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FinancialNews
28-08-21
Libya’s Arabian Gulf Oil Company to suspend all works, activities
(MENAFN)The Libyan state-owned company posted on Facebook that the Arabian Gulf Oil Company is not capable to carry on its activity and do its work as a result of not having the essential funds.
The company further declared that the company was carrying out business without access to the budgets of 2020 and 2021 regardless of repeated promises from the government.
It also stated that this resulted in the increased debts and obligations and an incapability to give the necessary spare parts, equipment, operating and production requirements, and to pay its workers.
The company is going to be forced to postpone all activities and works unless it is supplied with the funds necessary to operate production.
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