Skip to main content

Author: Amira Cherni

Russian Agency: Russia Extends Gasoline Export Ban to Multiple Countries, Libya Tops the List

Written by Amira Cherni on . Posted in News. No Comments on Russian Agency: Russia Extends Gasoline Export Ban to Multiple Countries, Libya Tops the List

The Russian news agency RIA Novosti reported on Saturday that Russia has extended its gasoline export ban for six months starting in March, with exceptions for producers.

According to the agency, major oil companies are currently allowed to export gasoline, but traders and resellers remain prohibited under a measure implemented last March.

The ban excludes supplies to the Moscow-led Eurasian Economic Union, a bloc of five former Soviet states, as well as countries like Mongolia, which have signed fuel supply agreements with Russia.

The agency further stated that Nigeria, Libya, Tunisia, and the UAE are among the largest importers of Russian gasoline and may be affected by the extended ban.

African Energy: Corruption and Smuggling Cost Libya Tens of Billions – Here Are the Details

Written by Amira Cherni on . Posted in News. No Comments on African Energy: Corruption and Smuggling Cost Libya Tens of Billions – Here Are the Details

The African Energy website reported on Friday that the catastrophic decline in Libya’s oil revenue transferred to the state treasury threatens the country’s economic stability.

According to African Energy’s analysis of recently released data, uneconomical barter deals, smuggling, mismanagement, and corruption have cost the country tens of billions of dollars over the past three years.

Exclusive: Head of the Audit Bureau’s Office and Chairman of the Hajj Committee Summon Deputy Chairman of the General Authority for Hajj and Umrah

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Head of the Audit Bureau’s Office and Chairman of the Hajj Committee Summon Deputy Chairman of the General Authority for Hajj and Umrah

Our source has exclusively obtained a letter from Osama Al-Tir, Director of the Office of the Head of the Audit Bureau and Chairman of the Hajj Committee, summoning Sabri Al-Bouaishi, Deputy Chairman of the General Authority for Hajj and Umrah.

It is worth mentioning that this year’s Hajj lottery has sparked significant public reaction in Libya due to the selection process using a blue bucket and a ball, instead of electronic means.

Ashnibish Writes: “Sovereign Wealth Funds – An Economic Necessity for a Sustainable Future”

Written by Amira Cherni on . Posted in Economic articles. No Comments on Ashnibish Writes: “Sovereign Wealth Funds – An Economic Necessity for a Sustainable Future”

Anas Ashnibish wrote an article in which he stated:

First: What Are Sovereign Wealth Funds?

Sovereign wealth funds (SWFs) are state-owned investment funds managed by governments to achieve economic stability and promote sustainable development. These funds are typically financed through public revenue surpluses, such as oil revenues, trade surpluses, or foreign currency reserves. SWFs serve as a key tool for managing national wealth, helping to stabilize financial markets, fund strategic projects, and diversify national income sources.

Types of Sovereign Wealth Funds

SWFs are categorized based on their objectives and investment strategies:

  1. Stabilization Funds: Aimed at protecting the national economy from economic fluctuations caused by changes in the prices of essential commodities like oil.
  2. Savings Funds for Future Generations: Designed to ensure the sustainability of national wealth for future generations, such as the Norwegian sovereign wealth fund.
  3. Economic Development Funds: Used to finance domestic development projects, including infrastructure, education, and healthcare.
  4. Reserve Funds: Invested to address financial crises and enhance the stability of the national currency.

The Role of Sovereign Wealth Funds in the Economy

SWFs have both direct and indirect effects on local and global economies. Their key impacts include:

  • Supporting Financial Stability
    SWFs help protect national economies from economic shocks, such as declining oil prices or global financial crises, by compensating for budget deficits.
  • Diversifying Income Sources
    By investing in sectors like technology, real estate, infrastructure, and manufacturing, SWFs reduce reliance on a single industry, such as oil.
  • Boosting Local and International Investments
    These funds finance large-scale domestic projects, creating jobs and fostering economic growth. They also invest globally, strengthening a country’s economic influence.
  • Supporting National Currency Stability
    A strong SWF boosts investor confidence in the economy, helping maintain the national currency’s value against foreign currencies.
  • Enhancing Innovation and Development
    Some countries use SWFs to fund research and development in technology and medicine, fostering scientific advancements and boosting economic competitiveness.

Leading Sovereign Wealth Funds Worldwide

  1. Norwegian Sovereign Wealth Fund: The largest SWF globally, investing in stocks, bonds, and real estate to ensure long-term financial sustainability.
  2. Abu Dhabi Investment Authority (ADIA): One of the largest SWFs, investing across various global sectors.
  3. Saudi Public Investment Fund (PIF): A key player in achieving Saudi Vision 2030 through strategic and developmental investments.
  4. China Investment Corporation (CIC): Focuses on foreign assets to enhance China’s global economic influence.

