OPEC denied on Sunday that its acting secretary general Adnan Shihab-Eldin said in a magazine interview that his organisation wanted to increase production by just under two million barrels a day.
An interview with the German magazine "Der Spiegel", released before publication on Saturday, quoted Shihab-Eldin as saying OPEC members wanted to announce an increase in output by that amount at their next meeting in Vienna on September 19. However, the Organisation of the Petroleum Exporting Countries (OPEC) said in a statement that was incorrect, and that Shihab-Eldin had said OPEC’s spare production capacity was currently just under two million barrels per day (bpd).
“In response to a question about Opec’s plans to increase production, Shihab-Eldin had answered that member countries of the organisation still have sizeable remaining spare production capacity, currently just under two million bpd,” said the statement by OPEC’s head of public relations, Omar Farouk Ibrahim. It added that he said Saudi Arabia, OPEC’s biggest producer, had indicated it was ready to increase production to replace any shortage in the crude oil market after Hurricane Katrina forced the shutdown of some US production in the Gulf of Mexico.
“In this regard, Shihab-Eldin mentioned that several proposals to increase OPEC production have been advanced and supported in recent days by many OPEC member countries ... and that such proposals will be considered and decided upon during the forthcoming ministerial conference,” it added.
9/12/2005
Muammar al Gaddafi inaugurates cement factory in Libya
The Leader of the Revolution Muammar al Gaddafi inaugurated Sunday evening the first stage of Al-Burge Cement Factory in the city of Zalitin, al-Margeb Shabia, to be added to the series of cement factories and other giant achievements in all fields of industrial production.
Gaddafi was briefed on the first and second stages of this industrial project which is constructed on an area of 60 hectares in two stages, the first with a production capacity of 400.000 tons annually and with an average of 80.000 sacks per day, while the second stage will reach a capacity of 1.800.000 tons with an increase rate of 25% .
The total production of the two stages when completed will reach 3.200.000 tons by the beginning of the year 2007. To start production, the Leader of the Revolution Gaddafi pressed the start button and he followed the production process to its final stage, following that the Leader put the foundation stone of the second stage of this factory.
Source: JANA
Gaddafi was briefed on the first and second stages of this industrial project which is constructed on an area of 60 hectares in two stages, the first with a production capacity of 400.000 tons annually and with an average of 80.000 sacks per day, while the second stage will reach a capacity of 1.800.000 tons with an increase rate of 25% .
The total production of the two stages when completed will reach 3.200.000 tons by the beginning of the year 2007. To start production, the Leader of the Revolution Gaddafi pressed the start button and he followed the production process to its final stage, following that the Leader put the foundation stone of the second stage of this factory.
Source: JANA
9/11/2005
Gadhafi pleads for African veto in United Nations Security Council
Africa has the right to a permanent seat in the United Nations Security Council (UNSC) with veto power to compensate for previous injustices, irrespective of whether this council is expanded or not, the Libyan leader, Moammar Gadhafi, affirmed here.
In a speech to mark the sixth anniversary of the African Union Declaration in Sirte, central Libya, Gadhafi noted that, apart from Africa, all the continents were represented by a country with veto power in the Security Council.
"We have the right to a permanent seat because we were under- represented in the past," Gadhafi said, stressing that Europe as well as Asia have two permanent seats each, if Russia is considered to be part of this continent, while America also has its own permanent seat.
Meanwhile, the Libyan leader urged African leaders to hold consultations, adopt a common position and clearly speak about about the Security Council during the coming one year.
Turning to African leaders who will attend the forthcoming UN summit in New York, the Libyan leader urged them to show determination because they represent an entity that nobody should ignore today`s world.
Gadhafi reiterated that a quarter of the United Nations is composed of African countries without which it is impossible to discuss world affairs.
"We must go to the United Nations to impose our rights because Africa deserves a permanent seat to compensate the injustice of the past," the Libyan leader insisted.
He stressed that today`s United Nations are not the same as the United Nations of 60 years ago when the world body was composed of four countries that formed an alliance against Germany.
Out of the 191 United Nations member states, a quarter of them are Africa, the Libyan leader pointed out.
In a speech to mark the sixth anniversary of the African Union Declaration in Sirte, central Libya, Gadhafi noted that, apart from Africa, all the continents were represented by a country with veto power in the Security Council.
