The legal case challenging the validity of Farhat Bengdara’s appointment as Chairman of the National Oil Corporation (NOC) is moving forward. During a hearing held yesterday, Monday, 8 January, the Third Administrative Division of the Tripoli Court of Appeal announced that it will issue an urgent ruling on 22 January. It will be recalled that during local media appearances Bengdara has denied that he holds any other citizenships. (libyaherald.com)Oil Minister Aoun suspends NOC Chairman Sanalla from his post and refers him for investigation for a second time (libyaherald.com)Ministry of Oil says NOC board will be reformed and Sanalla still suspended – will Sanalla survive Aldabaiba’s planned reshuffle? (libyaherald.com)NOC welcomes Aldabaiba’s reversal of Oil Minister’s decision to suspend chairman Sanalla (libyaherald.com)

January 09, 2024 21:07 UTC

The Libyan Iron and Steel Company (LISCO) announced yesterday that it is exporting 10,000 tons of rebar (reinforcing or reinforcement carbon steel bars) to Albania. The rebar is of various sizes, it reported. LISCO exports 9,000 tons of HBI to Egypt (libyaherald.com)LISCO exports 27,000 tons of HBI to Germany – another 10,000 tons to be shipped to Italy (libyaherald.com)LISCO exports 8,000 tons of hot ductile iron (HBI) to Turkey (libyaherald.com)Libyan Iron and Steel Company is preparing to export more than 100 thousand tons of iron (libyaherald.com)ibyan Iron and Steel (LISCO) exports to 38 countries – 136,000 tons to be exported in coming months (libyaherald.com)LISCO exports 5,800 tons of hot rolled coils to Egypt (libyaherald.com)Libyan Industrialists Conference 13 November, LISCO, Misrata (libyaherald.com)Ministry of Industry congratulates LISCO for its record-breaking production of 230 rolls of 8mm rebar (libyaherald.com)LISCO to increase production by 200,000 tons per annum (libyaherald.com)LISCO ships 650 tons of scrap (libyaherald.com)Zawia Technological Industrial Park seeks cooperation with LISCO – to open branches in Misrata and other cities (libyaherald.com

January 09, 2024 19:20 UTC

Crude futures rebounded on Tuesday on signs that Russia is adhering to its promised export cuts while production restraints in Libya buoyed prices. Protests in Libya continue to keep roughly 300,000 barrels per day off the market following the shutdown of a major oil field last week. The latest Russian crude export data tracked by Bloomberg shows the OPEC+ member started the year in line with cuts promised. The markets have remained skeptical of OPEC+ promises to adhere to deeper production cuts announced in late November. (Lisa Leutner/AP Photo, File) (ASSOCIATED PRESS)Analysts have noted increased oil production from the US and other countries will increase supply in the markets this year, despite OPEC's cuts.

January 09, 2024 16:41 UTC

Lord Cameron has robustly defended his decision to intervene in Libya during his time as prime minister, calling criticism of the action “bunk”. The Foreign Secretary, who appeared before the Foreign Affairs Committee on Tuesday, faced questions from MPs about the military action in 2011. A Foreign Affairs Committee report in 2016 described Britain’s military intervention in Libya as based on “erroneous assumptions” and an “incomplete understanding” of the rebellion against the former dictator. It also heavily criticised Lord Cameron for turning a limited intervention intended to protect civilians into an “opportunist policy of regime change” based on inadequate intelligence. They didn’t want to have that help in reconstruction.”During the two-hour-long hearing, Lord Cameron also faced questions about the Israeli bombardment of Gaza and the UK’s relationship with China.

January 09, 2024 16:35 UTC

A Nigerian man has been arrested in the Kufra District of Libya for the murder of another Nigerian. This was made known in a post by the Migrant Rescue Watch on their X account on Monday. The post disclosed that the accused, who was arrested following an investigation into an unidentified deceased person delivered to a hospital in Kufra, confessed to the crime, citing a personal dispute with the victim. The post read, “05.01.24 – Police, in response to a report of an unidentified deceased person delivered to hospital in Kufra, launched an investigation and arrested a Nigerian. “The accused, during interrogation admitted to killing the victim (also of Nigerian nationality) following a personal dispute.

January 09, 2024 16:17 UTC





Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day's heavy losses. At their intra-day peaks both benchmarks were up by more than $2 a barrel but prices have since cooled. The Israeli military has said its fight against Hamas will continue through 2024, worrying markets that the conflict could grow into a regional crisis that could disrupt Middle Eastern oil supplies. Brent and WTI incurred 3 per cent and 4 per cent losses respectively on Monday after sharp cuts to Saudi Arabia's official selling prices (OSP), prompting both supply and demand concerns. Commerzbank analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions".

January 09, 2024 16:15 UTC

Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day’s heavy losses. At their intra-day peaks both benchmarks were up by more than $2 a barrel but prices have since cooled. The Israeli military has said its fight against Hamas will continue through 2024, worrying markets that the conflict could grow into a regional crisis that could disrupt Middle Eastern oil supplies. Brent and WTI incurred 3 per cent and 4 per cent losses respectively on Monday after sharp cuts to Saudi Arabia’s official selling prices (OSP), prompting both supply and demand concerns. But Saudi Arabia on Tuesday emphasized its desire to support efforts aimed at stabilizing oil markets.

