Libyan Firm Stops Oil Production On Lack Of Funds ...Middle East

The Arabian Gulf Oil Company, a subsidiary of Libya’s National Oil Corporation (NOC), has suspended oil production for lack of money, Arab News has reported, citing the company’s Facebook page. AGOCO warned late on Thursday that it would stop oil-producing operations unless it gets its share of the budget allocations for last year and this year. This is not the first time AGOCO stops pumping oil. In April, the company decided to halt production because of the delays in the budget which is planned to allocate money to the oil firm…

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