"We have the right to a permanent seat because we were under- represented in the past," Gadhafi said, stressing that Europe as well as Asia have two permanent seats each, if Russia is considered to be part of this continent, while America also has its own permanent seat.
Meanwhile, the Libyan leader urged African leaders to hold consultations, adopt a common position and clearly speak about about the Security Council during the coming one year.
Turning to African leaders who will attend the forthcoming UN summit in New York, the Libyan leader urged them to show determination because they represent an entity that nobody should ignore today`s world.
Gadhafi reiterated that a quarter of the United Nations is composed of African countries without which it is impossible to discuss world affairs.
"We must go to the United Nations to impose our rights because Africa deserves a permanent seat to compensate the injustice of the past," the Libyan leader insisted.
He stressed that today`s United Nations are not the same as the United Nations of 60 years ago when the world body was composed of four countries that formed an alliance against Germany.
Out of the 191 United Nations member states, a quarter of them are Africa, the Libyan leader pointed out.
Austrian Bawag is first major European bank to open in Libya
Austrian bank Bawag PSK has become the first major European banking group to open up shop in Libya, with a representative office located at the Corinthia Bab Africa hotel in Tripoli.
Bawag plans this to serve as an entry point to the North African market, in close co-operation with Bawag Malta Bank Ltd, a wholly-owned subsidiary which opened in Sliema two years ago, it said in a statement.
Bawag's chairman and CEO, Johann Zwettler, who led a 25-strong Austrian delegation to Tripoli for the opening, said: "We understand that Libya is on the brink of major change, with outstanding plans for transformation. When you consider the country's economic potential, these plans have strong significance. "It is Bawag's wish to be part of Libya's evolution. We are convinced that, in opening the Tripoli office, we are taking the right step at the right time, and in the right place."
The representative office will be headed by Bashir Ghazla, Bawag's chief representative in Libya. He will be supported by Bashir Hagul, who is based in Malta.
Mr Zwettler continued: "We do not want to compete with Libyan banks for existing market share. We want to develop new means of banking in the Libyan market, in borrowing, lending and other financial services. We want to co-operate and collaborate, to provide our expertise, so that we may share the benefits of Libya's development."
The opening of Bawag's Tripoli office is to be seen in the light of ongoing talks between the European Union and Libya, about the latter's participation in the projected Euro-Mediterranean Free Trade Area, which should be in place by 2010.
"Bawag is an Austrian bank, and Austria is a member of the European Union. Our relationship with Libya has to be considered in this context," Mr Zwettler said. "As far as I know, Libya is having intensive talks with the EU about joining the Euro-Med partnership. "In any case, the European Investment Bank is already actively preparing a mandate for activities with Libya, and Bawag has a good and close relationship with the European Investment Bank."
Ewald Nowotny, former vice-president of the EIB and its current honorary vice-president, was in Tripoli for the opening of Bawag's representative office. Austria has had a corporate presence in Libya for many years, not least through its energy corporation OMV AG, which has operated there for at least 30 years.
Bawag already finances a considerable volume of export business to most of the Arab states. It is also an active participant in syndicated loans for Arab institutions and corporations, and it is the primary banker to the OPEC (Organisation of Petroleum Exporting Countries).
Since 2004, Bawag has been wholly owned by the Austrian Federation of Trade Unions, the OeGB, which was already the main shareholder when it reacquired the remaining 46% stake held by the German banking organisation, Bayerische Landesbank.
Later this year, Bawag will be fully merged with PSK - Austria's postal savings bank, set up by Emperor Franz Josef in 1883 - which it had acquired from the Republic of Austria in 2000. This has created a single bank with 4,000 employees and 1.3 million customers, and the largest centrally managed distribution network in Austria, with outlets even in remote villages.
Bawag PSK now has more than 30% of the Austria domestic banking market, and is the fourth largest banking group in Austria by total assets.
Through the Austrian Federation of Trade Unions, which has 1.4 million members, Bawag has direct access to 12,500 employee representatives in 3,500 companies for the distribution of financial products.
This, together with a conservative approach to credit risk and a strong line in innovation, has helped fuel the bank's remarkable growth. Its assets have more than quadrupled since 1986: from €12.6 billion to €56.3 billion last year.
Bawag is now increasing its presence in the four central European countries that are new EU member states: the Czech Republic, Slovakia, Slovenia and Hungary, countries which have had a historical connection with Austria, and which are its geographical neighbours.
