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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2719)9/5/2001 12:11:53 AM
From: Tomas  Read Replies (1) of 2742
 
Libya ruffles US feathers
Upstream, September 4

The US State Department on Tuesday warned that Libya must protect the operating licences of American oil companies even though they are barred from doing business with the country at the moment.

Libya's foreign minister said over the weekend that US oil companies have one year to return to his country or run the risk of having their operating licences revoked.

"We noted the reported comments of the Libya foreign minister that Libya has agreements with American firms. We expect that Libya will respect the (investment) equities of US companies in Libya," a State Department spokesman told Reuters.

ExxonMobil left Libya in 1982, and Amerada Hess, Marathon, Occidental and Conoco left when President Ronald Reagan ordered them out of the country in 1986.

"We cannot waste our (oil) fields that are waiting for the Americans," Minister Chalgam was quoted as saying by the London-based al-Hayat newspaper. Chalgam said Libya will decide in one year if any operating licences issued to US firms should be revoked.

President Bush last month signed a five-year extension of a US sanctions law that seeks to punish foreign companies that invest in the energy, oil and natural gas sectors of Libya and Iran.
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