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Libya’s Arabian Gulf Oil Approaches Foreign Clients on Marketing

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March 14 (Bloomberg) -- Libya’s Arabian Gulf Oil Co. has contacted its foreign clients to discuss direct marketing of crude and oil products instead of via its state-owned parent company, a company official said today.

The company, also known as Agoco, split from its parent company, Tripoli-based National Oil Corp., a few days after uprisings broke out in Libya. Agoco said at the time it was siding with the protesters.

“We are in touch with our clients to arrange the marketing,” Hassan Bolifa, member of the management committee, said by phone from Benghazi today. “A special committee has been formed but no agreement has yet been reached.”

Eastern Libya, home to most of the country’s crude reserves, has come under the control of rebels demanding an end to leader Muammar Qaddafi’s four-decade rule following mass demonstrations that began on Feb. 17. The territory between the North African country’s eastern border with Egypt and the area to the east of the oil town of Brega is claimed by the opposition who are represented by the Benghazi-based Transitional National Council.

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net.

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