Libya’s AGOCO Suspends Works Due to Debts

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The management committee of the Arabian Gulf Oil Company (AGOCO) announced on Thursday that the company was unable to continue its activities and carry out its work without the necessary funds.

In a statement, it added that the company was conducting business without the budgets of 2020 and 2021, and has been unable to carry out work despite continuous promises that it will be provided with the appropriate budgets and funds.

Consequently, debts and obligations have accumulated, and AGOCO claimed it was unable to provide the necessary spare parts, equipment, and operational and production requirements. The company added that it has become unable to continue its technical or service obligations
and pay its workers located in the company’s fields and sites.

Therefore, AGOCO said that it “will not be able to continue to operate without the availability of budgets and funds to run its business, and it will be forced to suspend all activities and works unless it is provided with the funds necessary to operate production.”