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The end of Europe? No, the beginning of a stronger, more united Europe
Viviane Reding Vice-President of the European Commission The end of Europe? No, the beginning of a stronger, more united Europe Economic Policy Seminar Helsinki, 8 September 2011
Economic Policy... |
| EU, 08.09.2011 |
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Some US firms paid more to CEOs than taxes
Washington, USA (NTN24 Wires) - Twenty-five of the 100 highest paid U.S. CEOs earned more last year than their companies paid in federal income tax, a pay study said on Wednesday.
It also found many of the... |
| Washington, 01.09.2011 |
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Finance minister Yoshihiko Noda is new Japanese PM
Japan’s finance minister Yoshihiko Noda is set to become the nation’s sixth prime minister in five years, but he faces a daunting task trying to unite his divided ruling party and lead the country’s recovery... |
| Tokio, 29.08.2011 |
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FNM Again Preparing for Shutdown, Gradually Letting Employees Go
Bratislava, August 25 (TASR) - The National Property Fund (FNM) is preparing for the termination of its activities, which is scheduled for the end of this electoral term (2014), as scrapping FNM is included in... |
| Bratislava, 26.08.2011 |
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Heineken’s profits fall by £83m
Heineken NV, Europe’s largest seller of beer, has said first half earnings were down from the same period a year ago, when it booked a one-off gain, and it expects flat full-year earnings.
Net profit in the... |
| Amsterdam, 24.08.2011 |
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ENI leads Libya oil race; Russia, China may lose out
MILAN/LONDON (Reuters) - Italian oil company Eni led the charge back into Libya on Monday as rebels hailing the end of Muammar Gaddafi's rule warned Russian and Chinese firms that they may lose out on... |
| Milan/London, 24.08.2011 |
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Standard & Poor's president steps down after historic US debt downgrade
Deven Sharma is to leave the credit rating agency, which faces an inquiry over subprime mortgages
Standard & Poor's president Deven Sharma is to leave the credit rating firm at the end of the year.
The... |
| New York, 23.08.2011 |
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Slovakia to Okay Bail-out Funds as Last Eurozone Holdout
Slovakia will be the last eurozone member country to ratify changes pertinent to the temporary EFSF bail-out fund and to the establishment of the permanent ESM mechanism, Prime Minister Iveta Radicova... |
| Bratislava, 23.08.2011 |
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China exports surge but Europe debt crisis looms
BEIJING (AP) -- China's exports surged by nearly 50 percent in May but analysts warned Europe's debt crisis is likely to hurt the recovery in trade.
Exports rose 48.5 percent in May, while imports were up... |
| Bejing, 22.08.2011 |
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Biden gently prods China on human rights
Reporting from Chengdu, China — The United States and China "have a stake in one another's success," Vice President Joe Biden said here Sunday, calling increased cooperation — and economic competition —... |
| Chengdu, 21.08.2011 |
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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![Foto : Ilustration
Oil sector
Libya's economy relies heavily on oil. The ENI Oil Bouri DP4 in the Bouri Field is the biggest platform in the Mediterranean sea.Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Gbbl (6.60×109 m3) as of January 2007, up from 39.1 Gbbl (6.22×109 m3) in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin, which is responsible for 90% of the country’s oil output.[3] The state-owned National Oil Corporation (NOC) dominates Libya's oil industry, along with smaller subsidiaries, which combined account for around 50% of the country's oil output. Among NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Agoco, Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC). Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. Oil revenues constitute the principal foreign exchange source. Reflecting the heritage of the command economy, three quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.[4]
Falling world oil prices in the early 1980s and economic sanctions caused a serious decline in economic activity, eventually leading to a slow private sector rehabilitation. At 2.6% per year on average, real GDP growth was modest and volatile during the 1990s. Libya's GDP grew in 2001 due to high oil prices, the end of a long cyclical drought, and increased foreign direct investment following the suspension of UN sanctions in 1999. Real GDP growth has been boosted by high oil revenues, reaching 4.6% in 2004 and 3.5% in 2005. Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth.
Although UN sanctions were suspended in 1999, foreign investment in the Libyan gas and oil sectors were severely curtailed due to the U.S. Iran and Libya Sanctions Act (ILSA), which caps the amount foreign companies can invest in Libya yearly at $20 million (lowered from $40 million in 2001). As of May 2006, the U.S. has removed Libya from its list of states that sponsor terrorism and has normalised ties and removed sanctions. This clears the road for U.S. oil companies to exploit Libyan oil and is expected to have a positive impact on the Libyan economy. [1] The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets.[5] Most Libyan oil is sold on a term basis, including to the country's Oilinvest marketing network in Europe; to companies like Agip, OMV, Repsol YPF, Tupras, CEPSA, and Total; and small volumes to Asian and South African companies.[6]
WIKIPEDIA](/foto//f_02388_m.jpg)