Challenges Facing Sovereign Wealth Funds

Despite their benefits, SWFs face several challenges, including:

  • Global economic fluctuations that can impact fund investments.
  • Geopolitical risks that may restrict foreign investments.
  • Lack of transparency and governance in some countries, leading to mismanagement and corruption.
  • Environmental and climate policies that may affect investments, particularly those dependent on oil.

Applying This Model to Libya’s Situation

Libya is in dire need of a sovereign wealth fund, especially given its economic and political challenges. Such a fund could play a crucial role in achieving financial stability, diversifying income sources, rebuilding the country, and supporting sustainable development.

Why Libya Needs a Strong Sovereign Wealth Fund

  • Protecting the Economy from Oil Price Fluctuations
    Libya heavily relies on oil revenues, making it vulnerable to global price shifts. A sovereign wealth fund could help store surplus revenues during high-price periods and use them in economic downturns, ensuring budget stability.
  • Diversifying the Economy
    An SWF could support economic diversification by investing in sectors such as agriculture, tourism, renewable energy, and technology, reducing oil dependency and creating new job opportunities.
  • Financing Reconstruction and Infrastructure Projects
    After years of conflict, Libya urgently needs massive investments in infrastructure, including roads, electricity, water, education, and healthcare. An SWF could provide crucial funding for these projects, reducing reliance on external loans.
  • Enhancing Financial Stability and Investor Confidence
    A strong SWF would boost international investor confidence in Libya’s economy, facilitating foreign investment, curbing inflation risks, and stabilizing the national currency.
  • Investing Surplus Funds Instead of Keeping Them Frozen
    Libya currently has frozen assets abroad due to sanctions. Once restrictions are lifted, an SWF could strategically invest these funds rather than leaving them idle.
  • Securing Wealth for Future Generations
    By adopting a model similar to Norway’s, Libya could ensure that oil revenues are sustainably invested for future generations instead of being spent irregularly.

Challenges to Establishing a Sovereign Wealth Fund in Libya

  • Political instability, which could hinder effective fund management.
  • A need for greater transparency and governance to prevent fund misuse.
  • The requirement for skilled financial management to ensure high returns on investments.

Conclusion

Establishing a sovereign wealth fund in Libya is not a luxury but a strategic necessity for ensuring economic stability, diversifying revenue sources, and financing sustainable development. With its vast natural resources, Libya can learn from global experiences to create a strong SWF that benefits its people in the long run.

Exclusive: Masoud Suleiman Issues Directives to NOC-Affiliated Companies on Employee Secondments

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Masoud Suleiman Issues Directives to NOC-Affiliated Companies on Employee Secondments

Our source has exclusively obtained a letter from the Acting Chairman of the National Oil Corporation, Masoud Suleiman, addressed to companies and entities affiliated with the NOC regarding regulations governing the secondment of employees for external work assignments.

The letter stipulates that work assignments must be directly related to an ongoing project, supply contract, or service provision, such as inspection work or training outlined in the contract. Additionally, a detailed report on the training program must be submitted to the NOC’s General Training Department. Assignments for renewing essential and specialized technical certifications are also permitted.

The letter specifies that the duration of an assignment should not exceed five days, with an option for a one-day extension by the company’s chairman. Any extension beyond this requires the NOC’s approval.

Regarding assignments for visa issuance, the letter states that such missions must be linked to a legitimate work requirement in the host country. Furthermore, the country in question must not have an embassy in Libya, and the assignment duration must not exceed three days.

Suleiman also emphasized that the approval of assignments must comply with the travel and accommodation regulations of NOC-affiliated companies and relevant legislations. The expenses of external assignments must remain within the approved budget and not exceed it under any circumstances.

The letter further highlights the need for representatives from the NOC’s central administration to participate in relevant external assignments. It also stresses avoiding excessive or unnecessary secondments, ensuring compliance with regulations, and keeping external work assignments to a minimum.

Lastly, Suleiman mandated the submission of a quarterly report to the NOC’s Internal Audit Department and the company’s supervisory board. This report should detail the names and numbers of assigned employees, the purpose of their missions, the allowances paid, and the resulting costs, ensuring that expenses do not exceed the allocated budget.

