Tag Archives | Libyan Foreign Bank (LFB)

NOC announces "Record" Revenues for December 2020

By John Lee. The National Oil Corporation (NOC) has announced that the general revenue for December 2020 of sales of crude oil, gas, condensates, petroleum products and petrochemicals have reached a record level of $1,115,210,431.95. The NOC said the funds were deposited in the National Oil Corporation's account in the Libyan Foreign Bank (LFB) "in […]

Libyan Oil Revenues triple from Oct to Nov

By John Lee. The National Oil Corporation (NOC) has announced that exports of crude oil, gas and condensate, petroleum products and petrochemicals for the month of November 2020 have amounted to US$ 700,421,887.47, an increase of 204 percent from October. For comparison, revenues of November 2019 were US $ 1,660,115,142.09. According to an NOC statement, […]

Police Arrest Ex-CEO of Libyan Foreign Bank

By John Lee. Police in Tripoli have reportedly arrested the former CEO of Libyan Foreign Bank (LFB). An official at the Interior Ministry told Bloomberg that Mohamed bin Youssef was taken into custody on the orders of the state prosecutor, who's investigating him for allegedly "squandering funds and mismanaging the bank's assets". The bank, which […]

Libyan Foreign Bank (LFB) signs MoU with Bahrain Bank

Bahrain-based Al Baraka Banking Group (ABG) has signed a Memorandum of Understanding (MoU) with the Libyan Foreign Bank (LFB) to collaborate in all areas of banking. The MoU was signed by Mr. Adnan Ahmed Yousif (pictured), President & Chief Executive of ABG and Chairman of Al Baraka Turk Participation Bank on behalf of Al Baraka […]

LFB Defends $109 Legal Case

By John Lee. A Tunisian court has ruled in favour of the Libyan Foreign Bank (LFB) in the case brought against it by the Tunisian company LMS. LMS claimed that LFB owed it $108.7 million for fuel shipments during the 2011 Libyan revolution. However, the court of appeal found that LMS had failed to deliver […]