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Libya Business Review: March 2009 March 2009 Libya Business Update
Monitoring the latest news March 2009
Dear Reader,
This is the latest Libya Business Review Newsletter which reflects the actual economic and geopolitical developments in a country that faces lots of challenges, but has enormous opportunities due to internal and external changes, particularly during the last 7 years.
Over 30 international oil companies have signed exploration and production sharing agreements and are working in Libya. They require a wide range of goods and services.
The government has started some market oriented reforms during this period, and there has been average annual economic growth of over 5%, although this has depended mainly on the oil price. Unemployment and corruption are still huge problems. Suffering once again from low oil prices like many other OPEC-Members, Libya is trying to strengthen the non-oil economy, which is expected to grow by 5-7% this year according to Farhat Omar Bin Guidara, Governor of the Central Bank of Libya.
Meanwhile companies from all over the world have had success in signing contracts to upgrade Libya¡¯s infrastructure and industry, including public and private construction, power generation, public transport, tourism and project consultancy. Oliver Miles, a director of MEC International and former British Ambassador to Tripoli, estimates government spending into those projects of about US $40bn between now and 2015.
If you would like to learn more about this newsletter or forthcoming events, or perhaps would like to suggest an event or article for inclusion in the next edition, please do not hesitate tocontact me.
Kind regards,
Maya Rusinowicz , Editor MEC International Ltd Granville House, London SW1X 9AX Tel: 020 7591 4816, Fax: 020 7591 4801 Email: projects@meconsult.co.uk
India¡¯s Punj Lloyd wins orders worth $238 mln (08/01/2009)
Indian engineering and construction firm Punj Lloyd won two contracts worth a total of 11.55 billion rupees ($238 million). They include a 10.5 billion rupee project to upgrade infrastructure at a township in Libya, jointly won with a local firm. The project is to be completed in four years. Read More
Simplex Projects Ltd gets Libyan Order (10/01/2009)
Simplex Projects Ltd was awarded its first overseas project from Government of Libya. The contract awarded as Public Works Contract, is for execution of 2,000 housing units, service buildings and related infrastructure on turnkey basis in Ghira, Libya. Read More
Egypt and Libya to Invest $6bn in Oil Facilities in Egypt (14/01/2009) Egypt and Libya will jointly invest $6bn in a new refinery, expanding another and building 500 gas stations according to the Egyptian Oil Ministry. The new refinery will be able to process 250,000 barrels of oil a day, according to the Ministry. Libya also agreed to set up a new facility in the Assiut Petroleum Refining Co., one of Egypt¡¯s nine existing refineries, to produce lighter crude products out of fuel oil. Read More French Alcatel Supplies Wimax to Libya (22/01/2009) The commercial network WiMax mobile (high speed wireless internet) as installed by the French group Alcatel-Lucent for $60 million was inaugurated in Libya. With a capacity of 300 thousand users, the network covers 18 Libyan cities, and will allow connections to be established within a range of 50 kilometres, also whilst the user is on the move. Read More Contract Placed for Next Stage of Libyan Network (24/01/2009) China Railway Construction Corp announced it had signed a US$805m contract to build a further 172 km of the planned Libyan rail network. Work on the line from Tripoli to Ras Ejder on the Tunisian border is scheduled to take 54 months. Read More Yara Completes $225 mln Libya Fertiliser Deal (10/02/2009) Norwegian fertiliser maker Yara sealed a joint venture deal worth $225 million with Libya, taking a 50 percent stake in a complex producing urea and ammonia in the North African country. The venture, which helps Libya diversify an economy heavily reliant on oil and gas exports, was agreed last July and involves the upgrade of the facility as well as production and marketing. Libya¡¯s National Oil Corporation (NOC) and the Libyan Investment Authority each retain 25 percent of the company, named Libyan Norwegian Fertiliser Company (Lifeco), while Yara¡¯s Gianni Paci becomes its chief executive. Read More Total accepts Lower Share of Libyan Oil Production (11/02/2009) Total S.A., Europe¡¯s third-largest oil company, agreed to reduce its share of production from two oil ventures in Libya to take into account last year¡¯s surge in crude prices to a record. Read More Libya Takes Delivery of Two Oil Tankers (18/02/2008) Libya¡¯s state-owned General National Maritime Transport Co. (GNMTC) took delivery of two 115,000-dwt oil tankers, the Al-Qadisiyah and Al-Jala, from Cido Shipping of Japan. The two deliveries are part of a six-ship deal GNMTC brokered in December which also included four Aframaxes of around 115,000 dwt each, which the Libyan firm bought from Turkey¡¯s Geden Lines. Read More Libya¡¯s Income From Sovereign Fund $2.3 billion (19/02/2009) Libya¡¯s sovereign wealth fund investments abroad total $50.58 billion and have returned profits of $2.37 billion since the scheme started in 2006. More than 78 percent of the money, or $39.81 billion, was invested in short-term financial instruments abroad. Read More Libya Urges Conoco, Hess, Marathon to Cut Waha Stake (03/03/2009) Libya urged ConocoPhillips, Hess Corp. and Marathon Oil Corp. to agree to lower their share of production from the Waha oil venture as state revenue is squeezed by lower crude prices and OPEC-mandated output cuts. Read More
Libya Delays Gaddafi Oil Plan (04/03/2009) Libya¡¯s executive and legislative bodies voted to delay an oil distribution scheme of Muammar Gaddafi. The Libyan leader, who has advocated handing out oil revenues directly to the people to beat endemic corruption in the government, would have distributed about $32bn this year alone. Read More Libya¡¯s 2008 Balance of Payments Surplus at $44B, Reserves at $136B (06/03/2009)
Libya had $44 billion balance of payments surplus in 2008, the Governor of the Central Bank of Libya said on Wednesday. Farhat Omar Bin Guidara told the General People¡¯s Congress that Libya¡¯s foreign currency reserves were at $136 billion at the end of 2008.