"These countries are now more attractive to Bawag since they joined the EU," Mr Zwettler said. Beyond that, Bawag operates a representative office in Hong Kong, asset management and structured international financing services in Dublin, and the Malta subsidiary.
Bawag Bank was set up in 1922 under the name of Arbeiterbank by Karl Renner, state chancellor of what was at the time the First Republic of Austria, and later, federal president of the Second Republic.
Arbeiterbank was forcibly dissolved for political reasons in 1934, and reopened only after World War II ended, in 1945. The Austrian Trade Union Federation, which was set up that same year, was its main shareholder.
Bawag plans this to serve as an entry point to the North African market, in close co-operation with Bawag Malta Bank Ltd, a wholly-owned subsidiary which opened in Sliema two years ago, it said in a statement.
Bawag's chairman and CEO, Johann Zwettler, who led a 25-strong Austrian delegation to Tripoli for the opening, said: "We understand that Libya is on the brink of major change, with outstanding plans for transformation. When you consider the country's economic potential, these plans have strong significance. "It is Bawag's wish to be part of Libya's evolution. We are convinced that, in opening the Tripoli office, we are taking the right step at the right time, and in the right place."
The representative office will be headed by Bashir Ghazla, Bawag's chief representative in Libya. He will be supported by Bashir Hagul, who is based in Malta.
Mr Zwettler continued: "We do not want to compete with Libyan banks for existing market share. We want to develop new means of banking in the Libyan market, in borrowing, lending and other financial services. We want to co-operate and collaborate, to provide our expertise, so that we may share the benefits of Libya's development."
The opening of Bawag's Tripoli office is to be seen in the light of ongoing talks between the European Union and Libya, about the latter's participation in the projected Euro-Mediterranean Free Trade Area, which should be in place by 2010.
"Bawag is an Austrian bank, and Austria is a member of the European Union. Our relationship with Libya has to be considered in this context," Mr Zwettler said. "As far as I know, Libya is having intensive talks with the EU about joining the Euro-Med partnership. "In any case, the European Investment Bank is already actively preparing a mandate for activities with Libya, and Bawag has a good and close relationship with the European Investment Bank."
Ewald Nowotny, former vice-president of the EIB and its current honorary vice-president, was in Tripoli for the opening of Bawag's representative office. Austria has had a corporate presence in Libya for many years, not least through its energy corporation OMV AG, which has operated there for at least 30 years.
Bawag already finances a considerable volume of export business to most of the Arab states. It is also an active participant in syndicated loans for Arab institutions and corporations, and it is the primary banker to the OPEC (Organisation of Petroleum Exporting Countries).
Since 2004, Bawag has been wholly owned by the Austrian Federation of Trade Unions, the OeGB, which was already the main shareholder when it reacquired the remaining 46% stake held by the German banking organisation, Bayerische Landesbank.
Later this year, Bawag will be fully merged with PSK - Austria's postal savings bank, set up by Emperor Franz Josef in 1883 - which it had acquired from the Republic of Austria in 2000. This has created a single bank with 4,000 employees and 1.3 million customers, and the largest centrally managed distribution network in Austria, with outlets even in remote villages.
Bawag PSK now has more than 30% of the Austria domestic banking market, and is the fourth largest banking group in Austria by total assets.
Through the Austrian Federation of Trade Unions, which has 1.4 million members, Bawag has direct access to 12,500 employee representatives in 3,500 companies for the distribution of financial products.
This, together with a conservative approach to credit risk and a strong line in innovation, has helped fuel the bank's remarkable growth. Its assets have more than quadrupled since 1986: from €12.6 billion to €56.3 billion last year.
Bawag is now increasing its presence in the four central European countries that are new EU member states: the Czech Republic, Slovakia, Slovenia and Hungary, countries which have had a historical connection with Austria, and which are its geographical neighbours.
"These countries are now more attractive to Bawag since they joined the EU," Mr Zwettler said. Beyond that, Bawag operates a representative office in Hong Kong, asset management and structured international financing services in Dublin, and the Malta subsidiary.
Bawag Bank was set up in 1922 under the name of Arbeiterbank by Karl Renner, state chancellor of what was at the time the First Republic of Austria, and later, federal president of the Second Republic.
Arbeiterbank was forcibly dissolved for political reasons in 1934, and reopened only after World War II ended, in 1945. The Austrian Trade Union Federation, which was set up that same year, was its main shareholder.
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