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East Libya forces reclaim key ports amidst clashes.

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East Libyan forces said on Thursday they had retaken the shattered oil ports of Es Sider and Ras Lanuf, hours after clashes resumed south of Ras Lanuf during a counter-attack by rival factions.

Staff were evacuated from terminals in Libya’s eastern oil crescent and exports were suspended last Thursday when armed opponents of eastern-based military commander Khalifa Haftar stormed the ports and occupied them.



The fate of the ports, two of Libya’s largest, is crucial to the partial, fragile recovery of the country’s oil industry. Their closure has led to production losses of up to 450,000 barrels per day (bpd) from a total national output of little over one million bpd.

Two oil storage tanks had been set on fire since the initial attack, causing damage that the National Oil Corporation (NOC) has said will take years to repair. On Thursday, a third storage tank was set alight sending thick black smoke over Ras Lanuf before the fire was extinguished, a firefighter said.

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Haftar, who built up his Libyan National Army (LNA) during his three-year campaign to seize the eastern city of Benghazi, is one of the figures vying for power in Libya since the country fragmented following a NATO-backed uprising in 2011.

He has received increased international recognition since seizing the oil crescent ports in 2016 and allowing the National Oil Corp (NOC) to reopen them, despite his rejection of a U.N.-backed government in the capital Tripoli.

Production at AGOCO, an NOC subsidiary based in the east, has fallen from around 250,000 to 180,000 bpd, an oil official said on Thursday, due to power problems and to disruption at Ras Lanuf.

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Business

Absa became the new competitor on the Ethiopia market.

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Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

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Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

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Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

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Motherland News

Black box of the Ethiopian Airline Crash recovered.

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The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



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Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

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Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

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