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Libyan National Oil Company resumes exports at two major terminals after lifting of ‘force majeure’

Published

2 years ago

July 13, 2022

After almost three months of blockade due to the political crisis in the country, the Libyan National Oil Company (NOC) has resumed crude exports from two of its major port terminals, the Marsa Brega and Zouetina terminals.

The NOC which disclosed this in a statement on Wednesday, said the “state of force majeure on the Marsa Brega and Zouetina terminals” in the northeast of the country had been lifted and as such, the “tanker Ebla is on its way to load hydrocarbons,” it said.

The force majeure was invoked to allow the NOC to be exonerated from responsibility in the event of non-compliance with oil delivery contracts.

But by the end of June, the NOC had lamented losses of more than 3.5 billion dollars due to the forced closures of major oil sites since mid-April, including Marsa Brega and Zouetina.

“In the last few days, contacts with the guards of the oil installations and the chairman of the energy committee in parliament have led to the conviction that it is necessary to resume the export of hydrocarbons,” NOC boss Mustafa Sanalla said in the statement.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

5 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

6 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”