Libya’s main oil refinery resumes operations

Updated 30 November 2012
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Libya’s main oil refinery resumes operations

TRIPOLI: Western Libya’s main refinery resumed operations yesterday after demonstrators shut it down for a day, a spokesman said.
Essam Al-Muntasir of the Zawiya Oil Refining Company said employees were able to resume work and fuel trucks were able to leave the refinery.
“Employees have gone back inside the refinery and are beginning the process of starting up the machinery,” he said. “Fuel tanks are also able to enter and exit the refinery to transport fuel.”
A large crowd of demonstrating war veterans demanding government compensation prevented employees from entering the refinery on Thursday and fuel tanks from leaving.
Muntasir said the demonstrators were wounded veterans demanding to be sent abroad for treatment.
A similar protest in early November forced the refinery to shut down for two days, hitting fuel supplies in the capital.
Panicking Tripoli residents formed long queues at petrol stations to fill up their tanks on Wednesday night after hearing the news of the latest protest.
The Zawiya refinery, about 50 km west of Tripoli, has a capacity of 120,000 barrels per day and provides 40 percent of western Libya’s oil needs.


Kobe Steel posts first profit in three years despite data fraud scandal

Updated 7 min 46 sec ago
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Kobe Steel posts first profit in three years despite data fraud scandal

TOKYO: Kobe Steel, Japan’s third-biggest steelmaker, on Friday posted its first annual profit in three years, even after admitting to falsifying quality data, a scandal that affected hundreds of customers and hit Japan’s manufacturing prowess.
Kobe Steel reported profit of ¥63.19 billion for the year ended March 31, against a loss of ¥23.05 billion a year earlier.
The result was above its own forecast of ¥45 billion and an estimate of ¥49.56 billion among seven analysts surveyed by Thomson Reuters.
The company predicted a ¥45 billion profit for the year to March 2019, compared with a mean profit forecast of ¥44.62 billion from six analysts.
Kobe Steel, which supplies steel and aluminum parts to manufacturers of cars, planes and trains around the world, admitted to supplying products with falsified specifications to more than 600 customers and admitted the data fraud has been going on for nearly five decades.