Latest news with #LAIP
Libya Herald
14-07-2025
- Business
- Libya Herald
LAIP's OLA Energy reports sustained financial growth for 2024
OLA Energy Holding, a wholly owned subsidiary of the Libya Africa Investment Portfolio (LAIP), has reported another year of strong financial performance, saying this reflects continued growth and operational resilience across its African markets. The company's Annual General Meeting was held on Sunday, 13 July 2025, during which shareholders reviewed and approved the audited financial statements for the fiscal year ending 31 December 2024. The meeting also included the presentation of the external auditor's report and an overview of the company's annual operations. Net profit of € 34.5 million in 2024 — up from € 29.8 million in 2023 and € 11.2 million in 2022 Ola Energy reports that according to the financial results, it achieved a net profit of €34.5 million in 2024 — up from €29.8 million in 2023 and €11.2 million in 2022. This consistent upward trend, the company says, highlights the effectiveness of the company's strategic direction and the impact of robust governance and operational efficiency. Shareholders and members of the General Assembly commended the Board of Directors and executive leadership for their efforts in driving growth and maintaining financial discipline. They emphasised that the latest results reaffirm OLA Energy's strong fundamentals and its commitment to expanding its footprint and capabilities across the continent. Operating in 17 African countries OLA Energy operates in 17 African countries. Its expansive network includes more than 1,500 service stations, aviation refuelling services at 55 airports, and seven specialised plants producing high-performance lubricants and engine oils. Looking ahead, OLA Energy said it remains focused on sustainable growth, innovation, and delivering long-term value to its stakeholders while supporting Africa's evolving energy needs. . Mauritius High Court lifts sanctions on Libya's Ola Energy LAIP's Ola Energy opens two new petrol stations in Tunisia LAIP's OLA Energy achieves ''record profits'' ( LAIP's Prime Atlantic Hotel in Banjul, Gambia reopened after completion of initial renovation ( LAIP concludes Mozambique visit with agreement to restart its stalled rice project LAIP delegation visits Maputo, Mozambique to recover seized rice project High-level Libyan government delegation arrives in Guinea to regain ownership of illegally confiscated investment assets
Libyan Express
14-07-2025
- Business
- Libyan Express
Ola Energy accelerates growth with sharp rise in annual profit
Ola Energy's 2024 results reflect strategic gains and market resilience Ola Energy, the downstream petroleum subsidiary of the Libya Africa Investment Portfolio (LAIP), reported strong financial results for 2024, with net profit rising to €34.5 million—extending its multi-year earnings growth as the company deepens its presence across the African energy market. The results, announced at the company's annual shareholders' meeting on Sunday, reflect continued momentum following a net income of €29.8 million in 2023 and €11.2 million in 2022. The steady climb underscores the impact of LAIP's strategic focus on performance optimisation and portfolio consolidation. Executives attributed the company's gains to operational improvements and targeted investments, particularly in infrastructure and service delivery. Ola Energy's network spans 17 African countries, comprising more than 1,500 retail fuel outlets and jet fuel operations in 55 airports. The company also operates seven manufacturing plants producing heavy-duty lubricants, a move seen as key to diversifying revenue and strengthening supply resilience. At the annual shareholders' meeting, participants approved the audited financial statements for the fiscal year ended 31 December 2024 and reviewed the company's operational report. Board members commended the leadership team for delivering on strategic objectives, citing 2024 as a year of disciplined execution and steady growth. Looking ahead, the meeting highlighted the importance of maintaining financial discipline and operational agility amid shifting market conditions, with an eye toward unlocking further growth opportunities in Africa's evolving energy landscape. Ola Energy is wholly owned by LAIP, a Libyan sovereign wealth vehicle responsible for managing and expanding the country's strategic investments across the continent. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
Libyan Express
13-07-2025
- Business
- Libyan Express
Misurata cement plant moves closer to launch
Libya's LAIP accelerates progress on Misurata cement plant The Libya Africa Investment Portfolio (LAIP) is continuing preparations for the launch of the Misurata Cement Plant, as part of its broader strategy to implement industrial projects that support Libya's economic development. The technical committee overseeing the project, appointed by LAIP, held its tenth meeting of the year on Tuesday at the portfolio's headquarters in Tripoli. The meeting focused on reviewing key technical and logistical requirements to ensure the project proceeds according to schedule. Discussions included coordination with the National Oil Corporation to secure the supply of natural gas and heavy fuel oil required for the plant's operations. The committee also examined ongoing communication with the General Electricity Company of Libya to explore options for providing the necessary electrical power to the site. The committee further addressed infrastructure planning, particularly engagement with the Ministry of Transport regarding the construction of a 10-kilometre paved road linking the project site to the national road network — a critical step for accessibility and logistics. In addition, an agreement was reached with the Industrial Research Centre to carry out a geological survey aimed at updating previous studies and assessing the long-term availability of raw materials at the site. The results will support the plant's sustainability, with operations projected to span up to 50 years. Subcommittees also presented technical reports evaluating the current status of engineering works, carried out in collaboration with several local consulting firms. The committee reviewed the existing contract with the Chinese company Sinoma – Wuhan, and initiated negotiations to revise specific provisions as part of a renewed contractual arrangement. These activities form part of LAIP's ongoing efforts to complete pre-operational preparations and ensure that installation works commence within the designated timeframe, in accordance with approved technical and engineering standards.