Reuters: Mysterious Oil Shipments from Eastern Libya Sail to China and Europe… NOC Declines to Comment

Written by Amira Cherni on . Posted in Reports. No Comments on Reuters: Mysterious Oil Shipments from Eastern Libya Sail to China and Europe… NOC Declines to Comment

Shipping records and UN experts have revealed that an oil company based in eastern Libya has exported at least $600 million worth of crude since May, marking the end of the National Oil Corporation’s monopoly on exports.

According to Reuters, the shipments were made by Arkino Oil, a little-known company established in 2023. These are its first-ever shipments, suggesting that some of Libya’s oil revenues are likely being diverted away from the Central Bank of Libya.

Reuters stated that it could not determine the ownership of Arkino. However, a UN expert panel report dated December 13 indicated that Arkino was indirectly controlled by Saddam Haftar, the son of Khalifa Haftar.

Charles Cater, Director of Investigations at “The Sentry,” an international political investigative group, described the situation as a “stunning precedent,” reflecting the growing influence of armed groups over Libya’s oil sector.

For this report, Reuters reviewed over 20 documents, including shipping records, government decrees, and company correspondence, and conducted interviews with diplomatic, commercial, and Libya-focused sources.

According to its website and LinkedIn profile, Arkino Oil is headquartered in Benghazi.

Reuters sent detailed inquiries via email to two addresses listed on Arkino’s website but received no response. It also attempted to contact a spokesperson for the Libyan National Army, led by Haftar, without success.

Reuters further reported that Saddam Haftar was appointed Chief of Staff of the Army’s Ground Forces last year, strengthening his control over relations with neighboring countries and economic interests, according to the UN report.

Arkino was first linked to oil exports when it took ownership of a May shipment from Arabian Gulf Oil Company (AGOCO), a subsidiary of NOC. A letter dated July 11, reviewed by Reuters, confirmed this. Since then, Arkino has exported seven additional shipments, bringing its total exports between May and December 2024 to 7.6 million barrels, worth approximately $600 million based on average monthly Brent crude prices.

A source familiar with the matter stated that U.S. firm Exxon purchased one shipment from a trader, not directly from Arkino. Unipec, the trading arm of China’s state-owned refining giant Sinopec, bought at least two shipments destined for the UK and Italy.

Sinopec did not respond to requests for comment. It remains unclear whether it purchased the shipments directly from Arkino or via a trader. NOC, AGOCO, and the Central Bank of Libya also did not respond, while the Ministry of Oil declined to comment.

Reuters noted that crude oil payments for shipments purchased by NOC are typically made in U.S. dollars to the Central Bank of Libya’s account at the Libyan Foreign Bank in New York before being transferred to the Tripoli government’s account at the Central Bank.

Shipping documents showed that payments for Arkino’s shipments were requested to be made into accounts at Emirates NBD, a bank linked to Dubai’s government, and at the Geneva-based Bank of Commerce and Investment. Reuters could not determine whether the payments were made to these accounts or where the funds ultimately ended up.

Emirates NBD stated that it could neither confirm nor deny any client relationships due to internal policies and regulatory obligations.

Reuters also confirmed that Arkino became a partner in the key oil fields of Sarir and Mesla, according to a letter from NOC dated July 10, during the tenure of its then-chairman Farhat Bengdara, who resigned last month, according to the agency.

Exclusive: Masoud Suleiman Sends a Letter to Companies and Entities Under the Institution Regarding Regulations for Dispatching Employees on External Assignments

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Masoud Suleiman Sends a Letter to Companies and Entities Under the Institution Regarding Regulations for Dispatching Employees on External Assignments

Our source has exclusively obtained a letter from Masoud Suleiman, the Acting Head of the National Oil Corporation, addressed to the companies and entities under the institution regarding regulations for dispatching their employees on external assignments.

The letter stipulates that the assignment must be directly related to an ongoing project, supply contract, or service provision such as inspection or training specified in the contract. It also requires the submission of a detailed report on the training program to the General Administration of Training at the National Oil Corporation.

The mission should be limited to no more than five days, with the head having the authority to extend it for one additional day only. Any extension beyond that requires approval from the National Oil Corporation. Furthermore, if the purpose of the mission is to obtain a visa, it should only be done if the mission is directly linked to necessary work in a country with no embassy in Libya, with the total mission duration not exceeding three days.

The letter also emphasizes that the dispatching of employees must comply with the approved travel and accommodation regulations, be within the allocated budget, and avoid unnecessary spending. Additionally, representatives from the National Oil Corporation should be included in external missions related to its departments, while ensuring that dispatching employees for foreign assignments is kept to a minimum and within the necessary limits.

