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A meeting to discuss the partnership between the Renewable Energy Authority and the Libyan Investment Authority

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Abdulsalam Al-Ansari, the chairman of the management committee of the Renewable Energy Authority, discussed the partnership between the latter and the Libyan Investment Authority in the field of renewable energy, especially solar energy projects that have been adopted by the Authority, in a meeting held on Tuesday evening with the Chairman of the Board of Directors of the Libyan Investment Corporation, Ali Mahmoud.

During the meeting, the Chairman of the Management Committee of the Renewable Energy Authority presented a program for implementing the electric station project with a production capacity of up to 500 megawatts, in partnership with the French company TotalEnergies, in addition to a number of other stations in partnership with leading international companies in this field.

This meeting comes as part of the plan of the Prime Minister of the Government of National Unity to invest in the field of solar energy, and to provide opportunities for national investment companies to partner with leading global companies in this field, in response to global efforts to confront climate change and transition to clean energy.

Ministry of Oil: Correspondence between the NOC and Waha Oil Company did not mention that Al-Esnaad Company that was assigned to develop the field of Dhahra through direct commissioning is a Libyan company, despite the ministry’s knowledge of the existence of a UAE company with the same name

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Today, Tuesday, the Ministry of Oil and Gas of the Government of National Unity issued a statement emphasizing its keen interest in the oil sector and distancing itself from political tensions due to its economic and sovereign importance to the Libyan state. Therefore, the ministry ensured that this importance is reflected in all aspects of the sector, including legal, financial, and technical ones.

The ministry confirmed in its statement that the correspondence between the National Oil Corporation and Waha Oil Company did not mention that the company assigned to develop the field of Dhahra through direct commissioning is a Libyan company. Moreover, most of the consultative meetings with the company took place in the UAE, and the ministry was aware of the existence of a UAE company with the same name, which clarified that it is an Emirati company. The ministry also expressed its welcome to all companies.

The ministry added that its national duty and supervisory role made it ensure that all activities in the oil and gas sector were carried out through proper procedures, based on transparency, governance, and sound management principles that must be followed when dealing with this sovereign sector, regardless of circumstances or excuses.

The Ministry of Oil also emphasized in its statement that it would have been more appropriate to call upon all local and international companies, rather than limiting it to one company, and objected to this procedure, as allowing direct commissioning of contractors and executing companies would deviate from the transparency and disclosure principles established in the sector since its inception.

Shakshak discusses with the General Manager of the Libyan Foreign Bank the bank’s situation and its strategy for the coming period

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During his meeting yesterday, Monday, with the General Manager of the Libyan Foreign Bank, Khaled Al-Qonsul, the President of the Audit Bureau, Khaled Shakshak, discussed the bank’s situation and the strategic priorities set by him for the coming period, in addition to discussing the existing problems facing the Foreign Bank in managing some of its contributions and bonds.

The meeting, which was attended by the Deputy President of the Audit Bureau, Ala Al-Messalati, and a number of directors of the departments concerned with the Audit Bureau and the Foreign Bank, focused on discussing the observations reached by the reports of the bank’s audit and its performance evaluation by the Audit Bureau committees. Several meetings were agreed upon to discuss the different files continuously.

At the end of the meeting, Shakshak emphasized the need to comply with the Audit Bureau’s observations and to enhance the frameworks of governance and internal procedures of the Foreign Bank. Al-Messalati also stressed the need to accurately define the objectives and the mechanism for achieving them within the bank’s plan, indicating the readiness of the Audit Bureau to develop a monitoring and performance evaluation plan in response.

For his part, Al-Qonsul confirmed the Foreign Bank’s commitment to the Audit Bureau’s observations and recommendations, indicating that the bank is in the process of completing the study of many problems and obstacles and finding the necessary solutions for them in coordination with the Audit Bureau.

Shakshak discusses debt settlement between the Libyan Investment Authority and the Social Economic Development Fund

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The head of the State Audit Bureau, Khaled Shakshak, discussed during his meeting on Sunday with the Chairman of the Board of Directors of the Libyan Investment Authority, Ali Mahmoud, the director of the Social Economic Development Fund and the general manager of the long-term investment portfolio, the issue of debt settlement between the Investment Authority and the Development Fund.

