Libya’s Arabian Gulf Oil Company halts activities due to fund shortage

People wa;l by buildings destroyed by the war, near the old popular market know as Soukal-Jureif in Libya. (Reuterd)
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Updated 27 August 2021
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Libya’s Arabian Gulf Oil Company halts activities due to fund shortage

  • The company has been conducting business without access to the budgets of 2020 and 2021

RIYADH: The Arabian Gulf Oil Company is unable to continue its activity and carry out its work because it does not have the necessary funds, the Libyan state-owned company said on its Facebook account.

The company has been conducting business without access to the budgets of 2020 and 2021 despite repeated promises from the government, the company said.

This has led to the accumulation of debts and obligations and an inability to provide the necessary spare parts, equipment, operating and production requirements, and to pay its workers, the statement said.

The company will be forced to suspend all activities and works unless it is provided with the funds necessary to operate production.

The Arabian Gulf Oil Company is based in Benghazi, Libya, and engages in crude oil and natural gas exploration, production and refining.

Libya needs to increase its oil production by 40 percent to about 1.8 million bpd from 2022 to cover its expenditures and implement economic reforms, Central Bank of Libya Governor Saddek El Kaber said in an interview with Bloomberg on Monday.

Oil is Libya’s only source of income and increased production would ensure $35 billion in revenue next year. The funds will help the war-torn country to carry out development and reconstruction plans, he said.

Libya, with the largest oil reserves in Africa, pumps about 1.3 million barrels of crude per day.


Saudi Absher platform delivers over $5.3bn in annual economic impact 

Updated 18 December 2025
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Saudi Absher platform delivers over $5.3bn in annual economic impact 

RIYADH: The Saudi government’s Absher digital services platform generates more than SR20 billion ($5.3 billion) in annual economic impact, highlighting the scale of savings created by the Kingdom’s transition from paper-based government procedures to digital services, according to the Ministry of Interior. 

Speaking to Al-Eqtisadiah, Bandar bin Mashari, assistant minister of interior for technology affairs, said the savings reflect broader efficiency gains from digitization. 

This comes as government services previously delivered through manual, paper-driven processes have moved onto a unified digital platform used by millions of citizens and residents. 

“Absher is one of the oldest platforms that has had a direct impact on strengthening the efficiency of spending and in opening new avenues for providing added value services,” said Mashari. 

He said the platform’s economic impact is closely linked to the government’s digital transformation agenda, which aims to reduce operational costs while improving service delivery across public agencies. 

The assistant minister further stated that the economic impact was at SR17 billion and grew to SR20 billion according to the ministry’s latest data. 

He added that Absher has completed a shift in its financial structure, transitioning from direct state capital funding to a sustainable financing model based on self-generated income. 

Mashari also said the Ministry of Interior is moving to expand its digital capabilities beyond service delivery, with a focus on security and financial protection. 

Authorities are working toward building a secure digital ecosystem designed to combat financial fraud and crime, he said, as digital transactions and online government services continue to expand. 

Absher is the flagship digital services platform of Saudi Arabia’s Ministry of Interior and one of the Kingdom’s earliest large-scale e-government initiatives. 

Launched in 2010, the platform provides citizens, residents, visitors, and businesses with access to hundreds of government services through a unified digital portal and mobile application. 

Its services span civil affairs, passports, residency and visa services, as well as traffic and vehicle transactions, and business administration, significantly reducing the need for in-person government visits. 

Absher is widely used across the Kingdom, handling millions of electronic transactions each month and serving as a core pillar of Saudi Arabia’s broader digital transformation and Vision 2030 agenda.