Suleiman also requested that a quarterly report be submitted to the internal audit department of the National Oil Corporation and the company’s monitoring committee, detailing the number and names of dispatched employees, the purpose of the assignment, the allowances granted, and the related costs, all within the approved budget for external missions.

Africa Intelligence: Political instability is a cause of failure for oil projects

Written by Amira Cherni on . Posted in News. No Comments on Africa Intelligence: Political instability is a cause of failure for oil projects

The French intelligence website, Africa Intelligence, reported today, Sunday, that the National Oil Corporation is seeking to regain major oil companies through a massive tender.

The site added that the National Corporation hopes to attract foreign investors to explore and operate 22 new oil concessions, but political instability could be a reason for the project’s failure, according to the site.

Exclusive: Head of Foreign Investments Communication Unit: Protesters Today Are Not Company Employees – Here Are the Details

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Head of Foreign Investments Communication Unit: Protesters Today Are Not Company Employees – Here Are the Details

The Head of the Communication and Relations Unit at the Libyan Foreign Investments Company confirmed toour source that the protest reported by the newspaper, which was said to have been organized by several company employees, was actually led by individuals with no current employment ties to the company. The protesters were former employees, no more than four in total, accompanied by their relatives. These individuals had previously been referred to court due to their involvement in corruption, which was discovered by oversight authorities. Legal actions were taken against them according to the applicable laws, as ordered by the company’s executive management.

The source also confirmed that the individual calling for his release is a former employee currently imprisoned under an order from the public prosecutor, due to financial and administrative violations committed during his time working abroad.

Exclusive: OPEC Data Contradicts the National Oil Corporation, Confirming Daily Oil Production at 1.3 Million Barrels

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: OPEC Data Contradicts the National Oil Corporation, Confirming Daily Oil Production at 1.3 Million Barrels

An oil expert revealed that, in a first for OPEC in years, the organization announced in its monthly report for December 2024 that Libya’s daily oil production is 1.3 million barrels per day.

OPEC clarified that the report was based on official sources from Libya. The organization also noted that, according to its external sources, Libya’s production in January 2025 reached 1.280 million barrels per day.

The expert continued, saying this contradicts the National Oil Corporation’s continued announcements on its official page, which have repeatedly stated that Libya’s production has exceeded 1.41 million barrels per day.

Exclusive: With Documents: General Electricity Company Terminates Contract with Orbecan and Swedish Company Consortium for Zliten Power Plant Construction Due to Non-Compliance

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: With Documents: General Electricity Company Terminates Contract with Orbecan and Swedish Company Consortium for Zliten Power Plant Construction Due to Non-Compliance

The General Electricity Company exclusively revealed to our source, supported by documents, that it has terminated the contract with the Orbecan and Swedish Company consortium for the construction of the Zliten power plant due to their failure to adhere to the terms of the contract.

The company added that the contract was terminated due to the consortium’s continued failure to meet their contractual obligations as agreed upon, and their lack of seriousness in carrying out the project.

Exclusive: Audit Bureau Deputy Writes to Head of the Bureau Regarding Two Decisions to Appoint an Employee with a Criminal Record to the Security and Safety Unit

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Audit Bureau Deputy Writes to Head of the Bureau Regarding Two Decisions to Appoint an Employee with a Criminal Record to the Security and Safety Unit

Our source has obtained an exclusive letter from the Deputy of the Audit Bureau to the Head of the Bureau concerning the issuance of two decisions appointing an employee with a criminal record to the Security and Safety Unit. The employee, who has been convicted and sentenced to one year and one month in prison, does not hold the necessary qualifications to perform the specialized technical tasks assigned to him, as stated in the letter. The appointment raises concerns about his capability to undertake any supervisory tasks, especially those related to the diplomatic mission in Tunisia, which were delegated to him as part of a committee formed by decisions numbered (352, 2024/506).

The Deputy added: “Your appointment of this employee through your decisions undermines the technical report regarding these sensitive supervisory tasks, as they were carried out by someone who does not meet the legal qualifications outlined in Law No. (19) of 2013 regarding the establishment and organization of the Bureau. This represents an unprecedented level of degradation in Libya’s financial oversight bodies, and is not even seen in neighboring countries or across African nations under the AFROSAI organization.”

The Deputy further stated: “We call for the restructuring of the inspection and review committee for the entities subject to the supervisory tasks under your decisions (337) (477) of 2024, and urge a return to the specialized technical department to propose a new decision for forming a committee for these sensitive tasks without interference from any senior management in the Bureau.”