The meeting also discussed options and opportunities for partnership in the areas of internal investment between the Foundation and the Fund, with the Bureau recommending the importance of this partnership in a way that leads to the completion of stalled real estate investment projects, provided that this is in accordance with a transparent vision that has economic and social feasibility and in a way that achieves the interest of the two institutions and preserves the rights of future generations.

Libya tops the list of African countries with the lowest cost of living

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The country’s economy depends on a group of factors, including the cost of living. The low cost of living is essential for the economic stability of any country, because it directly affects the standard of living, the purchasing power of consumers, and investment opportunities.

In short, the low cost of living helps create a positive economic growth cycle, whereby increased demand leads to increased production and employment, and this ultimately leads to economic growth.

A lower cost of living can also help attract foreign investment, which is one of the main reasons why progressive countries aspire to make living and working conditions conducive in their country. Companies are always looking for cost-effective locations for investment, and the low cost of living can make the country an attractive destination for foreign investors. It can help reduce operational costs for businesses, making it easier for them to set up and manage their operations in the country.

The importance of a low cost of living to a country’s economy cannot be overstated because it is fundamental to reducing poverty and inequality. Numbeo, one of the most popular data and research platforms in the world, revealed the 10 African countries with the lowest cost of living.

The Numbeo General Index is determined by the following factors: the Cost of Living Index excluding rent which is a relative index of consumer prices, including groceries, restaurants, transportation, utilities, rent index, grocery index, and restaurant index.

Adapted from Business Insider Africa

Al-Huwaij stresses, during the 5th meeting of the emergency room to provide commodities, the need to set indicative prices for meat and eggs

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The Minister of Economy and Trade in the Government of National Unity, Mohamed Al-Huwaij, stressed the necessity of issuing a decision regarding setting indicative prices for some commodities such as meat and table eggs, so that the control authorities can perform their tasks, as well as the need to form a joint technical committee from the relevant authorities to intensify efforts to monitor the work of slaughterhouses within its health requirements.

This came during the fifth meeting of the emergency room to follow up on the availability of basic commodities formed by a decision of the Prime Minister of the National Unity Government, which was held today, Sunday, under the chairmanship of the Minister of Economy, Mohamed Al-Huwaij, and in the presence of the head of the Municipal Guard, Rajab Gatoussa, and the director of the Ministry’s Internal Trade Department, Mustafa bin Gdara, with a number of delegates for the Food and Drug Control Center and officials.

In its submitted report, the Emergency Room clarified that all necessary and basic commodities are available in local markets, with remarkable stability in most food commodity prices, noting the instability of national sheep meat prices. Other complementary issues such as providing fodder and opening new markets for the import of live animals were also discussed.

The minister pointed out the need to work on providing a so-called “detection bag device for the powers of foodstuffs” to verify the validity to protect the health of the consumer through the periodic monitoring of both the Municipal Guard and the Food and Drug Control Center, in cooperation with the Ministry of Local Government.

Al-Ta’eb to our source: “Chairman of the Board of Directors of the General Electricity Company signs the project to establish the Zliten gas station”

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The spokesman for the General Electricity Company, Wiam Al-Ta’eb, said in a statement to our source that the Chairman of the Board of Directors of the General Electricity Company, Mohamed Al-Mashai, signed this afternoon the project to establish the Zliten gas station supplied by the German company Siemens with the consortium of the Urbacon Trading and Contracting Company and Elsewedy Electric, at the Prime Minister’s Office in Tripoli, in the presence of the head of the National Unity Government, Abdul Hamid Dbeibeh.

Al-Ta’eb explained that the project to establish the Zliten gas station comes within the framework of the plans of the General Electricity Company’s board of directors to improve the general situation of the network and enhance production capacity in line with the demand for energy, indicating that this project consists of six units with a total production capacity of 1044 megawatts. This project is scheduled to be completed within 26 months, i.e. mid-2025.

NOC responds in a statement to some of the false news circulating about the development of the Dahra oil field, and denies contracting with an Emirati company in particular, and that Esnad is a Libyan national company registered in the commercial registry in Benghazi

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Today, Friday, the National Oil Corporation issued a statement responding to some of the false news circulating about the development of the Dahra oil field, in which it clarified that the latter is the first oil-producing field in commercial quantities discovered by Waha Oil Company in the late fifties of the last century.

