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Economy

London Court Rules in Favour of Goldman Sachs

  London’s High Court found US investment bank Goldman Sachs not guilty of knowingly misleading Libya’s state fund into bad investments. The court announced its ruling on Friday. In a 120 page ruling, Justice Vivien Rose said the Wall Street bank “did not go beyond the normal cordial and mutually …

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Libya and Goldman Sachs ruling to be shortly

(Author: Libyan Gazette Editorial Staff) The ruling for the lawsuit that the Libyan Investment Authority (LIA) launched against US investment bank Goldman Sachs for allegedly setting up bad deals for the LIA will be announced on Friday. The LIA is suing Goldman Sachs for $1 billion and filed the lawsuit …

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Zueitina Oil Terminal’s First Export Goes to China

(Author: Libyan Gazette Editorial Staff) For the first time since last year, Zueitina oil terminal began loading crude oil into a cargo ship on Thursday, according to a port official. Zueitina and two other oil ports were under a force majeure that was recently lifted last month by Libya’s National …

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Libyan Economy Strengthens as Oil Production Resume

(Author: Libyan Gazette Editorial Staff) It has been five years since Libya’s oil industry was operating at full capacity and only recently were Libyans able to reopen the country’s major oil ports to resume oil production and exports. Before the 2011 uprising, Libya was producing around 1.6 million barrels per …

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Libya Resumes Exporting Crude Oil

(Author: Libyan Gazette Editorial Staff) Libya’s crude oil production increased over 70 percent since last month after the reopening of a few oil fields and oil ports which were closed for the last two years. On Tuesday, Ibrahim Al-Awami, the head of oil measurement department at Libya’s National Oil Corporation …

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PFG Attempt to Take Back Sidra and Ras Lanuf Oil Ports

(Author: Libyan Gazette Editorial Staff) Clashes between rival militias broke out over the weekend over the control of Libya’s main crude oil ports, causing an oil shipment to be delayed, said a Libyan official. Libya’s fragile state has left it exposed to a constant stream of unexpected attacks, jeopardizing whatever …

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Libya Resumes Oil Production at Major Oil Terminals

(Author: Libyan Gazette Editorial Staff) The National Oil Corporation (NOC), Libya’s state oil company, announced on Thursday that force majeure has been lifted on Libya’s biggest oil terminals and exporting will begin shortly. “Exports will resume immediately from Zueitina and Ras Lanuf, and will continue at Brega … exports will …

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