Libyan Express
03-07-2025
- Business
- Libyan Express
Cement supply is the backbone of Libya's reconstruction
Cement supply is the backbone of Libya's reconstruction Libya's cement industry stands at a critical crossroads. As demand rises—driven by reconstruction efforts, housing expansion, and infrastructure projects—the country's reliance on imports and the chronic underperformance of local factories present both a national challenge and a strategic opportunity. Despite having vast reserves of raw materials—enough to sustain production for at least the next 50 years—Libya's cement output remains far below its potential. Current data reveals that the nation's cement plants are operating at just 58% of their design capacity. Of ten available production lines, only four are active, despite a total design capacity of 10 million tonnes annually. The result: a growing dependence on imports from Egypt, Turkey, and Tunisia. In 2020, for example, Libya imported 2.2 million tonnes of cement to meet domestic demand. Local factories produced only 3.1 million tonnes, falling short of the estimated market demand of 5.3 million tonnes. By 2024, demand had surged to approximately 7 million tonnes—yet supply continued to lag significantly behind. A clear illustration of this gap is the Al-Burj plant in Zliten, one of Libya's largest cement factories. It currently produces around 1.5 million tonnes annually—less than half of what the country needs. This supply shortfall has pushed prices sharply upwards. By mid-2024, the cost of a quintal rose to approximately 90 Libyan dinars (900 dinars per tonne), representing a 54% increase compared to the previous year. Yet the issue goes beyond underproduction. A combination of factors—security instability, speculative pricing, and restrictions on the movement of heavy trucks along major roads under the pretext of protecting infrastructure—has disrupted both local distribution and land-based imports. These logistical challenges have further inflated prices, with transport costs alone pushing cement prices from 17.5 to 25 dinars in just a few months. This widening gap between supply and demand is unsustainable. Continued reliance on imports not only places strain on Libya's foreign currency reserves but also leaves the domestic market exposed to unpredictable price fluctuations. Without strategic intervention, any meaningful progress in infrastructure and housing development will remain out of reach. There are, however, signs of positive movement. The Libya Africa Investment Portfolio (LAIP) has recognised the urgency of the crisis and prioritised the cement sector within its local investment strategy. As part of broader efforts to support national economic development, LAIP is investing in projects aimed at closing the supply-demand gap and restoring market stability. At the forefront of these efforts is the revival of the Misrata Cement Plant—a major strategic project that has remained dormant since 2012. Now, with comprehensive technical and strategic planning in place, LAIP is working to restart operations. The plant is expected to produce 2 million tonnes annually in its first phase, increasing to 4 million tonnes in the second phase. The project is being implemented in partnership with Sinoma–Wuhan, a leading Chinese construction firm. Experts believe the Misrata project could serve as a catalyst for wider sector reform, with the potential to reduce housing inflation, support major construction and infrastructure initiatives, and generate employment opportunities for young Libyans. Ultimately, the goal is to increase national cement output to 10 million tonnes annually. According to research by technical committees and specialised centres, this would reduce production costs, lessen reliance on imports, and help stabilise prices across the domestic market. For LAIP, the project has broader strategic objectives: contributing to economic diversification, strengthening Libya's industrial base, and enhancing the country's long-term resilience. Libya's cement crisis is not merely a supply chain issue—it is a test of economic sovereignty. Reviving this vital sector will require more than financial investment. It demands coordinated policy, regulatory reform, and a secure environment for industrial growth. But the potential rewards—economic resilience, infrastructure development, and national self-sufficiency—are too important to ignore.
Libyan Express
22-05-2025
- Business
- Libyan Express
Libya and Niger discuss transit corridor cooperation
Libya and Niger advance strategic transit corridor partnership Representatives from Libya and Niger met in Tripoli on Tuesday, 20 May 2025, to discuss the ambitious 'Libya Africa Transit Corridors' project aimed at transforming regional connectivity across North and West Africa. The high-level meeting brought together Libya's Joint High Committee for the 'Libya Africa Transit Corridors' Project, including officials from the Libya Africa Investment Portfolio (LAIP) and the Ministry of Transport, alongside Niger's Chargé d'Affaires to Libya. Libya's Undersecretary of the Ministry of Transport for Land Transport Affairs led the discussions, joined by senior officials including the Director of Strategic Planning at the Libya Africa Investment Portfolio and the Director General of the Land Transport Authority. The Libyan Ministry of Foreign Affairs and International Cooperation also participated, highlighting the project's diplomatic significance. The Libyan delegation presented comprehensive details of the transit corridor initiative, emphasising its potential to drive economic and social transformation across the region. The project is designed to boost trans-Saharan commerce and strengthen continental trade links extending far beyond the two participating nations. Niger's diplomatic representative praised the initiative and expressed appreciation for Libya's decision to route one of the strategic corridors through Niger. This positive reception demonstrates both countries' commitment to deepening their partnership. The meeting concluded with an agreement to draft a memorandum of understanding that will establish the foundation for bilateral cooperation on the project. The 'Libya Africa Transit Corridors' initiative represents a major infrastructure undertaking designed to connect Libya with its African neighbours to the south. The project encompasses two primary routes: one connecting Misurata through Tamanhint to Agadez in Niger, and another linking Benghazi via Kufra towards Sudan. This ambitious venture promises to enhance Libya's role as a gateway between Mediterranean markets and sub-Saharan Africa whilst supporting regional economic integration across the continent.
