TRIPOLI (Reuters) – Libya will transform its banking and economic system to comply fully with Islamic law that bans interest payments, the economy minister and other officials said on Monday, but they gave scant details on how the plans would be implemented.
Under Muammar Gaddafi, who was overthrown in 2011, the growth of Islamic banking was not encouraged and four state-controlled institutions dominated the relatively undeveloped financial sector of the OPEC oil producer.
TRIPOLI, Jan 6 (Reuters) – Libya’s navy has blocked an oil
tanker from illegally loading crude at an eastern port that has
been held for months by armed protesters demanding more autonomy
from Tripoli, officials said on Monday.
“The navy fired warning shots to show that they were
serious,” a Libyan National Oil Corp (NOC) official, who
declined to be named, told Reuters.
TRIPOLI, Jan 5 (Reuters) – Libya has restarted oil
production at the southern El Sharara field with an initial
output of 60,000 barrels per day (bpd) after protesters ended a
blockade, the state-run National Oil Corp (NOC) said on Sunday.
But in a new sign of trouble, protesters blocked an oil
pipeline in western Libya, adding to disruptions that have
slashed Libya’s oil production to 250,000 bpd from 1.4 million.
TRIPOLI, Jan 4 (Reuters) – As strikes at Libyan oil ports
run into a sixth month, reducing government income to a trickle,
a budget crisis could be just around the corner for a country
wearily accustomed to chaos since the popular revolt that ousted
The government, when it is not grappling with militias who
occupy ministries and take over oil facilities at will, warns
that it might be unable to pay wages, while power cuts are
MISRATA, Libya, Dec 24 (Reuters) – The Libyan Iron and Steel
Company (Lisco) is planning slightly higher overall production
next year, its chairman told Reuters, but shortages of
electricity and gas will continue to disrupt its recovery
following the country’s civil war.
Chairman Mohamed Abdelmalik al-Faqih said that despite
problems in producing base liquid steel, the company would
expand its capacity in finished products in 2014, and was
seeking a new market in Algeria while demand in Egypt and
southern Europe remains weak.
ZAWIYA, Libya, Dec 19 (Reuters) – Libya is stepping up fuel
imports, with four tankers queuing at one port as the OPEC
producer’s second-largest refinery is running at only half its
capacity due to oilfield strikes, a senior official said.
A mix of militias, tribesmen and civil servants demanding
political rights or a greater share of Libya’s oil wealth have
occupied several oilfields and ports, cutting exports to 110,000
barrels per day (bpd) from over 1 million bpd in July.
TRIPOLI, Dec 17 (Reuters) – When Libyan coastguard officer
Ashraf El-Badri needs to dispatch a boat to stop illegal
migrants heading for Europe, his options are limited – ask the
oil ministry for a tug, use an ageing fishing boat or board an
European governments are counting on officials like Badri to
stop an influx of hopeful migrants from setting off from Libya’s
shores to reach Italy and Malta.
AJDABIYA/TRIPOLI, Libya, Dec 15 (Reuters) – The leader of a
movement pushing for greater autonomy in eastern Libya said on
Sunday he would not end the blockade of several oil-exporting
ports, dashing hopes of a resolution to a three-month standoff
with the Tripoli government.
The announcement was a blow to Prime Minister Ali Zeidan who
had said he expected the blockage to end on Sunday after almost
two weeks of negotiations with eastern tribal leaders to free up
the vital trade.
TRIPOLI, Dec 11 (Reuters) – Libya’s government expects
eastern tribes to reopen three oil ports this weekend as pledged
but refuses to deal with an autonomy movement demanding a share
of oil exports, Prime Minister Ali Zeidan said on Wednesday.
On Tuesday, tribal leaders blocking three eastern ports that
had shipped around 600,000 barrels per day (bpd) of oil said
they would end the stoppage on Sunday but some also demanded the
government share oil exports.
TRIPOLI, Dec 10 (Reuters) – Leaders of a movement seeking
autonomy for Libya’s eastern Cyrenaica region said on Tuesday
they could allow oil exports to resume on Sunday from several
ports if Tripoli meets their demands and allows the region to
take its share of crude.
Public pressure has been building on the movement seeking
autonomy in the oil-rich Cyrenaica to reopen the biggest oil
ports it seized as export have dried up the budget – Libya’s