The head of Libya's National Oil Company (NOC) has warned his country's revival has been put at risk by corrupt politicians and savage militias that have caused chaos and made the dinar worthless.
Warning against state capture, Mustafa Sanalla said that as the only the functioning national enterprise, the NOC faced attempts to hijack its finances, blockade on its output and attempts to intercept its distribution.
"Our governments and the central bank operate an economy that turns dollars into nearly worthless paper," he said.
Speaking in London at the two-day Chatham House Middle East and North Africa Energy Conference, Mr Sanalla said the revenues his company generates from output of one million barrels a day was the only platform for rebuilding the country.
"The National Oil Corporation is the foundation from which Libya can be regenerated and for Libya to survive it must be protected," he said. “Our first guarantee of security is economic justice. The law must be enforced and the oil must flow and we need joined-up governments."
He also sent a warning to Europe of the disruptive impact of deals, such as those operated by Italy, to pay Libyan coastal militias to stop migrants leaving to cross the Mediterranean. Some of the hundreds of millions of euros handed over by Europe were funding “war criminals”, he said.
The one success in post-Qaddafi Libya is the NOC, which has kept fields operating despite conflict, blockades and hijacked distribution. Mr Sanalla makes no secret of his frustration with the political class, divided between the House of Representatives, the Government of National Salvation and others.
Aligning himself with the improved security that is promised by Field Marshal Khalifa Haftar's rebuilding of the Libyan National Army and its presence in eastern Libya, Mr Sanalla said the military had fended off threats to the oilfields from the warlord Ibrahim Jathran, whose forces were thrown out of key export ports in September 2016.
“I don’t believe the LNA and its leadership will now allow the tactics of Jathran to be used under their supervision, especially because of their devastating economic effect,” he said.
He said he doubted the Libyan political agreement would ever be implemented, repeating a conversation with Ghassan Salame, the UN Libya envoy, in which he said it was up to the Libyan factions to put the national interest first.
“Before the revolution Libya was run by a man who claimed not to be in charge but now it is ruled by men who only claim to be in charge,” Mr Sanalla said.
“In terms of investment, we assume that this year, as in 2016 and 2017, political actors will attempt to use control of the state budget process to control NOC,” he said.
“All Libyans depend on our operations for their day-to-day subsistence. Revenues from our exports pay for food, medicines, and salaries across the country. But what really happens to those revenues? The truth is very few people know and those who know are not saying.”
Over two days, the Chatham House conference heard from leading industry executives and economists. There was a rough consensus that the price of Brent crude would average $60 over 2018.
Leading government figures said a crunch point loomed in May when the US has said there will not be another rollover of the 2015 deal to remove UN and international sanctions on Iran. “The agreement is necessary but not a sufficient condition for large scale investment in Iran,” said one contributor. “It can remain intact as long as we address the other grave issues arising from Iran’s behaviour.”
Energy companies said the lack of certainty surrounding the agreement would continue to put off investment in Iran. “We will not get into any fight with the US,” said Claudio Descalzi, the chief executive of Italy’s ENI.
While the oil price is supported by a rise in global consumption that is expect to top 100 billion barrels per day in the fourth quarter, the experts also predicted a spike in output from US shale operations.
Increasingly countries are turning to renewables including solar as a substitute for gas energy generation. The UAE could have as much as 10 gigawatts capacity installed by 2030.
Saudi Arabia’s tough 2017 came about despite continued growth in the non-oil sector and economists predicted last year was likely to be the turning point for efforts to rebalance the economy.
Ferrari
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Michael%20Mann%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Adam%20Driver%2C%20Penelope%20Cruz%2C%20Shailene%20Woodley%2C%20Patrick%20Dempsey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
THE%20SWIMMERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESally%20El-Hosaini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ENathalie%20Issa%2C%20Manal%20Issa%2C%20Ahmed%20Malek%20and%20Ali%20Suliman%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
MATCH INFO
Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.
Man of the match Harry Maguire (Manchester United)
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
'I Want You Back'
Director:Jason Orley
Stars:Jenny Slate, Charlie Day
Rating:4/5
SOUTH%20KOREA%20SQUAD
%3Cp%3E%0D%3Cstrong%3EGoalkeepers%3A%20%3C%2Fstrong%3EKim%20Seung-gyu%2C%20Jo%20Hyeon-woo%2C%20Song%20Bum-keun%0D%3Cbr%3E%3Cstrong%3EDefenders%3A%20%3C%2Fstrong%3EKim%20Young-gwon%2C%20Kim%20Min-jae%2C%20Jung%20Seung-hyun%2C%20Kim%20Ju-sung%2C%20Kim%20Ji-soo%2C%20Seol%20Young-woo%2C%20Kim%20Tae-hwan%2C%20Lee%20Ki-je%2C%20Kim%20Jin-su%0D%3Cbr%3E%3Cstrong%3EMidfielders%3A%20%3C%2Fstrong%3EPark%20Yong-woo%2C%20Hwang%20In-beom%2C%20Hong%20Hyun-seok%2C%20Lee%20Soon-min%2C%20Lee%20Jae-sung%2C%20Lee%20Kang-in%2C%20Son%20Heung-min%20(captain)%2C%20Jeong%20Woo-yeong%2C%20Moon%20Seon-min%2C%20Park%20Jin-seob%2C%20Yang%20Hyun-jun%0D%3Cbr%3E%3Cstrong%3EStrikers%3A%20%3C%2Fstrong%3EHwang%20Hee-chan%2C%20Cho%20Gue-sung%2C%20Oh%20Hyeon-gyu%3C%2Fp%3E%0A
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months