SNC-Lavalin’s stock drops after RCMP raid

As a dozen RCMP officers raided SNC-Lavalin headquarters in Montreal Friday morning, it became clear that the investigation into the Quebec engineering giant was international in scope – and distancing itself from a few rogue executives wasn’t going to solve all the company’s problems. Within 45 minutes of the news hitting Twitter, the already battered […]

Leaked Gaddafi-era documents expose the need for urgent oil reforms

Global Witness has obtained Gaddafi-era documents that detail the mismanagement of millions of dollars of Libyan oil revenues and highlight murky practices by Libya's state-owned National Oil Company (NOC).   The revelations, contained in a report published in its entirety today by Global Witness titled “An Annual Report by the Control Board for 2010” (the “Report”), […]

OPEC Pumps More Oil as Iraq Boost Offsets Iran Decline, IEA Says

OPEC’s crude oil production rose to the most in more than three years in March as Iraq boosted output and offset a decline in Iranian supply, according to the International Energy Agency. The 12 members of the Organization of Petroleum Exporting Countries pumped 31.43 million barrels a day of crude last month, up from a […]

Libya asks for help to restructure oil facilities

Libya’s Economy Minister Ahmed al-Koshli said yesterday that his country wants to benefit from the technology Turkey possesses, speaking in the “Energy, Economy and Sustainable Development” session of the Eurasian Economic Summit. “The know-how and experience Turkey has is very important for us. We want Turkey to share its experiences with Libya,” he said, adding […]

Analyst says Somali pirates have new weapons from Libya

Somali pirates have acquired sophisticated weaponry, including mines and shoulder-held missile launchers from Libya, and are likely to use them in bolder attacks on shipping, a senior maritime security analyst said on Thursday. "We found that Libyan weapons are being sold in what is the world's biggest black market for illegal gun smugglers, and Somali […]

Jordan Official: Libya owes $225m in Medical Bills

A Jordanian medical official says Libya owes $225 million in medical bills for thousands of Libyans treated in the kingdom's private and state-run hospitals. Dr. Awni al-Bashir, the head of Jordan's association of private hospitals, say he is "confident Libya will make good" on its pledge to pay for the treatment of 45,000 Libyans since […]