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Author: LS

Arabian Gulf Oil Company: oil production jumps 177%

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According to today’s statement on its Facebook page, the Arabian Gulf Oil Company expected oil production to jump to 40,000 barrels per day in case of implementing solutions aimed at restoring the company’s oil-wells that are suspended because of technical reasons.

In cooperation with Schlumberger Oilfield services company, AGOC tested the re-operation of four closed oil-wells in Sarir and Msalla oil fields, resulting in an increase in crude oil production of 177%, with a water drop of 438% in the wells.

Sharara Oil Services files a lawsuit

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Sharara Oil Services Co. announced that the so-called Adnan Abdul Qader Fadlallah claimed to be the company’s Receiver, obtained forged documents and exploited them in order to make material gains through the company’s assets disposal, which are real estate and land.

In addition, he embezzled funds from Sharara Oil Services Company’s bank account at Jumhuria Bank, Salfium branch.

Sharara Oil Services Co. also confirmed that when Brega Petroleum Marketing Corporation was split, its branch in the Eastern region granted permission to Adnan Abdul Qader Fadlallah, to be supplied with state-subsidized fuel and trade in it despite that he has no legal status.

The company confirmed that officials must take full responsibility, and that all legal procedures are taken against the so-called “Adnan” along with those involved with him at Brega Petroleum Marketing Corporation.

Oil up again after falling about 4%

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Oil climbed today as investors sought bargains after crude benchmarks slumped almost 4% in the previous session, although concerns about the coronavirus spreading out of China and curbing major economies and fuel demand capped gains.

Brent crude rose 49 cents, or 0.9% to $56.79 a barrel by 0751 GMT, after slipping 3.8% on Monday.

U.S. crude futures gained 42 cents, or 0.8%, to $51.85, recovering from a 3.7% drop in the previous session.

Crude markets are also close to an important technical support level between $49.50 and $50 a barrel for WTI and between $54.50 and $55 for Brent.

Al-Khums Seaport: 84,200 narcotic pills seized

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Today, Authorities seized around 84,200 narcotic tablets at Al-Khums Seaport among a cargo of cars imported from Europe. District-Attorney ordered the seizure of this large amount after forming a committee from the Anti-Smuggling and Khums Drugs Section.

The operation was part of teamwork between the Public Prosecutor’s Office and the General Department for Smuggling and Drugs Control.

Libyan Consulate in Milan: Libyans must be watchful

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 Fifth person infected with the coronavirus has died in Italy, officials claimed on today, as the government battled to contain Europe’s worst outbreak of the illness and Italian shares tumbled nearly 5% on fears over the economic impact.

As a cosequense, the Libyan Consulate in Milan asked all Libyan citizens living in Northern Italy to take precautions in light of the current spread of the coronavirus in that area. It also emphasized the necessity to avoid crowded areas, and indeed taking the necessary precautions to avoid the possibility of infection.

Nova: LNA plans to carry out military operations

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In a statement to Nova agency, a private source claimed that the Libyan National Army may carry out military operations in Zuara city, west of Tripoli, with the aim of controlling Ra’s Ajdir border crossing to Tunisia, and Mellitah Complex Oil and Gas.

Nova stated that the army moved a large number of its military units and mobilized them in Al-Watyah Airbase , Al Ajaylat, Sabratah and Surman in northwestern Libya.

In a statement to Nova, Zuwara mayor Farhat Bushwashi called on Al-Sarraj “to support the city before the army takes control of it.”

Bushawashi indicated that the security services in the city monitored phone calls between army members that indicated their readiness to carry out military operations targeting the city and its surroundings.

Exchange rates for the Libyan Dinar

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Today, the dollar fell with regard to the Libyan dinar in the parallel market. However, British and European currencies remained steady.

U.S. dollar fell to 4.255 LYD. Yet, the Euro was stable at 4.61 LYD.

As far as the British pound is concerned, it was at 5.50 LYD.

Moreover, the Turkish lira settled at 0.70 LYD, and the Tunisian dinar was stable at 1.50 LYD.

Conclusion of Second Round of 5+5 Joint Military Commission Talks

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The second round of the 5+5 Libyan Joint Military Commission (JMC) talks to reach a lasting ceasefire and to restore security to civilian areas concluded yesterday at the Palace of Nations in Geneva. 

The talks took place in the presence of and with the participation of the Special Representative of the Secretary General and Head of the United Nations Support Mission in Libya Ghassan Salame.

The JMC is one of the three tracks which UNSMIL is working on, in addition to the economic and political tracks, in compliance with UN Security Council Resolution 2510 (2020) and which calls upon the two parties to reach a lasting ceasefire agreement.

UNSMIL stated that it prepared a draft ceasefire agreement with both parties in order to facilitate the safe return of civilians to their areas with the implementation of a joint monitoring mechanism under the auspices of UNSMIL and the JMC.

It also added tha the two parties agreed to present the draft agreement to their respective leaderships for further consultations and to meet again next month to resume the discussions and complete the preparation of the Terms of Reference of the sub-committees in charge of the implementation of the agreement.

Al-Sarraj: Khalifa Haftar is a “war criminal”

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 In today’s participation in the 43rd session of the UN Human Rights Council (UNHRC), Fayez Al-Sarraj denounced the shelling of civilian areas and airports in his country, labeling “renegade” Khalifa Haftar a “war criminal” in a speech to the U.N. Human Rights Council.

“Children have lost their right to education due to the shelling and the closure of schools because of the attacker and those who fund the attacker and provide weapons, these must be held accountable,” Al-Sarraj said.

He also added that his government had “always showed its readiness to move forward on the path to peace and stability”.

It should be emphasized that the Human Rights session aims to highlight the latest developments in the Libyan crisis, and covers the violations have been documented regarding the attack on civilians mainly in Tripoli.

Gold surges as coronavirus spreads outside China

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Today, gold prices climbed more than 2% to their highest level since February 2013, as a spike in infections in several countries outside China heightened worries about a hit to global economic growth, prompting a flight to safe havens.

U.S. gold futures climbed 1% to $1,665.1 an ounce. Moreover, spot gold jumped to a seven-year high of $1,678.58.