Libya in talks with IFC exec to head fund: sources

Libya's government is in talks with International Finance Corporation executive Ahmed Ali Attiga to appoint him as head of its sovereign wealth fund, sources told Reuters. The Libyan Investment Authority, which owns stakes in Italian bank UniCredit and British publisher Pearson, has been headless since last year after the exit of Mohammed Layas, who was […]

Weekly Security Review

Projections Security in Tripoli will remain good overall, although there is a continued risk of clashes between rival militias as well as the national army. Travel around the city will remain fluid, although the frequency of checkpoints may increase in response to perceived threats or tensions between different militia groups. Benghazi will remain calm, although […]

Libya seeks Jordan help in fighting ex-regime officials

Libya wants Amman to help fight remnants of slain dictator Muammar Qaddafi’s regime if found in Jordan, a government statement said on Wednesday as the two nations vowed to boost their ties. Libya is “looking forward for Jordanian help in fighting remnants of the old regime if they are found in Jordan,” the statement quoted […]

Libya Pumped 1.36 Million Barrels of Crude Feb. 4, NOC Says

Libya produced 1.36 million barrels a day of crude on Feb. 4, up from a daily average of 1.12 million barrels in January, the state-run National Oil Corp. said. The country pumped a combined 1.42 million barrels of crude plus condensate on that day, up from an average of 1.18 million barrels a day in […]

Libya sees pre-war oil production in summer

Libya anticipates a return to pre-war oil output of 1.6 million barrels per day (bpd) in June or July this year, Deputy Oil Minister Omar Shakmak said on Tuesday. Oil companies were currently producing at between 60 and 90 percent of their normal output, he told Reuters in an interview. "In general, if you look […]

First Gulf Bank awaits a fresh start in Libya

First Gulf Bank hopes to restart its operations in Libya after the UAE Central Bank lifted a freeze on the North African country's assets. "There has been a very positive response so far from the United Nations and the UAE," a First Gulf Bank spokesman said. "We want to go back to the Libyan market […]

Libya Predicts $10 Billion Budget Deficit

The Libyan government estimates that its budget deficit will reach $10 billion this year, leading to serious challenges in paying government employees and the country’s energy bill, said Mustafa Abdul Jalil, Chairman of the National Transitional Council.  He said that Libya has only reclaimed a minute fraction of its $100 billion in assets frozen during […]

Chinese delegation in Libya to discuss post-war business

A delegation of Chinese government officials and company executives arrived in Tripoli on Saturday night to inspect Chinese assets in the country and discuss how the nation can assist Libya's post-war reconstruction.  The delegation, led by Wang Shenyang, head of the foreign investment and economic cooperation department of the Ministry of Commerce, will assess the […]