An employee of Microsoft (NASDAQ:MSFT) based in Libya has been held by the Libyan government for almost 3 weeks, for allegedly unknown reasons.
Microsoft has been working on the release of Khalid Elhasumi, country-wide manager of its Libya operations, who joined the company in 2010.
Microsoft's vice president of Middle East and Africa operations, Ali Faramawy, said the company hopes he will be released soon by the government.
The means of the attempted release is through various international organizations. Elhasumi has been held since March 19.
Showing posts with label Libya. Show all posts
Showing posts with label Libya. Show all posts
Friday, April 8, 2011
Thursday, March 31, 2011
Hess (HES) (CNX) (OXY) Shares Rise as Energy Surges
Shares of Hess (NYSE:HES) Consol Energy (NYSE:CNX) and Occidental Petroleum (NYSE:OXY) are all jumping today as the oil price reached its highest level since 2008 and uncertainty surrounding nuclear because of the Japan earthquake disaster has other segments like coal and natural gas looking to increase in demand.
The price of oil continues to rise on the ongoing conflict in Libya, which has pushed the price per barrel past $106 today.
Natural gas prices are also expected to start rising, as they stand at lows because of the large amount of supply. That could level off again as the events around the world settle down.
Hess was trading at $85.35, gaining $1.54, or 1.84 percent, as of 12:19 PM EDT. Consol was trading at $54.45, up $1.14, or 2.14 percent. Occidental was at $105.15, rising $1.39, or 1.34 percent.
The price of oil continues to rise on the ongoing conflict in Libya, which has pushed the price per barrel past $106 today.
Natural gas prices are also expected to start rising, as they stand at lows because of the large amount of supply. That could level off again as the events around the world settle down.
Hess was trading at $85.35, gaining $1.54, or 1.84 percent, as of 12:19 PM EDT. Consol was trading at $54.45, up $1.14, or 2.14 percent. Occidental was at $105.15, rising $1.39, or 1.34 percent.
Friday, March 18, 2011
BP (BP) Libyan Contract Still in Place Says Company
A spokesman for oil giant BP (NYSE:BP) said as far as the company knows, their contract with Libya's NOC remains in place.
He said, "At the moment we just have to wait and see. We're monitoring the situation. We have a contract with NOC and as far as we know it is still in place."
Shokri Ghanem, chairman of NOC, said last week the Libyan government would honor existing contracts with Western oil companies. He said, "We have our contracts with them. We will honor our commitments and I'm sure that they will honor their commitments."
After pressure from Western governments though, Gaddafi has said he'll replace those energy companies with those from China, India and Russia.
Even in a best case scenario, the production of the highly-desired light, sweet oils will take months to return to prior levels, suggesting gas prices could remain high for months, if not longer.
BP closed Thursday at $44.68, gaining $1.43, or 3.31 percent.
He said, "At the moment we just have to wait and see. We're monitoring the situation. We have a contract with NOC and as far as we know it is still in place."
Shokri Ghanem, chairman of NOC, said last week the Libyan government would honor existing contracts with Western oil companies. He said, "We have our contracts with them. We will honor our commitments and I'm sure that they will honor their commitments."
After pressure from Western governments though, Gaddafi has said he'll replace those energy companies with those from China, India and Russia.
Even in a best case scenario, the production of the highly-desired light, sweet oils will take months to return to prior levels, suggesting gas prices could remain high for months, if not longer.
BP closed Thursday at $44.68, gaining $1.43, or 3.31 percent.
Thursday, February 24, 2011
Speculators Flee Wheat on Middle Eastern Unrest
Wheat extended a collapse and corn and soybeans also fell as traders speculated that a jump in energy costs caused by protests across North Africa and the Middle East will curb growth and demand for grains.
Riots already ousted leaders in Egypt, the world’s biggest wheat importer, and in Tunisia, and opposition groups have seized control of eastern cities in Libya. While wheat traded in Chicago dropped 11 percent in the past four sessions, crude oil jumped 13 percent on the New York Mercantile Exchange.
