- Arabian Gulf Oil Company to suspends operations
- Government fails to approve the budget for 2020/2021
Libya oil company, the Arabian Gulf Oil Company will be forced to suspend business operations due to the lack of funding to carry on its activities. This is due to the failure of the Libyan government to approve the necessary funding for its operations in the 2020/2021 budget.
The company has been conducting business without access to the budgets of 2020 and 2021 despite repeated promises from the government, the company said. As a result, the company will be forced to suspend its operations without funding to carry on its business.
Oil is Libya’s only source of income, and the country needs to produce 1.8 million barrels per day from 2022 to cover its expenditures and implement economic reforms, said Central Bank of Libya Governor Saddek El Kaber.