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Arabian Gulf Oil Co to Fund Rebels Via Crude Sales

Source: Reuters 3/11/2011, Location: Africa

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Libya's second-largest state-owned oil company is contacting buyers and setting up a trading department to sell crude oil from fields controlled by rebels to raise funds for the opposition, the Financial Times reported on Friday, citing an official it didn't identify.

The Arabian Gulf Oil Company, or Agoco, wholly owned by the National Oil Company, is headquartered in Benghazi, the eastern city that has become the opposition's headquarters, the report said.

Rebels and forces loyal to Gaddafi are waging pitched battles for control of key transport and oil sites, cutting oil exports by the world's 17th-largest oil producer. Libya is estimated to have lost two thirds of its oil output because of the fighting.

The company has pledged its support to the uprising against Muammar Gaddafi, the report said.

"Agoco is now part of the revolution so we are trying to get money from the oil," the official said, according to the report.

"It will be on behalf of the (opposition) national council, but we will do the business."

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