Decision to remove fuel subsidies has been taken: PM Aldabaiba
“I believe that the government’s decision to lift fuel subsidies has been taken, and there is no going back’’, Tripoli based Libyan Prime Minister Abd Alhamid Aldabaiba said today. Aldabaiba was speaking during Wednesday’s meeting of the Hydrocarbons Committee. It was discussing reforming fuel subsidies and review the experiences of Arab countries in removing subsidies. ‘‘This is because all international institutions, the Central Bank of Libya, and regulatory bodies have warned against continuing the situation in which we are heading, and it is unreasonable for the value of the subsidy to reach, in an unprecedented manner, 50% of the country’s income.”
Source:Libya Today
January 11, 2024 03:56 UTC
New ESA Environmental Security Project Goes Live
A new European Space Agency (ESA) project to fight environmental crime and monitor illegal activities is now fully operational. The project, EO4Security, is dedicated to developing algorithms and application platforms designed to provide tools capable of delivering timely geoinformation on noncompliance with environmental regulations, such as illegal mining and irregular trafficking. e-GEOS, a joint venture between ASI and Telespazio, and part of Leonardo Group, and the primary contractor on the project, announced the project had gone live, Jan. 9. The project will rely on the complementarity of data from Earth Observation satellites with so-called open source intelligence (OSINT) data taken from the social media and other channels. Industrial subcontractors collaborating with e-GEOS on the project will include GAF (a company fully owned by e-GEOS), Hensoldt Analytics, Janes and Dhiria (a spin-off of the Politecnico di Milano).
Source:Libya Today
January 10, 2024 21:38 UTC
Libyan customers prefer quality clothing despite not being the richest in the region: Turkish manufacturer
Libyan customers prefer quality clothing despite not being the richest in the region. He said Libyan customers’ like for quality clothing makes Libya an important market for Turkey and his company which produces quality products. He put the appreciation of quality clothing to the Italian influence and the proximity to Europe. In some products, he went so far as to say the Libyan market has surpassed the European market. On the Libyan market, he said Libya is in the top 5 destinations for Turkish clothing exports.
Source:Libya Today
January 10, 2024 21:14 UTC
Waha Oil Company Urged to Complete Production Increase Projects
The chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, called upon executives of the Waha Oil Company to complete projects aimed at boosting oil output and maintaining current production levels. Speaking at the Waha Oil Company’s general assembly meeting held at NOC’s headquarters in Tripoli on Wednesday, Bengdara emphasized the NOC’s reliance on the firm to execute its strategic plan to raise national production volumes. He stated that the NOC is highly dependent on Waha, given the substantial oil and gas reserves it holds, to carry out the corporation’s production expansion strategy. The NOC chairman commended Waha’ management committee and employees for their efforts to sustain and increase outputs. However, he urged company officials to hasten the completion of major projects that will help maintain and grow production.
Source:Libya Today
January 10, 2024 20:58 UTC
From Libya to Paraguay: Israel’s Longstanding Goal of Expelling Palestinians From Gaza Inches Closer to Reality
Israeli lawmakers’ inflammatory rhetoric mirrors parts of Israeli society pushing for Israeli settler-colonists to return to the Gaza Strip and even colonize Lebanon. Let it be known that you support the appeal to renew Jewish settlement throughout all of the Gaza Strip. A Longstanding AgendaIsrael occupied the Gaza Strip in 1967 during the Six-Day War and re-established the first settlement in 1970. In 1969, Israel attempted to send 60,000 Palestinians from the Gaza Strip to Paraguay with payment and the promise of citizenship. Feature photo | A family flees the Al-Maghazi Refugee Camp with their belongings in the central Gaza Strip, on January 8, 2024.