Exclusive: Audit Bureau Deputy Demands Shakshak Withdraw the Decision to Send Security and Archive Employees to Turkey, Describing it as Legally and Morally Flawed

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Audit Bureau Deputy Demands Shakshak Withdraw the Decision to Send Security and Archive Employees to Turkey, Describing it as Legally and Morally Flawed

Our source has exclusively obtained a letter from the Deputy of the Audit Bureau to the Head of the Bureau, in which he demands the withdrawal of the decision to send security and archive employees to Turkey for periods ranging from 25 to 15 days, according to the mentioned decision, to attend training courses.

According to the Deputy’s statement in the correspondence, the decision is flawed both legally and morally. Legally, the decision was not presented to the Higher Training Committee, which is authorized to decide on all training activities and to fully study the file, including its feasibility, the entity to be contracted with, and the selection methods for candidates.

Adding that, from a professional and ethical standpoint, their position at the Head of the Bureau requires them to oversee such matters and not waste the Bureau’s resources on such issues.

The Deputy also noted that the estimated cost of sending over 40 employees, including travel allowances, travel tickets, and the cost of training to be paid to the unspecified entity in the decision, is expected to exceed 1.7 million Libyan dinars.

Furthermore, he mentioned that there is an attempt to manipulate and falsify the decision by relying on a letter from the Director-General of Human Resources, as referred to in the decision. The memorandum from the Director of the General Department of Human Resources, number 40-28, mentioned in your decision, is still under review and has not yet been approved.

Poverty Strikes Libya: One-Third of the Population Deprived of the Country’s Wealth – World Bank Reveals the Details

Written by Amira Cherni on . Posted in Reports. No Comments on Poverty Strikes Libya: One-Third of the Population Deprived of the Country’s Wealth – World Bank Reveals the Details

The London-based newspaper The Arab Weekly reported on Thursday that while official figures indicate that Libya has doubled its oil revenues, shocking statistics reveal a sharp rise in poverty rates and the number of impoverished citizens. This raises questions about the fate of oil revenues and how they are being spent amid competition between two rival governments.

According to the newspaper, Abdulhamid Al-Fadheel, an economics professor at Misrata University, revealed that poverty in Libya now affects 32.5% of the population.

A study published in the Journal of Economics and Business Studies from the Faculty of Economics at Misrata University found that 32.5% of Libyan households live below the poverty line, with 1.9% classified as extremely poor.

Al-Fadheel noted that Tripoli recorded the highest percentage of households below the poverty line at 11.3%, while households headed by individuals aged 45-55 were the most affected, with 12.6% living in poverty compared to other age groups.

This comes just days after Tripoli’s Security Directorate announced the arrest of 878 beggars in the capital last year, including 461 women and 221 children. Of those arrested, 329 were Libyans, including 61 children, while the majority were foreign nationals, including 283 women and 106 children.

The newspaper pointed out that observers believe the increasing number of Libyan beggars reflects the dire economic reality of the country, with significant social consequences, particularly for children.

For years, many Libyans denied the existence of local beggars, assuming that anyone seen begging in Tripoli or Benghazi came from neighboring countries. However, the situation has changed, as poverty has now forced locals into begging or taking on physically demanding jobs that were previously disregarded.

Observers also argue that one-third of Libyans are deprived of their country’s wealth, while oil and gas revenues are funneled into corrupt networks linked to political power centers, armed groups, smuggling operations, monopolies, and high-level financial deals.

The World Bank stated that although Libya is classified as an upper-middle-income country, its development indicators and institutional capacity do not match its income level. Despite growth in oil production, years of conflict and political divisions have led to insufficient public investment, poor infrastructure maintenance, and weak state involvement in the modern economy, while the private sector remains constrained.

A field study conducted by the World Bank found that Tazirbu is the poorest area in Libya, with an 80% poverty rate, followed by Derna and Jalu at 70%. Additionally, 7% of residents in the surveyed municipalities live below the poverty line, 29% survive on less than $3 per day, and 13% cannot meet their basic daily needs.

The report also revealed that 13% of households are selling their assets to cover financial needs, while 35% have fallen into debt primarily to buy food and essentials.

Exclusive: Audit Bureau Raises No Objection to Completing Child and Spouse Grant for Q4 2024

Written by Amira Cherni on . Posted in News. No Comments on Exclusive: Audit Bureau Raises No Objection to Completing Child and Spouse Grant for Q4 2024

Our source has obtained an official letter from the Audit Bureau addressed to the Ministry of Social Affairs, stating that the Bureau has no objections to proceeding with the disbursement of the child and spouse grant for the fourth quarter of 2024, totaling 1.1 billion dinars.

The letter emphasizes the necessity of ensuring that bank account numbers match the registered family records in the grant disbursement system and that any non-matching or incomplete account details should be excluded.