Dubai¡¯s Al-Ghurair to Upgrade Libyan Oil Refinery (10/03/2009)
Libya¡¯s National Oil Corp. said it signed an accord with a unit of Dubai¡¯s Al Ghurair Group to invest $2 billion in upgrading the North African nation¡¯s biggest oil refinery.
Russia Set to Build Fast Attack Boats for Libya (11/03/2009)
Libya had signed a contract with Russia worth up to an estimated $200 million to buy three missile boats. The country also showed interest in buying Russian-made Su-30MKI fighters, T-90 tanks, and Tor-M2E air defense systems. Read More
Libya says would go along with another OPEC cut (12/03/2009)
Libya¡¯s top OPEC official said on Thursday that oil markets remained oversupplied and the OPEC nation would go along with another output cut by the producer group if needed. Read More
Enel rights issue plan draws Libyan interest (12/03/2009)
Enel¡¯s board was meeting yesterday to work out a strategy to reduce the power utility¡¯s debts of more than €60bn ($76.5bn) through a possible €8bn rights issue, sources close to the matter said. Read More
Hill to boost headcount in booming Libya (13/03/2009)
US-based consultant Hill International has said it plans to move up to 40 extra staff to Libya to work on projects it has won in the booming market there. Read More
ADX Signs Cooperation Deal with Libyan Stock Market (16/03/2009)
The Abu Dhabi Securities Exchange (ADX) and the Libyan Stock Market have signed a Memorandum of Understanding (MoU) to promote dual listing of companies and increase cooperation between the two exchanges. Read More
Libya May Thwart China National¡¯s Takeover of Verenex (16/03/2009)
Libya may exercise its right to buy Verenex Energy Inc., thwarting a proposed $499 million ($394 million) takeover of the Canadian explorer by China National Petroleum Corp. Read More
Libya eyes more property in west (18/03/2009)
Libya¡¯s $70bn sovereign wealth fund is on the lookout for investments in western real estate markets, as Muammar Gaddafi¡¯s regime flexes its financial muscle after emerging from its international isolation. Read More
Chinese Great Wall Motor Company to Export 3,300 Pick-Ups to Libya (18/03/2009)
Great Wall Motor Company (GWM) has won an overseas government procurement order to supply 3,300 pickups, according to news from GWM¡¯s headquarters. The vehicles will be loaded onto a vessel in the Tianjin Port and shipped to Libya. The first batch of 1,000 units is to arrive in the Benghazi Port at the end of March. Read More
S&P assigns Libya investment grade credit rating (18/03/2009)
Standard & Poor¡¯s on Wednesday assigned Libya an investment grade rating in the country¡¯s first ever sovereign credit rating, a major boost for the North African nation in its re-emergence on the international business scene after decades of U.S.-imposed sanctions. Read More
Libya to Float 15% of Al Joumhouriya Bank (18/03/2009)
Libya will float at least 15 % of Al Joumhouriya Bank on the local stock market and aims to grant licences for foreign lenders to enter Libya next year according to the head of the country¡¯s central bank. Al Joumhouriya, Libya¡¯s biggest state-owned bank by assets, has capital of more than 1 billion dinars after merging with another bank, Al Oumma. Read More
Libya Gets Investment-Grade Credit Rating from S&P (19/03/2009)
Libya received an investment-grade credit rating from Standard & Poor¡¯s Ratings Services, the first agency to rate the oil-rich African state that has recently emerged from years of international isolation. The sovereign rating was assigned following a request from Libya¡¯s government. Read More
No Need to Cut Oil Output Further (21/03/2009)
According to a statement released by the Chairman of Libya¡¯s National Oil Corporation, OPEC most likely will not need to cut oil production further if market conditions remain favourable. Read More
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MEC International Ltd. Granville House 132-135 Sloane Street London SW1X 9AX Tel: 020 7591 4816 Fax: 020 7591 4801 e-mail : mec(at)meconsult.co.uk |
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