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LIA, Greece sign a memorandum of understanding in the field of energy

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The Chairman of the Libyan Investment Authority (LIA), Ali Mahmoud, signed a memorandum of understanding in the field of energy with the Greek Undersecretary of Foreign Affairs Kostas Frangogiannis.

This came during an official visit, on Sunday, by a Greek diplomatic delegation to LIA’s headquarters.

The meeting discussed ways and areas of partnership between Greek companies through ‘Enterprise Greece’ with the LIA and its subsidiaries.

For his part, Kostas Fragogiannis expressed his country’s readiness to enter into an investment partnership with the LIA and its subsidiaries.

First time in seven years: Air Malta flies to Libya

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National carrier Air Malta flew to Libya for the first time in seven years on Thursday, accordong to Times of Malta.

The unscheduled flight to Tripoli’s Mitiga Airport transported a delegation led by Finance Minister Clyde Caruana and Air Malta’s executive chairperson David Curmi. 

The resumption of flights between Malta and Tripoli, as well as a visit by aviation security experts from the Interior Ministry at Tripoli and Misurata Airport were among the main points on the agenda. 

LIA: $1 billion keeps Ali Mahmoud Hassan in office

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The chairman of the Libyan Investment Authority (LIA), which is the sovereign wealth fund of Libya  (SWF), will remain in office in exchange for a payment of one billion dollars to the government.

According to  Africa Intelligence, the money is a godsend for Prime Minister Abdel Hamid Dbaiba, who may also be able to place his allies in the fund’s subsidiaries. 

Libya’s Iron and Steel Company suspends work upon instructions from Libyan PM

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As per the instructions of the Prime Minister, Abdul Hamid Dbaiba, the Libyan Iron and Steel Company announced the suspension of work and operations across all of its factories in order to support the electricity network.

In a statement, the company said that the suspension will be costly financially and technically as well as in terms of relations with the consumers and the suppliers, in addition to causing a spike in prices on the market.

Libya signs MoU in Container Control Program

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Representatives from the US embassy in Libya attended the MoU signing ceremony between the Libyan Customs Authority and the United Nations Office on Drugs and Crime’s (UNODC) Container Control Program (CCP).

In a statement, the US Embassy said that the work outlined in this MOU is critical to strengthening Libya’s border security.

“The project is made possible with funding through the U.S. Department of State’s Export Control and Border Security Program (EXBS),” the statement said.

Minister of Economy and Trade discusses with his Tunisian counterpart means to boost trade exchange

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 The Libyan Minister of Economy and Trade, Mohamed Al-Haweij, held a meeting at the Ministry’s headquarters in Tripoli with Tunisia’s Minister of Trade and Export Development, Mohamed Boussaid.

The meeting discussed the mechanism of cooperation between the two countries in promoting and raising the level of trade exchange, developing border areas and activating transit trade.

 Al-Haweij and Boussaid also discussed the obstacles and difficulties facing businessmen and economic dealers in both countries.

The two ministers expressed their willingness to overcome these difficulties and provide all facilities that contribute to the flow of goods between the Libya and Tunisia.

Brega Oil Company confirms availability of fuel

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Brega Oil Marketing Company has reassured the citizens that fuel was available at its reservoirs and supply was underway as normal, while attributing congestion at petrol stations to long hours of power outages, and said that in spite of the fact that most stations have substitute sources of power, it was insufficient because of high temperatures.

It appealed to the citizens to show common responsibility and to remain patient.

GECOL: “500 megawatts have been lost, rolling blackout hours may increase”

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The General Electricity Company of Libya (GECOL) said on Wednesday that about 500 megawatts of capacity available for Zawiya, south Tripoli, Al-Khoms and Misrata have been lost because of a sharp decrease in gas pressure from the source in the Western line feeding these stations.

According to the company, this malfunction may increase in the electricity deficit and rolling blackout hours.