by the NTC within the coming two days. He said the move indicates that the NTC is quiet supportive of the interim government of Mr. Abdurrahim […]

Unity Through Gas Pipelines

A little over a month after Libya’s National Transitional Council had taken control of the eastern part of the country, Paolo Scaroni, chief executive of Italian energy company Eni SpA, boarded a helicopter from a carrier anchored in the Mediterranean Sea. His destination was the port city of Benghazi, where a meeting had been arranged with forces fighting […]

Libya rallies denounce Cyrenaica autonomy calls

Thousands of Libyans have rallied in the country’s two main cities to denounce moves by leaders in the east to create a semi-autonomous territory. Demonstrators chanted slogans demanding unity and used shoes to hit photos of Ahmed Zubair al-Senussi, the head of the regional council seeking a split. The rallies took place after Friday prayers […]

Libyan PM seeks Exxon Mobil, Microsoft investment

Libyan Prime Minister Abdurrahim al-Keib appealed to U.S. companies, such as Exxon Mobil Corp. and Microsoft Corp., to invest in his oil-rich country, saying Italian and French companies are already moving quickly to take advantage of opportunities in energy and infrastructure. “The new Libya is open for business,” he said Friday in an interview during […]