January 09, 2024 16:11 UTC

A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/file photoLCO +2.19% Add to/Remove from Watchlist CL +2.43% Add to/Remove from WatchlistBy Robert HarveyLONDON (Reuters) -Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day's heavy losses. At their intra-day peaks both benchmarks were up by more than $2 a barrel but prices have since cooled. Brent and WTI incurred 3% and 4% losses respectively on Monday after sharp cuts to Saudi Arabia's official selling prices (OSP), prompting both supply and demand concerns. Commerzbank (ETR: ) analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions".

January 09, 2024 16:01 UTC

Oil prices rose by more than $2 on Tuesday on tensions in the West Asia and reduced Libyan output, but were yet to fully recovered from steep losses earlier this week. Tensions in the West Asia and an ongoing supply outage in Libya offered support to prices on Tuesday, analysts said. Brent and WTI incurred 3% and 4% losses respectively on Monday, following sharp cuts by top exporter Saudi Arabia to its official selling prices (OSP), prompting both supply and demand concerns. But Saudi Arabia on Tuesday emphasised its keenness to support efforts aimed at stabilising oil markets. Commerzbank analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions."

January 09, 2024 15:43 UTC

Earth last year shattered global annual heat records, flirted with the world’s agreed-upon warming threshold and showed more signs of a feverish planet, the European climate agency said Tuesday. The European climate agency Copernicus said the year was 1.48 degrees Celsius (2.66 degrees Fahrenheit) above pre-industrial times. While that seems a small amount in global record-keeping, it’s an exceptionally large margin for the new record, Burgess said. Earth’s average temperature for 2023 was 14.98 degrees Celsius (58.96 degrees Fahrenheit), Copernicus calculated. And for the first time, every day of the year was at least one degree Celsius (1.8 degrees Fahrenheit) warmer than pre-industrial times.

January 09, 2024 15:17 UTC

A recent report by Oil Price pointed to the continued impact of Libya’s political and security turmoil on the country’s oil sector. The forced closure of the giant Sharara oil field by protestors highlights the obstacles still facing the revival of Libya’s oil industry. The oil blockade also relates to an unresolved political crisis over the equitable distribution of oil revenue among Libya’s factions. Rival administrations headed by Dbeibeh and Prime Minister Osama Hammad have attempted maneuvers to redirect oil income, including replacing the NOC chairman. While progress was made in the gas sector, political instability severely constrains Libya realizing its oil output goals.

January 09, 2024 14:47 UTC

Sahara Bank announced yesterday that it had converted itself from a traditional (interest-charging) bank to an Islamic bank. The bank said that after years of preparations to realize this project, it is now ‘‘the first bank to obtain the license as an Islamic bank’’. It will be recalled that many other Libyan banks have Islamic Banking services, departments or branches – but have not converted themselves completely into an Islamic bank. Interest charging has been banned in Libya since 2012. Libyan Islamic Bank introduces country’s first e-instalment sale service (libyaherald.com)Libyan Islamic Bank and Dokkan sign e-payment agreement (libyaherald.com)Wahda bank offers Islamic banking loans for building materials, home furniture and cars (libyaherald.com)Hay Andalus Municipality and Jumhouria bank discuss Islamic loans for domestic solar systems | (libyaherald.com)North Africa bank offers Islamic Murabaha loan for household goods | (libyaherald.com)Jumhouria bank offers Murabaha Islamic banking loans for Hyundai cars | (libyaherald.com)Libya’s Jumhouria bank offers cars for sale on Islamic ‘‘Murabaha’’ basis | (libyaherald.com)CBL east’s Islamic banking conference postponed to 6-7 November | (libyaherald.com)CBL eastern branch organizing Islamic banking conference | (libyaherald.com)Jumhouria bank offers Murabaha Islamic banking loans for Hyundai cars | (libyaherald.com)CBL workshop with World Bank on introduction of Islamic banking into Libya | (libyaherald.com)CBL Islamic banking conference postponed to 29-30 March | (libyaherald.com)PPPs work well with Islamic banking – Adrian Creed of Clyde & Co. | (libyaherald.com)CBL Islamic banking conference 1-2 March | (libyaherald.com)CBL holds Islamic banking meeting with local bank heads | (libyaherald.com)The Central Bank and Islamic banking plans | (libyaherald.com)Employees want Islamic banking | (libyaherald.com)Islamic banking workshop at Central Bank | (libyaherald.com)

January 09, 2024 13:44 UTC

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January 09, 2024 13:37 UTC

In a letter to President George Vella sent in April 2023, the Degiorgios requested a pardon in exchange for information about the involvement of a former cabinet minister in the murder. The waiting game: Yorgen Fenech’s impending trial looms large2024 will be a pivotal year for the case against Yorgen Fenech, the one in which he is expected to go on trial, accused of commissioning Caruana Galizia’s murder. The 26 individuals are requesting the court also order that Borg be investigated and charged with participating in an organised crime group. A Criminal Court judge then ordered that Camilleri be prosecuted for contempt of court. Three more men with links to the first group were arrested and charged with related offences in October.

January 09, 2024 12:39 UTC

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January 09, 2024 08:57 UTC