No Result
View All Result
Tuesday, June 6, 2023
23 °c
Tripoli
22 ° Wed
22 ° Thu
24 ° Fri
25 ° Sat
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Waha to rebuild storage tanks and pipelines, plans “alternative” payment schemes

byMichel Cousins
November 21, 2017
Reading Time: 2 mins read
A A
14
SHARES
61
VIEWS
Share on FacebookShare on Twitter

By Libya Herald reporter.

The fire at the Sidra oil storage tankers led to great losses and damage says the report (Photo: Sirte Oil Company)
 Sidra oil storage tanks on fire in 2014 (Photo: Sirte Oil Company)

Tunis, 21 November 2017:

Waha Oil is looking to replace large sections of its pipelines suffering from corrosion as well as the 12 oil tanks destroyed in 2014 at its terminal in Sidra. However, it lacks the finance to pay for them. As a result, according to Waha chairman Ahmed Ammar, it is looking to alternative means of payment.

Speaking to a business conference in Tunis today organised by the Libyan British Business Council and the British Arab Commercial Bank (BACB), Ammar did not explain what the alternative payment systems might be, whether by oil barter, deferred higher payments or any other means. His sole comment on the matter was that the funding would have to be done in ways different to the traditional payment systems.

Waha had suffered enormous damage since 2011, Ammar said. Its storage capacity at Sirda was down to 1.5 million barrels from the pre-revolution figure of 6 million, he explained. This was a result of tanks being destroyed, first during the revolution itself, then in 2014 when Libya Dawn attacked the terminal. Two fields had also been badly damaged during the attack, he added.

RELATED POSTS

Waha Oil Company restarts 51 wells with potential 14,650 bpd increased production

Top law firm joins new British Libyan Business Association

Waha could probably build one or two tanks from its own funding, but not the 12 required.

As to the pipelines, a survey had been carried out in 2009 which indicated corrosion in many places, but the problem had become much worse in the three years since the start of the Libya’s divisions in mid 2014 .

“Many lines need replacement,” he told the conference.

There was no point, he added, trying to increase production if the pipelines were leaking and not fit for purpose. They had to be repaired first.

Nonetheless, noting that Waha production is currently 260,000 barrels a day, the aim was to increase this 600,000 b/d, Ammar said. “We require international companies to help us to enhance our production in future,” he stressed.

He acknowledged that foreign companies were hesitant to become involved in Libya because of security issues. As a result, only a few were in the country and most of the contracts aimed at increasing production had been put on hold or suspended. But, he stressed, security was less of an issue than before.

“Waha’s door is open,” he said. “Everyone is welcome.”

Foreign service companies that did not start talking to it now about development projects, he warned, risked be left behind when conditions improved.

“If you don’t get here now you will be last on the list [in the future],” he said.

 

 
Tags: featuredLBBCLibyaWaha Oil Company
Share6Tweet4Share1

Related Posts

British Libyan Business Association and the Libyan Business Council sign MoU
Business

British Libyan Business Association and the Libyan Business Council sign MoU

June 5, 2023
Libyan Export Promotion Centre discusses with Italian Chamber export of olive oil, dates and tuna to Italy and Europe
Business

Libyan-Tunisia agricultural, marine and food sector B2B meetings – Tunis 19 to 20 June

June 5, 2023
Tripoli Chamber leading business delegation to Saudi on 22 August
Business

Tripoli Chamber leading business delegation to Saudi on 22 August

June 5, 2023
On National Information Technology Day, the mini-satellite project CubeSat was launched
Business

On National Information Technology Day, the mini-satellite project CubeSat was launched

June 4, 2023
Ministry of Industry provides support to the Industrial Research Centre
Business

Ministry of Industry provides support to the Industrial Research Centre

June 4, 2023
Benghazi Turkish Trade Exhibition postponed to 12-15 June
Business

Benghazi Turkish Trade Exhibition postponed to 12-15 June

June 3, 2023
Next Post
Row continues over education ministry schoolbook endorsing suicide bombing

Row continues over education ministry schoolbook endorsing suicide bombing

HoR approves Salamé’s action plan

HoR approves Salamé’s action plan

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • State recognised militia and Libyan Army clash in central Tripoli

    State recognised militia and Libyan Army clash in central Tripoli

    253 shares
    Share 102 Tweet 63
  • HB Group opens Apple authorised I-Shop reseller in Tripoli’s Siyahia

    74 shares
    Share 30 Tweet 19
  • Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

    60 shares
    Share 24 Tweet 15
  • AMLY School is offering an innovative approach to learning in Libya

    58 shares
    Share 24 Tweet 14
  • British Libyan Business Association and the Libyan Business Council sign MoU

    52 shares
    Share 21 Tweet 13
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

British Libyan Business Association and the Libyan Business Council sign MoU

Libyan-Tunisia agricultural, marine and food sector B2B meetings – Tunis 19 to 20 June

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?