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Libya has announced that it has plans to purchase gas from Algeria to overcome power shortage in the country

Libyan Oil Minister Abdelbari Arusi said that both sides were also currently discussing working together on gas production in Brega, a coastal zone where state-owned Sirte Oil Company produces gas.

Meanwhile, US oil and gas firm Marathon Oil is likely to continue operating in the North African country after giving up plans to sell its stake in Waha Oil Company, Reuters reported.

“They are staying here,” Arusi said, adding that Brazil’s Petrobas has also expressed its interest to continue their operations in the country. The company, in Libya since 2005, operates an exploratory offshore block.

Marathon Oil and ConocoPhillips hold a 16.3 per cent interest each in the Waha Concession, with Hess holding an 8.2 per cent interest and Libya’s National Oil Corporation owning the remaining 59.2 per cent.