Abu Dhabi, November, 14, 2018: Mustafa Sanalla, Chairman, Libyan National Oil Company gestures during the interview at  ADIPEC in  Abu Dhabi. Satish Kumar for the National/ Story by Jennifer Ghana
Libyan oil production currently averaged 1.3 million bpd, according to Mr Sanalla. Satish Kumar for the National

Exclusive: Libya needs $60bn to overhaul energy infrastructure, says NOC chairman



Libya needs up to $60 billion in investment to revive its energy industry, with $40bn required to raise refining capacity to a million barrels per day, with the remainder being channelled over the next five years in development of upstream infrastructure, the chairman of Libya’s National Oil Corporation said.

"For the next five years $20bn is required [upstream], for downstream we have to validate the study with Wood Group. So total requirement would be $60bn," Mustafa Sanalla the head of Libya's NOC told The National in an interview in Abu Dhabi.

Talks are underway with the UK energy services firm Wood Group to prepare a study on overhauling the country’s refining assets, with plans for grassroots integrated refining and petrochemicals plants, Mr Sanalla said.

Libya, which has some of the cheapest, largely sweet oil in northern Africa, has seen much of its production remain offline during the bloody civil war that erupted between rival factions following the downfall of Muammar Qaddafi in 2011. Production, which had remained at about 1.75 million bpd then fell by 850,000 bpd over the succeeding years as protests and blockades prevented export of crude via the the country’s key port terminals.

However, following the handover of key Libyan ports Ras Lanuf, Es Sider, Zueitina and Hariga in June, Libya has managed to get more crude to the markets, with current production in the range of 1.2 to 1.3 million bpd, according to Mr Sanalla. Production has averaged a million bpd for this year, a figure that Mr Sanalla hopes to raise to two million bpd in four year's time.

"By 2022 we are going to have more than two million bpd of oil, and more three billion standard cubic feet of gas, so we need a total of $20bn for the next five years, so this [is going] to increase production,” he added.

The investment would be channeled into the rehabilitation of oil fields, particularly the damaged ones, which have taken around 150,000 bpd offline, he said.

“We could add more than hundreds of thousands of barrels per day if we do some repair on pumps, generators,” said Mr Sanalla.

Libya’s state-backed producer, which received revenues from its hydrocarbons assets - including from the eastern provinces - of $1.66bn in September said revenues for the first nine months of the year totalled nearly $17bn.

"Last year’s total [was] $13bn and the year before only $4bn," he said, adding, "This is for the whole of Libya’s oil, gas, petrochemicals, royalties and taxation.”

The company has struggled with its budgets and payments from the east but the overall situation is better than previous years, with the government benefitting from better oil and gas revenues, Mr Sanalla said.

Upstream, the country is currently preparing bids for (A&E) blocks offshore to the north of the country, a “mega-project” valued between $4bn and $5bn, he said.

"By 2019 hopefully the bid will be ready and then we will start immediately," Mr Sanalla said. "We had meetings last week with Mr Descalzi [of Eni] in Tripoli with his staff to discuss opportunities...and how to maintain and sustain production,” Mr Sanalla said.

NOC is also betting on the establishment of its fully-owned Zallaf Company to revive production. Mr Sanalla said he hopes to see the “first drop of oil hopefully by end of 2019,” from Zallaf's assets. The company will focus on production from the country’s south west, besides focusing on the Sidra and Ras Lanouf terminals, which have now come under the control of the UN-backed Government of National Accord.

“We have a bottleneck there on the storage capacity, so hundreds of millions of US dollars [are needed] only for the storage tanks in Sidra and Ras Lanouf,” said Mr Sanalla.

______________

Read more:

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Work on the ports, which prior to protests, had a collective total capacity of 240,000 bpd, was being fast-tracked to expedite exports to get them up and running by next year.

“We have an agreement with the GNA government on how to fast-track the maintenance and recovery because we have a big problem in the storage capacity," said Mr Sanalla. "We couldn’t have the logistics...to export easily. So we’re leveraging our staff, our operations, to make easy exportation.”

Libya, which has 50.5 trillion cubic feet of proven gas reserves is also looking to ramp up production of the cleaner fuel for domestic consumption as well as for export via its Greenstream pipeline to Italy.

The addition of 10 new wells through a mega project being executed with Italian energy company Eni in Bahr Essalam in the country’s north-west could see additional gas flowing through the pipeline.

“By the end of this year a total of 10 wells will be online," said Mr Sanalla. "This will give us room for more production and we’re targeting to produce a total of 1.1 billion standard cubic feet per day. This will give more gas production and we could export [via Greenstream].”

More gas production could also come on stream from the onshore Al Wafa field. Through its partnership with Eni, NOC aims to increase production from the field by 70 million standard cubic feet per day, he said.

Current capacity on the 540km-long pipeline is around 301 million standard cubic feet, “less than 30 per cent,” Mr Sanalla said. Priority is being accorded to the Libyan market.

