According to reuters (London) Verenex Energy Inc. of Canada has drawn up a claim against Libya for arbitration in its dispute with Libya over the company's proposed sale to China, the chief executive of Verenex said.
Libya has said it will pre-empt a C$10-a-share bid for Verenex, a small oil firm working in Libya, by China National Petroleum Corp (CNPC) [CNPET.UL]. But it has not made a formal offer for Verenex and has not given consent to the Chinese deal.
Verenex requires Libyan consent for the Chinese deal, announced in February, to go ahead. Verenex CEO Jim McFarland said that while it was still seeking that consent, filing for arbitration was among its legal options.
"We have put together a draft claim if we need to go that way, but clearly neither party wants to go the legal route on this thing and we've trying to figure out the best way to come up with an amicable solution," he said.
Success Opportunity Capability (SOC) Libya
Friday 31 July 2009
Friday 24 July 2009
Libya expects $2bn FDI; eyes downstream oil industry
Libya is expecting nearly $2bn in new foreign direct investment, Libya’s Privatisation and Investment Secretary Dr. Mahumd Al-Ftise said yesterday druing ‘Libya Opportunity & Challenge III’ which was orgnised by The Middle East Association and held in London on 23th July 2009 and It has the full support of UK Trade and Investment, the Libyan British Business Council, the Tripoli Chamber of Commerce, the Libyan Businessmen’s Council, the People’s Bureau of Libya in London and the British Embassy in Tripoli.
“We have over $2bn operating in FDI in Libya and we have almost $2bn in process,” Mahmud Al Ftise said on the sidelines of a Libya investment conference in London, without giving a time frame for the investment.
“This number is humble but we are really relaxed because the numbers are increasing. Libya has very big potential.”
Libya is also working on attracting investment totalling around $2.7bn in the downstream oil industry, Al Ftise added.
International investors see huge untapped potential for growth in the North African country, which was starved of investment during years of socialist policies and international sanctions.
Libya’s relations with the West took a leap forward in 2003 when it gave up banned weapons programmes and again last year when it agreed with the United States to settle compensation claims for attacks, including the 1988 Lockerbie airliner bombing.
Gaddafi’s foreign-educated son, Saif Al Islam, has helped push through economic reform measures, and the capital is now dotted with construction cranes building new hotels and business centres. But some investors’ enthusiasm has been tempered by red-tape, a creaking bureaucracy and uncertainty over how well protected property rights are in Libya.
Foreign investors complain of obstacles such as restrictions on visas.
Al Ftise said Libya was beginning to introduce visas for investors on arrival at Libyan airports, rather than from individual embassies.
“That is starting now, we are hoping it will come in probably after a month,” he said.
However, he said relaxation on visas was a two-way process with countries such as Britain.
“If you ease things here, we will ease things there.” Libya has privatised more than 100 companies since 2003 in industries including oil refining, tourism and real estate, of which 29 are 100 percent foreign owned.
The oil and gas sector still dominates the economy and is the destination for most foreign investment. BP and Exxon Mobil are among the international oil majors active in the sector.
Libyan banks are allowed to enter partnership agreements with foreign banks but the foreign partners are restricted to a
49 percent stake. Al Ftise said foreign investors can take 100 percent ownership in other sectors.
Abdulmagid el-Mansuri, Chairman of the Industry Ministry’s Foreign Investment Committee said that Libya was planning free trade zones for individual countries.
Source: Reuter and Sahra Oil Consultancy
“We have over $2bn operating in FDI in Libya and we have almost $2bn in process,” Mahmud Al Ftise said on the sidelines of a Libya investment conference in London, without giving a time frame for the investment.
“This number is humble but we are really relaxed because the numbers are increasing. Libya has very big potential.”
Libya is also working on attracting investment totalling around $2.7bn in the downstream oil industry, Al Ftise added.
International investors see huge untapped potential for growth in the North African country, which was starved of investment during years of socialist policies and international sanctions.
Libya’s relations with the West took a leap forward in 2003 when it gave up banned weapons programmes and again last year when it agreed with the United States to settle compensation claims for attacks, including the 1988 Lockerbie airliner bombing.
Gaddafi’s foreign-educated son, Saif Al Islam, has helped push through economic reform measures, and the capital is now dotted with construction cranes building new hotels and business centres. But some investors’ enthusiasm has been tempered by red-tape, a creaking bureaucracy and uncertainty over how well protected property rights are in Libya.
Foreign investors complain of obstacles such as restrictions on visas.
Al Ftise said Libya was beginning to introduce visas for investors on arrival at Libyan airports, rather than from individual embassies.
“That is starting now, we are hoping it will come in probably after a month,” he said.
However, he said relaxation on visas was a two-way process with countries such as Britain.
“If you ease things here, we will ease things there.” Libya has privatised more than 100 companies since 2003 in industries including oil refining, tourism and real estate, of which 29 are 100 percent foreign owned.
The oil and gas sector still dominates the economy and is the destination for most foreign investment. BP and Exxon Mobil are among the international oil majors active in the sector.
Libyan banks are allowed to enter partnership agreements with foreign banks but the foreign partners are restricted to a
49 percent stake. Al Ftise said foreign investors can take 100 percent ownership in other sectors.
Abdulmagid el-Mansuri, Chairman of the Industry Ministry’s Foreign Investment Committee said that Libya was planning free trade zones for individual countries.