Grain prices surged last month as North African and Middle East nations bought more shipments to damp a surge in domestic prices that helped spark the protests from Morocco to Bahrain. Speculators including hedge funds last week cut their bets on higher wheat prices by 20 percent, U.S. Commodity Futures Trading Commission data show.
“Investors continue to exit grain positions in favor of energy and financial markets due to anxiety over political unrest in the Middle East and North Africa,” Jim Gerlach, president of A/C Trading Inc., said by phone from Fowler, Indiana. “The markets are focused on the negative impact that higher energy prices may have on the global economy and food demand.”
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Riots already ousted leaders in Egypt, the world’s biggest wheat importer, and in Tunisia, and opposition groups have seized control of eastern cities in Libya. While wheat traded in Chicago dropped 11 percent in the past four sessions, crude oil jumped 13 percent on the New York Mercantile Exchange.
Grain prices surged last month as North African and Middle East nations bought more shipments to damp a surge in domestic prices that helped spark the protests from Morocco to Bahrain. Speculators including hedge funds last week cut their bets on higher wheat prices by 20 percent, U.S. Commodity Futures Trading Commission data show.
“Investors continue to exit grain positions in favor of energy and financial markets due to anxiety over political unrest in the Middle East and North Africa,” Jim Gerlach, president of A/C Trading Inc., said by phone from Fowler, Indiana. “The markets are focused on the negative impact that higher energy prices may have on the global economy and food demand.”
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BP (BP) Suspends Libyan Exploration as Unrest Intensifies
Eni SpA, the largest foreign oil producer in Libya, fell the most in 19 months in Milan trading, and BP Plc (NYSE:BP) suspended exploration because of worsening violence in the North African country.
Eni, which produced 244,000 barrels of oil equivalent a day in Libya in 2009, fell 5.1 percent, the most since July 2009. The company said in a statement that production is continuing as normal. BP has no producing assets in Libya and is evacuating families and non-essential staff, said David Nicholas, a spokesman for Europe’s second-largest oil company.
Libya holds the largest crude oil reserves in Africa and oil prices rose to a two-year high today. Saif al-Islam Qaddafi called on protesters against his father Muammar Qaddafi’s 41- year rule to engage in dialogue or face a civil war that risks the country’s oil wealth, warning that “rivers of blood will flow” if demonstrations continue.
“The violence is unsettling and it’s definitely right to be cautious,” said Jason Kenney, head of oil and gas research at ING Wholesale Banking in Edinburgh. “It seems like Eni is most at risk. The gas coming into Europe is quite significant, so it’s a concern.”
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Eni, which produced 244,000 barrels of oil equivalent a day in Libya in 2009, fell 5.1 percent, the most since July 2009. The company said in a statement that production is continuing as normal. BP has no producing assets in Libya and is evacuating families and non-essential staff, said David Nicholas, a spokesman for Europe’s second-largest oil company.
Libya holds the largest crude oil reserves in Africa and oil prices rose to a two-year high today. Saif al-Islam Qaddafi called on protesters against his father Muammar Qaddafi’s 41- year rule to engage in dialogue or face a civil war that risks the country’s oil wealth, warning that “rivers of blood will flow” if demonstrations continue.
“The violence is unsettling and it’s definitely right to be cautious,” said Jason Kenney, head of oil and gas research at ING Wholesale Banking in Edinburgh. “It seems like Eni is most at risk. The gas coming into Europe is quite significant, so it’s a concern.”
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United Continental (NYSE:UAL), FedEx (NYSE:FDX), Ford (NYSE:F), Hewlett-Packard (NYSE:HPQ) Bloodied on Down Wednesday
Wednesday isn't a day too many investors want to remember, unless you're in energy, as stocks like United Continental (NYSE:UAL), FedEx (NYSE:FDX), Ford Motor (NYSE:F) and Hewlett-Packard (NYSE:HPQ) took a beating on a number of factors converging at once.