Source:Libya Today
January 10, 2024 20:20 UTC
Outlook 2024: Libya ready for investment
Outlook 2024: Libya ready for investmentNew strategic plan includes significant investment in oil and gasLibya’s oil and gas sector is open for business. With a clear and diverse plan in place to attract investment and boost output this decade, the OPEC member is hopeful of tapping dormant and unexplored resources in 2024 and beyond. The Libyan government, through the Ministry of Oil and Gas, considers energy to be crucial to the three interconnected and mutually reinforcing pillars of sustainable development: economic growth, social progress and environmental protection. Energy is crucial for driving progress across all sectors of society, from generating power for industry to supplying essential services such as healthcare, education and clean water. Reliable energy sources are of the utmost
Source:Libya Today
January 10, 2024 20:08 UTC
Kuwait vs Libya Prediction and Betting Tips | January 12th 2024
Kuwait, meanwhile, have not been in action since claiming a 4-0 away victory over Afghanistan in the 2026 FIFA World Cup qualifiers in November. The Blue Wave have another friendly lined up against Uganda next week before resuming competitive action in the World Cup qualifiers in March. Kuwait vs Libya Head-to-Head and Key NumbersThis will be the eighth meeting between the two sides. Kuwait vs Libya PredictionKuwait come into the game in inconsistent form, having won and lost three each of their last six games. Prediction: Kuwait 1-2 LibyaKuwait vs Libya Betting TipsTip 1 - Libya to winTip 2 - Both teams to scoreTip 3 - Over 2.5 goals
Source:Libya Today
January 10, 2024 19:00 UTC
HoR allocates over $100 million for reconstructing some Western Region’s cities
The Libyan House of Representatives (HoR) unanimously voted on Tuesday to allocate 500 million Libyan dinars (over $100 million) for the reconstruction of the affected cities in the Western Region, entrusting the Reconstruction and Stabilization Committee with implementation. HoR also approved, in its second session this year, a request from some representatives to invite the Governor of the Central Bank of Libya (CBL) to give a briefing on monetary policies. HoR Speaker, Aqila Saleh, stressed the importance of these decisions in enhancing stability and achieving the aspirations of the Libyan people.
Source:Libya Today
January 10, 2024 15:45 UTC
Oil steadies as Middle East tensions offset economy concerns
Oil steadied on Wednesday, giving up most of its earlier gains, as Middle East supply concerns arising from the Israel-Hamas war and the shutdown of a top Libyan oilfield balanced rising U.S. output and worries about weak economic growth, according to Reuters. While the Organization of the Petroleum Exporting Countries and allies are cutting production to bolster the market, U.S. crude production will hit a record high in 2024, the Energy Information Administration said on Tuesday. Brent crude futures was up 5 cents to $77.64 per barrel at 1050 GMT, while U.S. West Texas Intermediate crude futures were down 17 cents, or 0.2%, to $72.07.
Source:Libya Today
January 10, 2024 15:37 UTC
LBC demands representation at PM’s Office to convey the voice of the private sector
It was agreed that the LBC, which represents the private sector, would communicate with the competent authorities to address issues that would support this sector and issue supporting laws and decisions. Accordingly, the LBC requested the following:A silent seat in the Prime Minister’s Office so as to convey the voice of the private sector. The LBC undertakes communication to bring together all spectrums of merchants, the private sector, and manufacturers. The LBC had objected to a recent Economy Ministry decree changing regulations on import labelling. It is also an attempt to stop the government from issuing such decisions that affect the economy – without prior consultation with the private sector and to reverse the decades-long dominance of the state sector over the private sector.
Source:Libya Today
January 09, 2024 21:50 UTC
NOC chief holds talks with Fezzan region representatives over oilfield closure
Chairman of Libya’s National Oil Corporation (NOC), Farhat Ben Qaddara, met in Benghazi today with community representatives from the country’s southern region of Fezzan. According to a brief statement by the NOC, they discussed causes and repercussion of Sharara oilfield’s closure by a group protesters from the region. Last Wednesday, a group protesters shutdown oil production at the oilfield, calling on authorities to address fuel shortage in the country’s southern region of Fezzan, among other demands. On Sunday, NOC declared force majeure at the country’s largest oilfieldCrude oil shipments to the port of Zawiya, some 49 km (30.4 miles) west of Tripoli, have been halted as a result of the closure, the NOC said in its Sunday statement. “Negotiations are currently ongoing in an attempt to resume production as soon as possible,” said NOC.
Source:Libya Today
January 09, 2024 21:49 UTC
Legal case against NOC chairman Bengdara moving forward – court to issue urgent ruling on 22 January
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)
Source:Libya Today
January 09, 2024 21:07 UTC
LISCO exports 10,000 tons of rebar to Albania
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
Source:Libya Today
January 09, 2024 19:20 UTC
Oil prices rebound on Libyan production restraints, signs Russia is adhering to export cuts
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.
Source:Libya Today
January 09, 2024 16:41 UTC
Libya intervention criticism ‘bunk’, says Cameron
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.
Source:Libya Today
January 09, 2024 16:35 UTC