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CBL: oil revenues received during the first six months of 2020 over LD 5.036 bn

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The Tripoli based Central Bank of Libya (CBL) announced in its latest statistical bulletin that the stoppage of oil production and export during the first six months of 2020 has led to direct losses of around 7 Billion US Dollars.

Accordig to its statement, the CBL pointed out that the total oil revenues received by the CBL during the period has reached 5.036 billion dinars, of which 2.871 billion dinars for oil exported during the month of December 2019, and 2.165 billion Dinars for oil exported during the first six months of 2020 of which only 63 million Dinars for the month of June.

The CBL stressed that the matchig between oil export and its revenues is carried on a monthly basis between the Central Bank of Libya, the National Oil Corporation and the Libyan Foreign Bank.

The total realized revenues from tax imposed on sales of foreign currency during this period has reached 11.6 billion Dinars, of which 1.050 billion Dinars has been allocated to finance chapter three “Development” expanditure of the Financial Arrangements during the first six months of 2020, the CBL has transferred 1.2 billion Dinars allocated to pay off public debt.

During the first six months of 2020, the CBL has transferred 1.2 billion Dinars to the National Oil Corporation Account in execution of the Presidential Council Resolution No. 1080 of 2019 regarding the allocation of an extraordinary budget for the National Oil corporation financed by the surplus of realized revenues on tax imposed on sales of foreign currency in 2018.

The CBL also said that 1.5 billion Dinars have been allocated to the Ministry of Health, which includes 481 million Dinars to combat the Coronavirus Pandemic and 496 million Dinars for the Medical Supply Organization, both of which have been executed. It also included 512 million Dinars for transactions under processing received from the Ministry of Health.

Libya’s NOC lifts force majeure

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 Libya National Oil Corporation on Friday lifted its force majeure on all oil exports after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep production low.

The first tanker to load is the Kriti Bastion at Es Sider oil port, NOC added in a statement, and said it would “take a long time” to increase output due to “the significant damage to reservoirs and infrastructure” caused by the blockade.

“We are very glad finally to be able to take this important step to national recovery, and I wish to thank all the parties to recent discussions for helping to bring about this successful outcome,” NOC Chairman Mustafa Sanalla said. “This should be recognised as an important moment of common national purpose to build on to bring lasting peace and stability to the country.” 

“For NOC, the work has just started. Our infrastructure has suffered lasting damage, and our focus now must be on maintenance and securing a budget for the work to be done. We also must take steps to ensure Libya’s oil production is never again held to ransom.” Sanalla added.

“On the top of the $6.5 billion in lost production we as a nation have suffered, NOC faces huge extra costs to repair infrastructure damage. The costs of repairing the pipeline network and surface equipment and of well workovers will run to the billions of dinars.”

PC approves emergency budget to face Covid-19

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The Presidential Council (PC) approved a budged allocated to the relevant Crisis Committee, to tackle the Coronavirus pandemic.

In a meeting held on Monday, the PC considered the necessary measures for the return of stranded Libyan citizens abroad and discussed the matter of the wounded, both at home and abroad, also the implementation of essential measures in these particular matters.

CBL reveals foreign currency sales for commercial banks

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The Tripoli-based Central Bank of Libya (CBL) issued a statement concerning foreign currency sales for commercial banks (in USD) for period 1/1/2020 to 30/026/2020.

In its statement, the CBL noted that foreign currency sales for commercial banks for the same period reached $3 bn.

According to the CBl, the trade finance of Gumhouria Bank reached $1 bn, while the trade finance of the Libyan Islamic Bank hit $695 million .

  As far as Nuran Bank is concerned, the CBL pointed out that its trade of finance for the first 6 months of 2020 was at $ 292 million . However, North Africa Bank registered $ 259 million as trade of finance for the same mentionned period.

The trade finance of Assaray Bank reached $230 million, while the trade of finance of the First Gulf Bank was valued at  $217 million .

According to the statement of the Central Bank of Libya, the trade of finance of the National Commercial Bank worths $141 million, while Sahara Bank have opened trade finance with a value of $102 million.

On the other hand, the mediterranean bank has implemented $98 million as trade finance, while Aman Bank’s trade finance has reached $58 million.

Yaqeen Bank has also implemented trade of finance with a value of $49 Million, and the trade of finance of the Arab Commercial bank was at $48 million.

Al-Wahda Bank implemented a trade finance with a value of $33 million, while Al-Wafa has implemented a trade finance with a value of $20 million.

Time is running out for Libya, UN chief warns Security Council

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Briefing the Security Council on Wednesday, the UN chief described the context in Libya as “gloomy”.

“Time is not on our side in Libya”, he told a video-teleconference meeting of the Council that featured statements by several foreign ministers.

As tensions simmer in central Libya, the United Nations has continued to engage with the parties to prevent the conflict from spreading to Libya’s Oil Crescent region, from which the country derives sixty percent of its oil resources.