The National Oil Company added that since 2015, the Dhahra field has been subjected to destruction and vandalism by terrorist groups, which led to it completely out of work due to the repeated hostilities that took place in the field and its surrounding areas, which affected all its production and service facilities and turned them into piles of scrap and molten iron, in addition to acts of systematic looting and vandalism of the remaining contents of the field, including mechanisms, equipment, spare parts, and other work requirements. Not even the telephone wires buried in the ground, nor the workers’ housing and their personal belongings were spared from these acts.

During its statement, National Oil Corporation confirmed that the field is important to the national economy and being a link linking the company’s other fields to the Sidra oil port, and within the framework of the Corporation’s plan to increase production capacity and based on a technical workshop held with the American company, Halliburton, one of the largest oil industry giants in the world, and Esnad Services Company. Based on the results of the aforementioned workshop, which was attended by specialists from the Corporation and Waha Oil Company, the NOC agreed to form a negotiation committee according to the names proposed by the Waha Oil Company in order to obtain the best technical and commercial offers and then approve them.

During its statement, the National Oil Company denied contracting with an Emirati company in this regard, and that Esnad is a Libyan national company registered in the Commercial Register under No. 21-02-0095, the date of registration 22/2/2021, Benghazi.

The Corporation also explained that since the receipt of its current board, it suffers from the reluctance of international contractors who are technically capable and those who possess advanced modern technologies, and the withdrawal of some of them due to the accumulation of debts for years. The NOC seeks to persuade them to stay due to the sector’s need for their services, which cannot be dispensed with, and there is no suitable local alternative. It pursues a policy of creating a partnership between them and local companies to acquire the required technical expertise and localize it. The Corporation wonders about the interest in fabricating lies and malicious accusations against it from parties expected to support its ambitious plans and projects to increase production instead of being a pickaxe for demolition and contributing with us in pushing the boat forward and moving away from the policy of putting sticks in the wheels.

The National Oil Company clarified that the stability of production and its increase, which contributed to the stability of electricity and the provision of income for the public treasury in a country that relies on oil by about 95%, is a national goal in which everyone must participate and cooperate for it, and certainly anger the enemies of the homeland and its lurkers at home and abroad.

According to the media office of the NOC, the Corporation is surprised that no one criticizes or questions about leaving the field destroyed and out of production for a period of time of about 7 years, and when starting to develop it according to a technical and commercial method acceptable to the Corporation, the attack of obstructors and biased media begins.

Exclusive: Source from the Central Bank’s Banking Supervision Department reveals to our source about banks’ foreign exchange expenditures during the first quarter of this year, which amounted to $5 billion

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A confidential source from the Banking Supervision and Monetary Department at the Central Bank of Libya revealed to our source today, Thursday, that the total foreign exchange expenditures by banks during the first quarter of this year amounted to $5 billion, compared to $4 billion during the same period last year 2022, an increase of $566 million or a growth rate of 12.6%.

According to the report on the foreign exchange expenditures by banks issued by the Supervision Department, documentary credits represented 54.8% of the total uses of foreign currency by banks, while personal purposes accounted for 43.7% of the total, and remittances accounted for only 1.5%.

The report indicated that demand for personal purpose cards increased during the period by 25.5% compared to the same period last year 2022. As for remittances, the rate of change reached 192.8%, and documentary credits reached a rate of change of 2.4%, with a total rate of change for all categories of 12.6%.

The report also explained that the banks are ranked according to the total amounts sold in foreign currency, where the National Commercial Bank occupied the first place as the most banks using foreign currency during the period from 01/01 to 31/03/2023, with a market share of 15.2% and a total amount of $770 million. The second-ranked bank, according to the report, was Aman Bank for Trade and Investment, with a value of $605 million and 816 thousand dollars, while Jumhouria Bank came in third place with a value of $595 million. Yaqeen Bank ranked fourth with a value of $565 million, followed by Wahda Bank, Nuran Bank, UBCI, Libyan Islamic Bank and Sahara Bank, respectively, in terms of relative importance to the banks.

Central Bank reveals state’s foreign exchange expenditures

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The Central Bank of Libya revealed in a statement issued on Thursday that the total foreign exchange expenditures by the state through the central bank amounted to 8.167 US dollars.

The statement further explained that the total use of commercial banks’ credits, transfers, personal purposes, and collection documents amounted to 5.073 billion dollars, while the total use and obligations of foreign currency reserves amounted to 13.240 billion dollars.