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Author: LS

Sahara Bank Resumes Islamic Car Financing Service with Funding Up to 120,000 Libyan Dinars

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Sahara Bank announced on Wednesday the resumption of its Islamic car financing service exclusively for both new and used cars, available at all service centers.

Sahara clarified that it acquires the asset from the company through a sales contract, which is then financed for the customer by contracting with leading Libyan companies to meet the requirements. The funding ceiling reaches up to 120,000 Libyan Dinars, determined based on the salary amount, and the comfortable installment plan extends up to 96 months.

Ali Mahmoud Discusses Issues Related to the Frozen Assets System on the Libyan Investment Authority with the British Deputy Ambassador

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The Chairman of the Board of Directors of the Libyan Investment Authority and the CEO, Ali Mahmoud, held a meeting with the Deputy Ambassador of the United Kingdom to Libya, Katherine Wilde.

The meeting addressed discussions on issues related to the frozen assets system imposed on the Libyan Investment Authority.

The Deputy Ambassador was briefed on the steps taken by the Authority to mitigate the negative effects on assets and funds frozen within the framework of the imposed sanctions system.

Exclusive: Our Source at the NCB: The Bank’s Capital Increased from 700 Million to 1.75 Billion

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Our source at the National Commercial Bank revealed in a statement that the General Assembly meeting of the bank was discussed at the headquarters of the General Administration in the city of Al-Bayda, addressing all the items on the agenda of the scheduled assembly.

The source explained that the bank’s capital has been increased from 700 million to 1.75 billion.

Long-Term Investment Portfolio Organizes Workshop to Adopt the Executive Plan for the Strategic Priorities Program

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The Long-Term Investment Portfolio, owned by the Libyan Investment Authority, organized a workshop on Monday to adopt the executive plan for the Strategic Priorities Program of the portfolio, which is intended to be launched through a series of steps and frameworks starting from the current year.

The workshop was attended by the Chairman of the Board and the General Manager of the Long-Term Investment Portfolio, Abdel Fattah Abdel Ghaffar, along with the Chairman of the Board, the CEO of the Libyan Investment Authority, Ali Mahmoud, and the directors of departments at the portfolio and the Libyan Investment Authority, in addition to a consultant from the global company Deloitte.

The workshop was inaugurated by the Chairman of the Board of the portfolio, who summarized the goals of the Strategic Priorities Program, emphasizing their determination to formulate a clear investment strategy for the portfolio and a stable action plan during the year 2024.

Ali Mahmoud expressed his support for the portfolio’s steps, emphasizing the necessity of outlining a tight framework and goals that align with the strategy of the Libyan Investment Authority, pointing to the achievements that the institution has accomplished in the past period.

During the workshop, the Strategic Planning Office presented an executive summary regarding the vision, aspirations, and governance of the Strategic Priorities Program, detailing the high-priority achievements that the portfolio aims to accomplish in the first year of implementing this program. These include enhancing returns from portfolio contributions and activating the asset protection strategy.

The workshop included a presentation by the Program’s Working Group Manager, who summarized the executive plan, the implementation timeline, anticipated risks, and required support.

Arrests Ordered by Attorney General for Prominent Health Officials in Derna

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The Attorney General has mandated the arrest of prominent health officials in Derna, including the Director of Al-Wahda Teaching Hospital, the Health Services Monitor in Derna Municipality, and the official overseeing the monitoring department’s warehouses.

In a statement released on Friday, the Attorney General’s Office asserted that the detainees are facing charges related to corruption and substantial financial misconduct.

According to the provided information, the allegations involve the fabrication of false official documents, falsely claiming the receipt of medical equipment, a misrepresentation contrary to the actual circumstances.

Deputy Attorney General Osama Tentoush, on Thursday, took further action by urging the Central Bank of Libya to freeze the bank account balances of specific corporate entities and individuals across all operational banks in the country.

This move had widespread implications, impacting over 60 companies engaged in real estate, construction, supply, travel, oil services, and foodstuffs, along with 23 individuals.

Osama Hammad Refers Government Budget for 2024, Estimated at Over 90 Billion Dinars, to the House of Representatives

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Today, Sunday, the Prime Minister of the Libyan government, Osama Hammad, referred the proposal for the general state budget for the fiscal year 2024 to the Speaker of the House of Representatives, Aguila Saleh.

The proposal submitted by the Libyan Prime Minister stipulates that the state budget for the year 2024 is set at 90.5 billion dinars. He indicated that the referral of the budget to the Speaker of the House of Representatives is for it to be presented to the members of the council for review and approval.

Exclusive: Libyan Investment Authority Signs Strategic Agreement with BP

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The Media Advisor to the Libyan Investment Authority, Louay Griw, stated in an exclusive statement to Tabadul TV that the Authority has signed a strategic agreement with BP to enhance their partnership. The signing took place at the BP headquarters in Cairo on Wednesday, with the presence of the Chairman of the Board, CEO Ali Mahmoud, board members, and several officials and experts from both sides.

