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The US ambassador urges Al Kabeer to protect Libyan oil revenues from embezzlement to rebuild confidence in the Central Bank

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The Governor of the Central Bank of Libya, Seddik Al-Kabeer, discussed in a phone call yesterday, Tuesday, the US Ambassador to Libya, Richard Norland, and the US Deputy Assistant Secretary of the Treasury, Eric Mayer, the joint efforts to enhance transparency in the Central Bank of Libya, especially with regard to public spending.

According to the US embassy, ​​Norland stressed that the United States shares Libyans’ concerns about the possibility of diverting funds to support partisan political purposes or undermine peace and security in Libya. The ambassador urged the Central Bank of Libya to protect Libyan oil revenues from embezzlement to rebuild confidence in the institution and contribute to stability. The critical importance of providing financial support to the operations of the National Oil Corporation was also emphasized.

The US ambassador expressed his concern about the suspension of half of Libyan oil production, noting that these forced and prolonged disruptions in oil production lead to creating difficult conditions for the Libyan people, including power cuts, water supply problems, fuel shortages, and the destruction of oil infrastructure, which threatens the future of the Libyan energy sector and its ability to continue generating revenue in his favour.

Abdul Jalil: “The Libyan government will hold its first meeting tomorrow in the city of Sebha, before starting its work from its headquarters in the capital, Tripoli”

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The official spokesman for the Libyan government and the Minister of Health in the government, Uthman Abdul-Jalil, said that the Council of Ministers of the Libyan government will hold its first meeting tomorrow, Thursday, in the city of Sebha.

Abdul Jalil explained that the first meeting of the Council of Ministers of the Libyan government will be devoted to discussing several items, the most important of which are the government program and the preparation of the state’s general budget draft, adding that a press conference will be held after the meeting ends at three o’clock in the evening.

The Libyan government spokesman confirmed that this meeting comes before the government begins its work from its headquarters in the capital, Tripoli. He also reiterated the Libyan government’s commitment to adopting the peaceful option to assume its duties in accordance with the law.

Libyan Prime Minister: “We can cover the Russian oil shortfall for a price”

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Fathi Bashagha says his country can supply UK with resources it needs if the West helps to rebuild his country after years of war.

The newest claimant to be prime minister of Libya has said that his country could help make up the shortfall of Russian oil if the West helps the country recover from years of war.

Fathi Bashagha, 59, was declared prime minister by the Tobruk-based Libyan parliament in March. It came after the interim administration of Abdul Hamid Dbeibeh failed to organize elections as promised in December. Dbeibeh, who was 63 years old, has so far refused to step down.

Libya’s oil production has recovered from a collapse caused by the revolution against Muammar Gaddafi in 2011 and the subsequent civil war, but it remains significantly below its pre-war peak. “With trading links established we can enhance the lives of the Libyan people and supply resources which we know Europe and the wider world need,” he told The Telegraph in an exclusive interview. The country’s largest oil field reportedly shut down this week because of protests linked to Dbeibeh’s refusal to leave power.

« Stability and Democracy »

Bashagha, who hopes to replace Dbeibeh peacefully, also said that he wanted to expel Russian mercenaries from Libya, including the Wagner Group,  and “bring peace, stability and democracy to Libya”. However, the Wagner Group and Russian diplomats have expressed support for Bashagha.

The administration of Dbeibeh resulted from UN-backed efforts to restore a national government for Libya and end the civil war between rival governments in the east and west of the country. But the failure of the unity government to hold elections pushed the parliament in Tobruk to elect Bashagha.

The former minister of the interior has been critical of the UK, calling Britain “lazy” for its apparent failure to help Libya after taking part in a 2011 intervention against Gaddafi.

However, he told The Telegraph that the UK could still help to rebuild Libya. “Give us hope and give us a chance,” he said. “Give us the necessary investment and support and we can transform Libya into an outstanding nation-state and a pillar of the international community.” He rejected the idea of peacekeepers but said that the West should provide technology and expertise to help secure Libya’s land and sea borders, suggesting this would help prevent the flow of migrants to Europe.

Bashagha also called on the UK to use its economic and diplomatic clout to ensure Libya’s reconstruction. “Britain can do a lot for Libya,” he said.

Adapted from The Telegraph

A number of banks are starting to include the children’s grant for the last six months of the year 2020 in citizens’ accounts

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On Tuesday, a number of commercial banks announced the start of including the children’s grant for the last six months of 2020 “July, August, September, October, November and December” in citizens’ accounts.

Among the banks that announced their initiation of the inclusion of the grant in the citizens’ accounts are Aman Bank, Nuran Bank, United Bank for Trade and Investment, the National Commercial Bank and Wahda Bank.