Source: Reuter and Sahra Oil Consultancy
Monday 20 July 2009
ExxonMobil Commences Drilling Libya's First Deepwater Well
Exploration Company announced today that its affiliate, ExxonMobil Libya Limited, has started drilling the first deepwater exploration well in Libya. The A1-20/3 well is being drilled in Contract Area 20 (CA 20) located offshore in the Sirte Basin, northeast of the city of Misrata, in the Libyan Mediterranean Sea.
The rig, contracted from Noble Africa Limited and named the Noble Homer Ferrington, is capable of operating in water depths up to 7,200 feet (2,195 meters), and can drill to a depth of 30,000 feet (9,144 meters). It is designed for high efficiency and safety, and is able to operate in many global deepwater environments.
The rig, contracted from Noble Africa Limited and named the Noble Homer Ferrington, is capable of operating in water depths up to 7,200 feet (2,195 meters), and can drill to a depth of 30,000 feet (9,144 meters). It is designed for high efficiency and safety, and is able to operate in many global deepwater environments.
Phil Goss, President of ExxonMobil Libya Limited, said, “ExxonMobil has a long and successful history of working in Libya, where we previously operated as Esso and Mobil.
“We are pleased to start drilling our first deepwater exploration well in Libya based on the rigorous technical work conducted by our Libyan National and expatriate scientists, and in collaboration with the National Oil Corporation (NOC) to progress our exploration program.”
ExxonMobil has an unwavering commitment to operations safety and integrity and to protecting the environment. These core values are embedded in the way we work and implemented globally through our management systems. ExxonMobil has a proven track record of operating to the highest industry standards in all aspects of our business.
Elsewhere in Libya, ExxonMobil Libya Limited has completed two 3D seismic surveys in offshore Contract Areas 20 and 21, and three 2D seismic surveys in offshore Contract Areas 44, 20, and 21.
Tuesday 7 July 2009
Libya to supply oil to Ghana
Libya could soon join Nigeria to supply crude oil to Ghana. A deal has been struck between the two leaders, President Atta Mills and Mr. Qadafi of Libya on the sidelines of the 13th Ordinary Summit of the African Union which took place in the city of Sirte - Libya from 1-3 July 2009, after the government expressed seriousness about the need for assistance to access crude oil on good terms.
The Vice-President, John Mahama, had earlier travelled to Libya on the same mission.The Presidential Spokesman Mahama Ayariga told Joy News, government hoped Libya could help Ghana to meet her daily oil demand of about 65,000 barrels.“Qadafi has indicated his commitment to assist (Ghana with oil).
It is now the question of the technical team working through the details of the deal and then the two countries will seal it; afterwards we will see the fruits of the discussion.”
Source: Myjoyonline & SOCLibya
The Vice-President, John Mahama, had earlier travelled to Libya on the same mission.The Presidential Spokesman Mahama Ayariga told Joy News, government hoped Libya could help Ghana to meet her daily oil demand of about 65,000 barrels.“Qadafi has indicated his commitment to assist (Ghana with oil).
It is now the question of the technical team working through the details of the deal and then the two countries will seal it; afterwards we will see the fruits of the discussion.”
Source: Myjoyonline & SOCLibya
Friday 3 July 2009
LandSecs sells an Oxford Street’s block to Libya
Britain's biggest property company, Land Securities, has sold its Portman House retail and office building on London's Oxford Street to a Libyan state-backed investor for 155 million pounds ($254.8 million).
The multi-let 146,550 square foot (13,615 square metre) building in the heart of the West End shopping district has been bought by Kinloss Property Limited, a wholly owned subsidiary of the Libyan Foreign Investment Company (LAFICO).
The asset generates a total rent of 11.5 million pounds a year and is held on a long lease from The Portman Estate on a term expiring in 2152.The purchase price reflects an annual income yield of just over 7 percent.
The acquisition of Portman House comes about six months after the Libyan Investment Authority agreed to buy a 172,000 square foot office building in London's City financial district for 120 million pounds.
I personally think it’s a good opportunity for Libya’s LAFICO to invest some of its money into property in London and especially at the heart of Oxford Street.
The building (If you do not know) is located at the corner of Oxford Street and Portman Street, just in front of Next and Primark. There are several retails shops belong to the building such as New Look, Boots, River Island etc.
The building (If you do not know) is located at the corner of Oxford Street and Portman Street, just in front of Next and Primark. There are several retails shops belong to the building such as New Look, Boots, River Island etc.
(Reuters & SOC Libya)
Photos taken by Tarek Alwan, on 03/07/2009
Thursday 2 July 2009
Shell sponsored a training course in the area of a rapid response to emergencies.
Shell for Exploration and Production in Libya, set up lately a training programme for a rapid response to emergencies. The training course included the bases of treating with patients of traffic accidents, medical procedures on the scene of the accident and before the arrival of the injured to the hospital and how to deal with emergencies and urgent cases of road traffic casualties.
The training course aimed at raising the efficiency of hospital staff, from Emhamed Al-Mgariyf Hospital in Ajadabia and Albraiqa Area Clinic.
The trainees successfully completed the course, which run for 9 days, and they have been granted certificates of the first level of a rapid response to the emergencies which were approved by the surgeons at the Royal University in the United Kingdom in Edinburgh city.
It is understood that the British Company E.R.S which is specialised in this type of training, carried out this course.
And this training programme was part of the company's plans to implement sustainable development programmes in Libya.
Source: NOC Libya & Translated by SOC Libya
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