Libya's Waha Oilfield Resumes Flows to Es-Sider Port

A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/
A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/
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Libya's Waha Oilfield Resumes Flows to Es-Sider Port

A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/
A general view of an oilfield in Libya, December 3, 2014. REUTERS/Ismail Zitouny/

Maintenance on the Zaggut-Sidra pipeline linking Libya's Waha oilfield to the port of Es-Sider has been completed and flows have resumed, Waha Oil Company said on Friday, Reuters reported.

Oil production from the field is expected to return to normal levels in the coming hours, the company said in a statement.

Production was suspended for maintenance early this week after a fire broke out at the pipeline.

Pumping operations have now been restored "after completing all maintenance work, replacing pipes, and conducting the necessary tests to ensure the safety of pumping operations through the pipeline from the fields to Es Sider port," Waha Oil said.

An engineer from Es Sider port told Reuters that one tanker is currently onloading in the port and another is waiting to enter the port.

Waha, a subsidiary of Libya's National Oil Corp (NOC), operates as a joint venture with TotalEnergies and ConocoPhillips.

The company runs five main fields: Waha - which produces more than 100,000 bpd - Gallo, Al-Fargh, Al-Samah and Al-Dhahra.

The company's total production capacity is about 300,000 bpd, which is exported through Es Sider terminal.



Egypt’s Sovereign Wealth Fund CEO Resigns

A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
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Egypt’s Sovereign Wealth Fund CEO Resigns

A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)

The head of the Sovereign Fund of Egypt (TSFE), Ayman Soliman, has resigned, informed Egyptian sources revealed on Thursday.
They said Soliman resigned last June, around the time of the July ministerial shuffle, with his final working day set for the end of August.
A bill was already sent to the Egyptian House of Representatives to discuss transferring the Fund’s affiliation to the Prime Minister's Office.
In February 2019, Egypt formed the sovereign wealth fund to take control of some of the government's most promising assets in industries such as power and real estate, to bring in private investors to develop them.
Soliman was appointed as head of the fund in 2019 for an initial three-year term that was subsequently extended.
His resignation had been anticipated, with one government source saying the country's political leadership wanted to introduce fresh faces into key positions as part of a broader reshuffle, according to Reuters.
As of July, the Fund oversees approximately $12 billion in assets. It has attained the 48th position in the top 100 largest sovereign funds by total assets.
TSFE currently runs and operates five sub-funds: Infrastructure and Utilities Sub-Fund, Healthcare and Pharmaceuticals Sub-Fund, Tourism, Real Estate and Antiquities Sub-Fund, Financial Services and Fintech Sub-Fund, and Asset Management and Restructuring Sub-Fund.

Separately, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Thursday that Egypt’s unemployment rate fell to 6.5% in the second quarter (Q2) of 2024, nearly a 0.2% decrease compared to Q1.
In May, government data showed that during Q1 of 2024, the labor force was estimated to consist of 31.397 million individuals, reflecting a 1.0% increase from the previous quarter's 31.101 million individuals. Of this total, 13.758 million individuals were part of the urban labor force, while 17.639 million individuals were part of the rural labor force.