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Libya: a direct flight route between Damascus and Benghazi

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Yesterday, the Libyan Businessmen Council in Benghazi claimed that they made an agreement with the Syrian side to launch a direct flight route between Damascus and Benghazi.

According to a statement issued by the Council, that includes a group of businessmen from Benghazi, the Syrian General Authority of Civil Aviation gave permission to Libyan airlines to resume flights to Damascus.

The declaration came after last month’s meeting attended by representatives of the Libyan Businessmen Council (Benghazi branch) along with the Syrian Exporters Federation, in addition to the General Authority of Civil Aviation and the Ministry of Transport in Syrian Arab Republic.

According to the Council’s statement , the reconnection of the Syrian airspace aims at reinforcing cooperation and direct trade exchange with Syria, achieving the common interest, as well as developing the trade balance between the two countries.

The General Board For Transportation discusses its projects

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Head of the Board of Directors at Libya’s General Board For Transportation Mohamed Abdul Qader held a meeting with the board actors in order to review and discuss the development projects that are being implemented.

The meeting discussed follow-up reports on projects that are contracted by the General Board For Transportation and its affiliates, in addition to discussing the follow-up mechanism for these projects.

The meeting also highlighted the necessity of withdrawing or cancelling projects that are suspended or considered to be of low achievement as a result of weak execution tools.

Gold gains on virus risks

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Gold edged higher today on safe-haven buying fuelled by worries about the fast-spreading coronavirus outbreak, but a rise in equity markets limited bullion’s gains.

Spot gold was up 0.2% at $1,637.89 per ounce by 07:54 GMT while U.S. gold futures were down 0.3% at $1,638.70.

In other metals, palladium slid 2.6% to $2,509.98 per ounce.

“The virus has spread to over 80 countries and tensions are escalating day-by-day; investors don’t know what will happen next and they prefer investing in gold because of its safe-haven appeal,” said V. Hareesh , head of commodity research at Geojit Financial Services.

Oil prices climb ahead

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Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.

Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world’s biggest oil consumer.

Brent crude LCOc1 rose by 46 cents, or 0.9%, to $51.58 per barrel by 07:34 GMT, while U.S. West Texas Intermediate (WTI) CLc1 was up by 37 cents, or 0.8%, at $47.15 per barrel.

“Crude oil prices were boosted by a broad positive sentiment overnight, and a much lower-than-expected … crude oil inventory data,” said Margaret Yang, a market analyst at CMC Markets.

Financial arrangements should have been made under Libya’s financial law

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In a statement to Tabadul, the legal expert Taha Baara said that the amendment of the financial arrangements project, that is the state’s general budget, should have been made through the Cabinet’s Economic Finance Committee.

He also considered that the adoption of financial arrangements should have been made in accordance with the financial law of the State and therefore adopted by the Parliament via the vote of its members.

Baara described the position of the Central Bank of Libya, the Audit Bureau and the oversight bodies towards financial arrangements as merely consultative opinions that are not binding on the Government.

Oil rises $1

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Brent oil prices rose today on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Brent crude LCOc1 was up by $1.11, or 2.1%, at $52.97 a barrel at 12:34 GMT.

U.S. West Texas Intermediate (WTI) CLc1 was up by 93 cents, or 2%, at $48.11 a barrel.

Saudi Arabia and other OPEC members are seeking to persuade Russia on Wednesday to join them in large additional oil output cuts to prop up prices which have tumbled because of the coronavirus outbreak.

The Central Bank of Libya plays a vital role in preparing the financial arrangements

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In a statement to Libya Alahrar, the governor’s director office at the Central Bank of Libya, Abdulatif Al-Tounsi claimed that the Central Bank of Libya believes in the integration of Libya’s institutions and the coordination of efforts, adding that the bank carries out its roles according to law.

He emphasized that the Central Bank’s participation in preparing the financial arrangements is a right not only ensured by the financial law of the State, but also guaranteed by banks and the political agreement through which the bank became a partner in preparing the financial arrangements and in monitoring its implementation as well.

“The government does not spend from its resources,” he said.

“Unless the fee revenues derived from the foreign exchange sales of last year, and the fees collected from Libyans by the Central Bank of Libya along with other banks after charging fees declaration, a dificit would have been shown in 2019 financial arrangements.” Al-Tounsi added.


Al-Waha Oil Company discusses its projects funding

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Today, Al-Waha Oil Company claimed that it discussed the company’s projects funding as blocking oil production and exports are continuous.

The company’s officials held a meeting in Tunisia in the presence of representatives of the French multinational integrated oil and gas company Total in order to discuss how to deal with the current situation in the oil sector.

In a statement, the company explained that the meeting discussed the ongoing projects, the maintenance work in various oil fields and ports, as well as ways to finance those projects under a complete suspension of oil production and exports.

NOC: losses surpassed $2 billion

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In an official notice published by Libya’s National Oil Corporation in which it summarises the situation across Libya for the oil and gas sector, NOC stated that it is concerned about a potential fuel shortage in the coming days after the forced reduction of local production, the Zawiya refinery shut down as well as the lack of funding to import sufficient fuel to meet the needs of Libyans.

NOC added that oil and gas production in Libya have been consistently down as a result of the illegal blockade of oil facilities.

Hence, the current levels of production are 123,240 barrels per day, as of Monday March 2, 2020.

Forced restriction of production has resulted in financial losses exceeding $2,590,946,109 USD since January 17, 2020.

NOC clarified that it continues to supply hydrocarbons to the Eastern and Central regions in sufficient quantities to meet the transport and domestic needs of citizens, adding that Tripoli storage depots and some of the surrounding areas and Southern regions are suffering from a lack of supplies due to the deteriorating security conditions.