Griw explained that the agreement aims to strengthen cooperation and partnership between the two parties, emphasizing progress in the exploratory project in Ghadames Basin and Gulf of Sirte for Blocks A, B, and C in partnership with ENI and the National Oil Corporation. This project is considered one of the largest exploratory projects in Libya, encompassing both onshore and offshore exploration.

The Media Advisor, Griw, concluded that discussions also touched upon exploring new projects in the oil and gas sector to contribute to increasing Libyan production. Additionally, alternative energy projects were discussed to support the energy sector in Libya and reduce emissions.

Shakshak Discusses with Bengdara the NC7 Hamada Field Project for Investment in Gas

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During today’s Monday meeting, the Head of the Audit Bureau, Khaled Shakshak, discussed the NC7 Hamada Field project for gas investment with the Chairman of the National Oil Corporation, Farhat Bengdara. The meeting also addressed the fuel crisis and its smuggling outside the country.

Shakshak emphasized the need to assess the feasibility and suitability of projects, the possibility of the institution’s self-financing, requiring more transparency, disclosure, and sufficient time for study to achieve a common understanding.

Bengdara explained the background that led to seeking external investors for some strategic projects, stating that investment in this field requires substantial funding and a suitable flow in financial streams that the institution may struggle to meet under the current economic conditions. This prompted the institution to seek stable foreign investment, acknowledging the essential need to enter new projects in the oil and gas sector and expressing commitment to the Audit Bureau’s observations and eagerness to act on its recommendations.

The meeting also discussed the agreement for the development of two gas fields signed between the Italian company Eni and the National Oil Corporation in late January of last year. Additionally, it covered the agreement for the planned South Refinery project in Ubari, signed between Zallaf Libya for Oil and Gas Exploration and Production and the American Honeywell. The meeting also touched upon Ras Lanuf Refinery project and its return to operation, discussing the obstacles preventing its commissioning.

Ministers of Labor and Economy Deliberate on Regulating Local Markets and Foreign Labor

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Minister of Labor and Rehabilitation, Ali Al-Abed, and Minister of Economy and Trade, Mohamed Al-Huwaij, along with the Undersecretary of the Ministry of Economy for Commercial Affairs, Suhail Abu Shiha, and representatives from both ministries convened with the presence of the President of the General Union of Chambers of Commerce, Industry, and Agriculture, Mohamed Al-Raayedh.

The meeting addressed the organization of foreign labor in the local market, the enforcement of labor relations laws and their executive regulations, and the ministries’ decisions regulating the market through inspections on professions prohibited for foreign labor, including buying and selling in all commercial activities.

The attendees agreed to form a working team in coordination with relevant agencies and institutions. They also discussed solutions to address the evasion of financial obligations by labor, especially in electricity, sanitation, and other services.

The Minister of Labor emphasized the vital role with the Ministry of Economy, its affiliated bodies, and the chambers of commerce. He stressed the need to tighten procedures for companies wishing to recruit by following the “Wafed” platform. He highlighted the importance of conducting a study and analysis of the labor market in collaboration with the Ministry of Economy and Trade to understand the general conditions of the workforce.

Tripoli Hosts Second Edition of Energy and Economic Summit with Participation of 30 Countries and 1300 Participants

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On Sunday, the capital, Tripoli, hosted the second edition of the Energy and Economic Summit, spanning two consecutive days. The event saw the attendance of over 1300 participants from more than 30 countries, representing twice the number of participants in the inaugural edition held in 2021.

Participants in the summit included countries such as Turkey, Italy, Spain, France, Algeria, and several leading companies in the oil, gas, and renewable energy sectors, including Eni, Repsol, Total, Oil Invest, BGN, and Sonatrach.

During the summit, the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, emphasized the government’s efforts to create significant programs to revitalize the national economy and address challenges in the development of the oil and gas sector. He highlighted the achievements in stabilizing the electrical network, considered a significant challenge that has now been addressed for the benefit of citizens.

In his address, the Chairman of the National Oil Corporation, Farhat Bengdara, stated that the Corporation, since its establishment, maintained strategic relationships with its international partners to achieve global energy security. He mentioned the corporation’s plans and strategies aimed at restoring Libya to the forefront of the energy sector by increasing production, with the goal of raising production to 2 million barrels per day through partnerships with foreign companies.

The Minister of Oil and Gas, Mohamed Aoun, pointed out that Libya has substantial undiscovered reserves of oil and gas, with about 30% of Libyan territories yet to be explored for oil. He highlighted the abundance of shale gas and shale oil, stating that Libya’s future in the oil and gas sector remains promising. He also noted that some African countries are just beginning to discover oil, and there are 600 million Africans who have not experienced electricity in their lives.

On the economic front, the Minister of Economy and Trade, Mohamed Al-Huwaij, disclosed that the ministry has outlined a ten-year plan aimed at diversifying the economy and reducing reliance on oil. To achieve this, he emphasized the need for the contribution of foreign companies, especially oil companies like Eni. He urged European countries to assist in lifting the freeze on Libyan funds abroad to develop the oil sector and invest the funds in carbon and clean energy fields.