U.S. stocks fell, dragging benchmark indexes to the biggest two-day drop in six months, as oil surged to $100 a barrel amid growing tensions in the Middle East and Hewlett-Packard Co.’s forecasts trailed analysts’ estimates.
Hewlett-Packard, the largest computer maker, tumbled 9.6 percent. Ford Motor Co. sank 2.4 percent after announcing a recall of 144,000 pickup trucks and as a Supreme Court ruling opened the auto industry to new lawsuits over seatbelt design. Lowe’s Cos. (NYSE:LOW) slid 1 percent after forecasting profit that missed analyst estimates. Chevron Corp. rose 1.9 percent as oil climbed to a 28-month high amid escalating violence in Libya.
The Standard & Poor’s 500 Index fell 0.6 percent to 1,307.40 as of 4 p.m. in New York and is down 2.7 percent over the last two days. The Dow Jones Industrial Average slid 107.01 points, or 0.9 percent, to 12,105.78 today. The Chicago Board Options Exchange Volatility Index, which measures the cost of using options as insurance against declines in the S&P 500, jumped 5.6 percent to 21.96, the highest since Nov. 30.
The Dow Jones Transportation Average slumped 2.1 percent to 4,986.21, the lowest level since Dec. 1. United Continental Holdings Inc. sank 6.8 percent to $22.78, while FedEx Corp. declined 4.3 percent to $89.25.
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U.S. stocks fell, dragging benchmark indexes to the biggest two-day drop in six months, as oil surged to $100 a barrel amid growing tensions in the Middle East and Hewlett-Packard Co.’s forecasts trailed analysts’ estimates.
Hewlett-Packard, the largest computer maker, tumbled 9.6 percent. Ford Motor Co. sank 2.4 percent after announcing a recall of 144,000 pickup trucks and as a Supreme Court ruling opened the auto industry to new lawsuits over seatbelt design. Lowe’s Cos. (NYSE:LOW) slid 1 percent after forecasting profit that missed analyst estimates. Chevron Corp. rose 1.9 percent as oil climbed to a 28-month high amid escalating violence in Libya.
The Standard & Poor’s 500 Index fell 0.6 percent to 1,307.40 as of 4 p.m. in New York and is down 2.7 percent over the last two days. The Dow Jones Industrial Average slid 107.01 points, or 0.9 percent, to 12,105.78 today. The Chicago Board Options Exchange Volatility Index, which measures the cost of using options as insurance against declines in the S&P 500, jumped 5.6 percent to 21.96, the highest since Nov. 30.
The Dow Jones Transportation Average slumped 2.1 percent to 4,986.21, the lowest level since Dec. 1. United Continental Holdings Inc. sank 6.8 percent to $22.78, while FedEx Corp. declined 4.3 percent to $89.25.
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Wednesday, February 23, 2011
Brent Soars Above $110 as Libya Burns
Oil futures rallied above $110 a barrel on Wednesday, posting the biggest three-day percentage gain in a year, as the escalating violence in Libya could further reduce its production.
Between 300,000 and 400,000 barrels per day of Libyan output -- up to 25 percent -- has been shut down, according to Reuters calculations, marking the first cut in oil supplies related to the recent wave of anti-government unrest in North Africa and the Middle East.
After Libyan leader Muammar Gaddafi vowed in a defiant speech on Tuesday that he would not step down, promising severe punishment to his detractors, analysts fear that long-lasting supply disruptions or even permanent damage lies ahead for the OPEC member's oil industry.
Rest of Story
Between 300,000 and 400,000 barrels per day of Libyan output -- up to 25 percent -- has been shut down, according to Reuters calculations, marking the first cut in oil supplies related to the recent wave of anti-government unrest in North Africa and the Middle East.
After Libyan leader Muammar Gaddafi vowed in a defiant speech on Tuesday that he would not step down, promising severe punishment to his detractors, analysts fear that long-lasting supply disruptions or even permanent damage lies ahead for the OPEC member's oil industry.