Downstream, the state producer has plans to raise refining capacity to a million bpd from its current 350,000 bpd.

"We’re still importing more than 70 per cent of our needs from outside, we don’t have enough capacity to refine, so we have done a feasibility study and we are trying now to revive,” said Mr Sanalla.

Negotiations are underway with Wood Group “for the selection of a refining scheme associated with petrochemicals,” he said. "We’re going to sign a contract with them very soon...maybe before the end of this year and hopefully they can do a feasibility study of the downstream.”

NOC, which estimates costs for refining overhauls in the range of $40bn, will look for joint ventures with international oil companies. The construction of a grassroots refinery in Tobruk to the far east, near the Egyptian border is on the books.

The country’s largest refinery is at Zawiya, west of Tripoli, where NOC is planning to double refining capacity from to 250,000 bpd from 120,000 bpd at present.

“We are having also to expand Ras Lanouf complex...and also to expand Marsa el-Brega complex and...have a new petrochemicals complex west of Benghazi... but we have to make validation of the study with Wood Group,” he said.

SPEC SHEET: SAMSUNG GALAXY Z FOLD 4

Main display: 7.6" QXGA+ Dynamic Amoled 2X, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz

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Processor: Qualcomm Snapdragon 8+ Gen 1, 4nm, octa-core; Adreno 730 GPU

Memory: 12GB

Capacity: 256/512GB / 1TB

Platform: Android 12, One UI 4.1.1

Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo

Video: 8K@24fps, 4K@30/60fps, full-HD@30/60fps, HD@30fps; slo-mo@60/240/960fps; HDR10+

Cover camera: 10MP (f/2.2)

Inner front camera: Under-display 4MP (f/1.8)

Battery: 4400mAh, 25W fast charging, 15W wireless charging, reverse wireless charging, 'all-day' life

Connectivity: 5G; Wi-Fi, Bluetooth 5.2, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; 2 nano-SIMs + eSIM; 2 nano-SIMs

Colours: Graygreen, phantom black, beige, burgundy (online exclusive)

In the box: Fold 4, USB-C-to-USB-C cable

Price: Dh6,799 / Dh7,249 / Dh8,149

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

MATCH INFO

Qalandars 109-3 (10ovs)

Salt 30, Malan 24, Trego 23, Jayasuriya 2-14

Bangla Tigers (9.4ovs)

Fletcher 52, Rossouw 31

Bangla Tigers win by six wickets

Meydan race card

6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m​​​​​​​
7.40pm: Maiden; Dh165,000; (D) 1,900m​​​​​​​
8.15pm: Handicap; Dh185,000; (D) 2,000m​​​​​​​​​​​​​​
8.50pm: Handicap; Dh185,000; (D) 1,600m​​​​​​​
9.25pm: Handicap; Dh165,000; (D) 2,000m

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

WHAT ARE NFTs?

Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.

An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.

This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

 

 

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Volunteers offer workers a lifeline

Community volunteers have swung into action delivering food packages and toiletries to the men.

When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.

Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.

Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.

“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.

Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.

“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.

Tips for travelling while needing dialysis
  • Inform your doctor about your plans. 
  • Ask about your treatment so you know how it works. 
  • Pay attention to your health if you travel to a hot destination. 
  • Plan your trip well. 
ESSENTIALS

The flights 
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
 

The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

The specs

Engine: 2.3-litre 4cyl turbo
Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)

Sly Cooper and the Thievius Raccoonus

Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

SPECS

Engine: Supercharged 3.5-litre V6
Power: 400hp
Torque: 430Nm
On sale: Now
Price: From Dh450,000

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Last five meetings

2013: South Korea 0-2 Brazil

2002: South Korea 2-3 Brazil

1999: South Korea 1-0 Brazil

1997: South Korea 1-2 Brazil

1995: South Korea 0-1 Brazil

Note: All friendlies

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

DUBAI BLING: EPISODE 1

Creator: Netflix

Stars: Kris Fade, Ebraheem Al Samadi, Zeina Khoury

Rating: 2/5

Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

Museum of the Future in numbers
  • 78 metres is the height of the museum
  • 30,000 square metres is its total area
  • 17,000 square metres is the length of the stainless steel facade
  • 14 kilometres is the length of LED lights used on the facade
  • 1,024 individual pieces make up the exterior 
  • 7 floors in all, with one for administrative offices
  • 2,400 diagonally intersecting steel members frame the torus shape
  • 100 species of trees and plants dot the gardens
  • Dh145 is the price of a ticket
The specs

Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now

Abramovich London

A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.

A three-storey penthouse at Chelsea Waterfront bought for £22 million.

Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.

Sale of Chelsea Football Club is now impossible.

The specs: 2018 Range Rover Velar R-Dynamic HSE

Price, base / as tested: Dh263,235 / Dh420,000

Engine: 3.0-litre supercharged V6

Power 375hp @ 6,500rpm

Torque: 450Nm @ 3,500rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 9.4L / 100kms


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