Middle East

In Brief

Agoco output 304,000 bpd

BENGHAZI: Eastern Libyan state oil firm Agoco, a subsidiary of state oil firm NOC, is producing 304,000 barrels a day of oil, its chairman told Reuters.

Mohamed Shatwan said production would rise to 350,000 bpd after new projects such as improving power supply had been completed, a plan that has been in the works for over a year.

The firm’s production fluctuates, due partly to electricity problems. It reported production of 314,000 bpd for the last two months.

Shatwan also said there were no security issues at any oilfield.

Apicorp posts record net

MUSCAT: The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution established to foster the development of the Arab world’s energy sector and petroleum industries, has registered robust financial results across the business and increased profitability and sustainable earnings for 2018.

A corporation, owned by the 10 Arab oil producing countries, Apicorp has its headquarters in Dammam, Saudi Arabia, and a country office in Bahrain.

A major player in the region, Apicorp makes equity investments and provides project finance, trade finance, advisory and research to the energy industry.

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