Rest of Story
Gaddafi Orders Security Service to Sabotage Oil Facilities
There's been virtually no reliable information coming out of Tripoli, but a source close to the Gaddafi regime I did manage to get hold of told me the already terrible situation in Libya will get much worse. Among other things, Gaddafi has ordered security services to start sabotaging oil facilities. They will start by blowing up several oil pipelines, cutting off flow to Mediterranean ports. The sabotage, according to the insider, is meant to serve as a message to Libya's rebellious tribes: It's either me or chaos.
Two weeks ago this same man had told me the uprisings in Tunisia and Egypt would never touch Libya. Gaddafi, he said, had a tight lock on all of the major tribes, the same ones that have kept him in power for the past 41 years. The man of course turned out to be wrong, and everything he now has to say about Gaddafi's intentions needs to be taken in that context.
The source went on and told me that Gaddafi's desperation has a lot to with the fact that he now can only count on the loyalty of his tribe, the Qadhadhfa. And as for the army, as of Monday he only has the loyalty of approximately 5,000 troops. They are his elite forces, the officers all handpicked. Among them is the unit commanded by his second youngest son Khamis, the 32nd Brigade. (The total strength of the regular Libyan army is 45,000.)
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Two weeks ago this same man had told me the uprisings in Tunisia and Egypt would never touch Libya. Gaddafi, he said, had a tight lock on all of the major tribes, the same ones that have kept him in power for the past 41 years. The man of course turned out to be wrong, and everything he now has to say about Gaddafi's intentions needs to be taken in that context.
The source went on and told me that Gaddafi's desperation has a lot to with the fact that he now can only count on the loyalty of his tribe, the Qadhadhfa. And as for the army, as of Monday he only has the loyalty of approximately 5,000 troops. They are his elite forces, the officers all handpicked. Among them is the unit commanded by his second youngest son Khamis, the 32nd Brigade. (The total strength of the regular Libyan army is 45,000.)
Full Story
Why Marathon (NYSE:MRO), Hess (NYSE:HES), Occidental Petroleum (NYSE:OXY) Struggling in Strong Energy Environment
Some have been wondering why energy companies like Marathon (NYSE:MRO), Hess (NYSE:HES), Occidental Petroleum (NYSE:OXY) and ConocoPhilips (NYSE:COP) are struggling in an otherwise strong energy market.
The answer is simple: Exposure to Libya.
UBS (NYSE:UBS) says that Marathon Oil has about 12% of overall production coming out of Libya, Hess 6%, ConocoPhillips 3% and Occidental Petroleum 2%.
Even though UBS attempted to sooth the situation, noting that approximately 90 percent of Libyan oil revenue is taken through taxation and royalties, making the impact not as strong as thought.
That didn't impress investors though, who punished the companies because of the Libyan exposure they have.
It's possible that will keep the share prices of the companies under pressure until more clarity and stability emerges.
The answer is simple: Exposure to Libya.
UBS (NYSE:UBS) says that Marathon Oil has about 12% of overall production coming out of Libya, Hess 6%, ConocoPhillips 3% and Occidental Petroleum 2%.
Even though UBS attempted to sooth the situation, noting that approximately 90 percent of Libyan oil revenue is taken through taxation and royalties, making the impact not as strong as thought.
That didn't impress investors though, who punished the companies because of the Libyan exposure they have.
It's possible that will keep the share prices of the companies under pressure until more clarity and stability emerges.
Tuesday, February 22, 2011
Oil Prices Today Surge on Libyan Turmoil
Mounting concerns over Libya's violent crisis weighed on stocks Tuesday and sent oil prices surging, while the earthquake in the New Zealand city of Christchurch pushed the country's currency sharply lower.
With deep rifts opening up in Moammar Gadhafi's regime, air force pilots defecting and a bloody crackdown in the capital of Tripoli, investors are fretting over how the crisis will end and what the impact on the North African country's oil production will be.
