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Monday, September 28, 2015
Mast Security issued an update on the situation in Libya following the passing of the deadline on the signing of a power sharing agreement between the warring factions in the country; the deadline ran out on September 20 without signature. As a result the UN have pushed back the deadline to October 20 after the Eid holiday.
Mast said it has been made clear that no further changes to the text of the agreement will be allowed. It is now up to Libya’s governments to decide whether they want to sign it.
Ben Stewart, General Manager MAST, said: “As the chaos continues Libya’s oil infrastructure is collapsing. The Arabian Gulf Oil Company (AGOCO) has had its budget cut significantly.”
Stewart added: “AGOCO, which is a subsidiary of the National Oil Company (NOC), was responsible for 25% of Libya’s oil production prior to the civil war. The budget cut will affect salaries, the provision of spares, the payment of suppliers and their oil output. The country’s production is already down to only 20% capacity and this will reduce it further.”
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