Libya's National Oil Company on Sunday declared force majeure at its Zawiya Refinery after clashes inflicted damage in the facility, threatening to throw another wrench into the Opec member's export commitments and economic progress.
NOC said the declaration was a "level three" or "highest" emergency, after gunfire in the refinery's vicinity caused "significant damage" to storage tanks that led to "serious fires", the company said. It did not identify the belligerents, although Libyan news website Almarsad reported that the fight was between two tribes.
While the fighting has since calmed down, NOC has yet to provide any updates on the damages and when it would lift the force majeure, which is used to describe unforeseeable circumstances that prevents an entity from fulfilling an obligation in a contract, and is often included as a clause in company deals as protection from any liabilities.
"The continued risk of similar damage to the refinery’s storage tanks, which contain highly flammable materials, poses a grave danger to civilian lives," NOC said.
Zawiya is currently Libya's second-biggest crude refinery, with a capacity of 120,000 barrels per day, behind only the 220,000 bpd at the Ras Lanuf refinery. Other smaller facilities are in Tobruk with 20,000 bpd and Brega and Sarir, both with about 10,000 bpd each.
Zawiya is the key to Libya's economy, especially amid economic and political turmoil. As of 2023, the value of the country's petroleum exports was at nearly $30.7 billion, which is almost 85 per cent of all exports, Opec data shows.
Libya’s economy is heavily dependent on oil and gas. Last year, the sector accounted for about 97 per cent of the country's exports, more than 90 per cent of fiscal revenue and 68 per cent of gross domestic product, according to data from the African Development Bank Group.
The country's economy grew a healthy 12.6 per cent last year after a recession-riddled 2022, on the back of sustained oil production made possible by an improved security situation, driven by private consumption and exports, the Abidjan-based lender said.
However, Libya's situation has remained unstable, which has the potential to turn off companies from investing in the country, as the political and stability situations may cause oil price fluctuations, which may potentially harm the security of investments and profitability.
Sunday's move was not the first time NOC was prompted to use force majeure this year. In August and September, the company made similar actions at the Sharara, El Feel and Es Sider oilfields amid political tension in the country. Before those closures, Libya's oil production stood at 1.2 million barrels per day.
That oil disruption also prompted the International Monetary Fund this week to lower Libya's economic growth forecast for 2024, although it upwardly revised its figure for 2025 due to the expected rebound in production.
In its World Economic Outlook released in October, the IMF projected Libya's GDP to moderate at 2.4 per cent growth this year before rising to 13.7 per cent next year, before settling at 2.3 per cent in the medium term.
Libya has some of the cheapest, largely sweet oil in northern Africa. But much of it remained offline following a bloody civil war that erupted between rival factions after the downfall of Muammar Qaddafi in 2011.
The Opec member held nearly 4 per cent of the world's proven oil reserves, with about 48.36 billion barrels at the end of 2023, making it also the largest in Africa, data from the group shows.
However, since 2020, oil production has been relatively stable in the Opec producer at between 1 and 1.1 million barrels per day, except for a short period in May to June 2022. NOC aims to bolster oil production to 2.1 million bpd by 2025, from about 1.2 million bpd currently.
Libya has also announced plans to raise its gas production to 4 billion cubic feet a day in the next three to five years, from the current levels of 2.5 bcf per day, as it focuses on expanding its natural gas resources, its oil and gas minister Khalifa Abdulsadek said in November.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