“The current blockade has already cost over six billion dollars in lost revenues, damaged oil infrastructure and created the conditions for an historically high budget deficit of over 50 per cent of Libya’s GDP.” said António Guterres

With the support of Member States, the Mission has undertaken mediation aimed at lifting the oil blockade, in place since January 2020, in order to spare this vitally important area from the full spectre of armed conflict and to alleviate economic hardship compounded by the conflict and COVID-19.

Libyan government discusses return of Turkish firms

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Libyan Prime Minister Fayez al-Sarraj on Wednesday held discussions with ministers and government officials regarding the return of Turkish companies to Libya, according to a statement from the Libyan ministry.

In a meeting with the Planning Minister Taher Al-Juhaimi and Libyan central bank officials, Sarraj discussed “issues of resuming projects that were interrupted due to extraordinary conditions and on conducting new projects, especially electricity and energy infrastructure projects with Turkish companies to provide fast and effective service for Libyans.”

Sarraj emphasized that resuming unfinished projects with private sector participation would be a start to a balanced relationship between Turkey and Libya.

According to World Bank data, 97% of Libyans had access to electricity in 2002, while this rate declined steadily and fell to 67% in 2018.

NOC Chairman and Eni CEO discuss energy sector conditions in Libya

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National Oil Corporation (NOC) Chairman Mustafa Sanalla met with the CEO of Eni, Mr. Claudio Descalzi on Wednesday July 8, 2020 at the NOC headquarters in Tripoli to discuss the effects of the illegal oil blockade on oil facilities and the Covid-19 pandemic.

Mr. Descalzi reaffirmed Eni’s full commitment to its operational activities and projects in Libya in addition to its support for NOC initiatives combatting Covid-19. These include NOC’s provision of protective medical equipment, diagnosis and critical treatment equipment – all of which are essential in the response to the Covid-19 pandemic – as part of NOC ‘s sustainable development projects.

The two parties discussed the progress of the development project of the A&E structures which will extend the gas production plateau of the Bahr Essalam field in the coming years and will ensure the supply of gas to the local market.

NOC and Eni are evaluating the possibility of further developing the Burri oilfield, targeting the undeveloped West and North areas of the field, so as to fully exploit the field’s potential.

Libya Records Highest Daily Rate of COVID-19 Infections since pandemic outbreak in March

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Libya’s National Center for Disease Control has announced recording the highest daily rate of coronavirus infections .

In a statement late Wednesday, the Center said it carried out tests on 1205 samples, 86 of which were positive ans distributed as following:

  • Sabha: 33 cases
  • Tripoli: 9 cases
  • Misrata: 1 case
  • Zlitin: 29 cases
  • Jufra: 1 case
  • Asabaa: 1 case
  • Rayayna: 6 cases
  • Benghazi: 5 cases
  • Ajdabiya: 1 case

So far, the number of COVID-19 infections in Libya has risen to 1268, with 926 active cases.

NCDC also confirmed the recovery of 11 patients, raising the number of recoveries to 306.

The death toll of Covid-19 has risen to 36 after the registration of 1 death in Shati.

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New Covid-19 Cases In Libya Bringing The State’s Total To 1182

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The number of COVID-19 infections in Libya has risen to 1182, with 852 active cases.

The National Center for Disease Control (NCDC) recorded 65 new cases on Tuesday, distributed as following:

  • Sabha: 26 cases
  • Tripoli: 8 cases
  • Misrata: 11 cases
  • Zlitin: 5 cases
  • Jufra: 3 cases
  • Bani Walid: 5 cases
  • Soknah: 2 cases
  • Abu Grein: 4 cases
  • Khoms: 1 case

NCDC also confirmed the recovery of 26 patients, raising the number of recoveries to 295.

The death toll of Covid-19 has risen to 35 after the registration of 1 death in Sabha.

Turkish floating power plant firm aims to end blackouts in west Libya

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A Turkish company that runs a fleet of floating power generators is sending a technical team to Libya to make a proposal to supply electricity to the west of the North African nation, an executive said.

Karadeniz Holding plans to send its team to Libya within weeks and could start supplying power to western Libya within 30 days, Chief Commercial Officer Zeynep Harezi told Reuters.

The Turkish firm specialises in producing and selling electricity from ships anchored off the coast. It sells power to more than 10 countries that cannot meet power demand from their onshore plants, including Lebanon and several African nations.

The company’s plans follow a visit last month by ministers from Turkey, which supports the internationally recognised government based in Tripoli in western Libya, to discuss cooperation in energy, construction and banking.

The company, which operates 25 floating plants with combined output of 4,100 megawatts (MW), could supply power through the ports of Tripoli West, al-Khoms and Misrata, Harezi said, adding infrastructure would be assessed so a full proposal could be presented.