Dbeibeh: “Talking about handing over and receiving is a waste of time, and the national unity government will only be handed over to a government emerging from an elected authority”

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The Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, said that what was produced in Tobruk under the name of a government was unvalid because it was the result of “forgery and loss of legitimacy and illegibility,” according to him.

In his speech during the fifth regular meeting of the Council of Ministers of the National Unity Government on Tuesday evening, Dbeibeh added that talking about handing over, receiving and entering the capital is absurd, a waste of time, and an illusion.

He continued: “The attempt to limit the problem to the possibility of storming the capital and entering government headquarters is a leap over the truth that says that whoever was made with forgery and fraud will not be revived by infiltration and intrusion attempts, because what is built on falsehood remains false.”

Dbeibeh reiterated that the national unity government will naturally continue to perform its duties until the handover of a government emanating from an elected legitimate authority.

The fourth wave of closures influences Brega crude and the National Oil Corporation declares a state of force majeure on Brega oil port

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The National Oil Corporation declared a state of force majeure on the oil port of Brega due to the fact it used to be not possible to put in force its commitments towards the oil market.

At a time when oil costs are improving notably due to extended world demand, which is being exploited by means of all producing international locations to enlarge their oil revenues, the Libyan crude is being subjected to a wave of unlawful closures, which will have serious damage to wells, reservoirs and surface equipments for the oil sector, as properly as the loss of state treasury opportunities at costs that may not be repeated for a long time to come.

The Corporation warns that the shutdown of production at Sirte oil and gas production and manufacturing company, will have implications for the balance of the public electrical network, in particular the eastern region, as most electricity plants feed on gas produced from the company’s fields.

Adapted from NOC Official Facebook Page

Brega Company: “The non-compliance with debt repayment is the reason behind stopping the supply of fuel to Libyan and Afriqiyah airlines”

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Brega Petroleum Marketing Company said in a statement today, Tuesday, that it was obliged to stop supplying the Libyan and Afriqiyah airlines with aviation fuel as a result of their failure to pay debts and fuel value, despite that the two companies are receiving the price of travel tickets in advance from all travelers.

Brega company explained that in order to preserve public money, it is legally prohibited from selling on credit to any commercial company, including the two Libyan airlines and Afriqiyah Airways, which owe the Libyan state millions of dinars as a result of their failure to pay their debts in return for withdrawing aviation fuel.

It added that although the Supreme Committee for Debts formed by the Brega Company continued to follow up on debts with these commercial companies to address their debts at an earlier time, it did not commit to paying what it owed in installments, which is part of the serious damage to public money if the Brega Company continues to provide them in violation of the decisions issued in particular

The Minister of Oil forms a committee to communicate with the authorities that caused the closures at the oil sites to find quick solutions for reopening

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The Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun issued a decision to form a committee to communicate with the parties that caused the closures at oil sites, and to discuss and debate them in order to find quick solutions to reopen them again without any conditions.

This came after a meeting held by Minister Aoun today, Tuesday, at the office of the Oil and Gas Ministry in Tripoli, with general managers and directors of departments in the ministry devoted to discussing the repercussions of closing production on the oil sector in particular and on the Libyan state in general.

The minister warned of the consequences of stopping oil production, the most important of which is the negative impact on oil reservoirs, equipment and surface facilities, the interruption of gas from electric power plants, and the decline in oil revenues at a time when its prices are witnessing a marked increase in the global market.

Libya’s oil production decreased from 1.3 million barrels to 800,000 barrels per day within a few days

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Libya’s production of crude oil decreased to 800,000 barrels per day due to the closure of a number of oil facilities, after Libyan oil production was in the range of 1.3 million barrels per day last Friday.

This drop in production came after protesters demanding the resignation of Prime Minister, Abdul Hamid Dbeibeh, closed a number of oil fields and ports, including the Sharara field, the largest oil field in the country, with a production of 300,000 barrels per day, as well as El Feel field, which his daily production is 65,000 barrels, in addition to the closure of the Zuwetina and Brega ports, which forced the National Oil Corporation to declare force majeure on these oil facilities.

Adapted from Bloomberg News

Al-Darija: “Freezing oil revenues is better than closing oil, which will not be accepted internationally, nor will the continuation of transferring oil money to the government”

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The Economist Mohsen Al-Darija said that freezing oil revenues in the account of the National Oil Corporation is better than closing oil and better than freezing it in an account outside Libya, adding that in light of the current oil prices, closing oil will not be accepted internationally, as well as the continued transfer of oil revenues to the account of the government.

Al-Darija stressed that selling oil and keeping its money in the account of the National Oil Corporation was the least harmful option than closing the oil, noting that the pressures on the institution and temptations with a huge budget made it surrender what was in its accounts, and closing the oil became the other alternative that entered into implementation.

The former head of the Libyan Investment Authority stressed the need to think after the refreezing of funds and the flow of oil in a mechanism to use funds transparently and for purposes that serve the people.