Libya’s National Oil Corp (NOC) declares force majeure
Force majeure declared on exports from the port of Marsa al Hariga after Arabian Gulf Oil Co (AGOCO) suspends output over budget dispute.
Libya’s NOC declared force majeure on exports from the port of Hariga on Monday, and says it could extend the measure to other facilities, reports Reuters.
The NOC subsidiary, AGOCO, which runs Hariga said it had suspended output because it had not received its budget since September. NOC said daily lost income “may exceed 118 million dinars ($26 million)”.
The company said the Central Bank of Libya had refused to finance the sector for months. It added “this painful reality may extend to the rest of the companies”.
Output was halted last year for several month after eastern-based forces blockaded Libya’s oil terminals, causing NOC to declare force majeure on all exports.