Libya is the world's 18th largest oil producer, pumping out around 1.8 million barrels a day, or a little under 2 percent of global daily output. The OPEC country also sits atop the biggest oil reserves in the whole of Africa.
With so much uncertainty surrounding a large chunk of the world's daily oil production, market prices surged. Benchmark crude for March delivery was up $4.80 a barrel, or 5.6 percent, at $92.55 a barrel in electronic trading on the New York Mercantile Exchange. Earlier, it had it had been even higher above $94 a barrel.
Source: AP
With deep rifts opening up in Moammar Gadhafi's regime, air force pilots defecting and a bloody crackdown in the capital of Tripoli, investors are fretting over how the crisis will end and what the impact on the North African country's oil production will be.
Libya is the world's 18th largest oil producer, pumping out around 1.8 million barrels a day, or a little under 2 percent of global daily output. The OPEC country also sits atop the biggest oil reserves in the whole of Africa.
With so much uncertainty surrounding a large chunk of the world's daily oil production, market prices surged. Benchmark crude for March delivery was up $4.80 a barrel, or 5.6 percent, at $92.55 a barrel in electronic trading on the New York Mercantile Exchange. Earlier, it had it had been even higher above $94 a barrel.
Source: AP
Tuesday, October 12, 2010
BP's (NYSE:BP) Libyan Drilling Launching in November
BP PLC (NYSE:BP) said they expect to start deepwater offshore drilling off the coast of Libya starting in November. That's about a month later than original estimates of an October launch.
According to chairman of Libya's National Oil Corp., Shokri Ghanem, the reason for the delay was extra precautions taken by BP after the Gulf of Mexico oil spill disaster.
BP will reportedly drill a minimum of five wells in the Gulf of Sirte, going deeper than the Macondo oil well in the Gulf of Mexico.
If another oil spill happened, the resources are available to deal with it if it's mid-size in Libya. Assuming a large oil spill, BP has contracted with the UK's oil response center, which is the largest in the world.
While already a major oil producer, Libya has little deepwater production going, the reason they're expanding into deeper waters. Most Libyan oil production is on land or shallow water.
According to chairman of Libya's National Oil Corp., Shokri Ghanem, the reason for the delay was extra precautions taken by BP after the Gulf of Mexico oil spill disaster.
BP will reportedly drill a minimum of five wells in the Gulf of Sirte, going deeper than the Macondo oil well in the Gulf of Mexico.
If another oil spill happened, the resources are available to deal with it if it's mid-size in Libya. Assuming a large oil spill, BP has contracted with the UK's oil response center, which is the largest in the world.
While already a major oil producer, Libya has little deepwater production going, the reason they're expanding into deeper waters. Most Libyan oil production is on land or shallow water.
Monday, July 26, 2010
BP (NYSE:BP) Deepwater Drilling in Libya and Half Year Results
Despite the environmental concerns after the massive oil spill in the Gulf, BP (NYSE:BP) says they're pushing forward and going to begin deepwater drilling in Libya. The well site in the Gulf of Sirte is even deeper than the Macondo well in the Gulf of Mexico.
Reported by the Financial Times, the plans are in the shadow of controversy and BP faces much scrutiny because of its deal in 2007 to purchase Libya's oil and gas fields at the cost of $1 billion.
In other BP news, the company will be reporting their half year results today. It's being rumored that Tony Hayward is expected to officially announce his leaving the company before the results are given. The results are expected to show BP making $10 billion in profits so far for the year, even with the costs of the disastrous oil spill.
Reported by the Financial Times, the plans are in the shadow of controversy and BP faces much scrutiny because of its deal in 2007 to purchase Libya's oil and gas fields at the cost of $1 billion.
In other BP news, the company will be reporting their half year results today. It's being rumored that Tony Hayward is expected to officially announce his leaving the company before the results are given. The results are expected to show BP making $10 billion in profits so far for the year, even with the costs of the disastrous oil spill.
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