Libya |

JPMorgan Says Payments to Libya Oil-Fund Fixer Weren’t Bribes

TRIPOLI (Capital Markets in Africa) – JPMorgan Chase & Co. acknowledged that Bear Stearns made millions of dollars of payments to a friend of the son of Libyan dictator Moammar Al Qaddafi around the time it raised $200 million for the country’s wealth fund. But the bank is refuting the Libyan Investment Authority’s central allegation in a London lawsuit that the funds were used to bribe and intimidate officials who awarded the 2007 bond deal. The payments were for help…

Libyan Forces Hand Oil Ports to East-Based Energy Company

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Forces of Libyan Commander Khalifa Haftar handed control of oil ports in the east of the divided nation to a state unit rivaling the internationally recognized National Oil Corp. based in the capital Tripoli, in a surprise move that could create uncertainty among buyers. “All oil facilities, all oil ports — not just the ones in the oil crescent but even Hariga port — all oil sectors, oil pipelines, all facilities…

As Chaos and Despair Grow in Libya, Qaddafi Son Plans Comeback

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TRIPOLI (Capital Markets in Africa) – The fugitive son and onetime heir apparent of Libya’s late Muammar Qaddafi is planning a comeback. Seif al-Islam “decided to run in presidential elections and I see a big chance for him because all the big tribes are supporting him,” said Abdel Majeed al-Mansouri, who headed Libya’s economic development board before 2011 and was close to him. “People are frustrated. Even those who were against the old regime will side…

Oil Output Cuts `Only Viable Option’ for Market, OPEC Head Says

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LAGOS (Capital Markets in Africa) – The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighbouring Oman backs prolonging the output limits beyond March and sees…

Libya Oil Output Set to Recover Following Sharara Brief Halt

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TRIPOLI (Capital Markets in Africa) – Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. The OPEC member’s output is expected to rise to 1 million barrels a day from 800,000 within 2-3 days as the Sharara oil field restarts Tuesday, National Oil Corp. Chairman Mustafa Sanalla said Monday in a televised interview on Libya TV. The field produced about 234,000 barrels a day before guards…

Saudis Focus on Oil-Export Curbs as Libya, Nigeria Pump More

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LAGOS (Capital Markets in Africa) – Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global supply glut even as fellow OPEC members Libya and Nigeria were told they are free to keep increasing output. Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a year earlier, Saudi Arabia’s Energy and Industry Minister Khalid Al-Fali…

Libya, Nigeria Oil Output Caps Said to Be Ruled Out for Now

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, according to two people familiar with the planned talks. Nigeria is ready to cap or even reduce supply if it can maintain output of 1.8 million…

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