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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2727)9/8/2001 9:48:32 AM
From: Tomas  Read Replies (1) of 2742
 
Libya Pushes for End to Sanctions
Stratfor, 7 September

Summary

Libya recently issued a warning to U.S. oil companies, giving them one year to resume business or lose their operating licenses. Tripoli wants to pressure Washington to suspend or lift bilateral sanctions. Failing this, Libya is laying the groundwork for the expropriation of U.S. concessions and their resale to Asian, European and Russian oil companies.

Analysis

Libya's foreign minister, Mohammed Abdel Rahman Shalgam, announced on Sept. 2 that U.S. oil companies have one year to resume operations in the country or risk losing their licenses to do so, Reuters reported. Several American oil companies still hold concessions in Libya despite suspending operations 15 years ago due to an economic embargo imposed by the United States in response to Libya's support for international terrorism.

Tripoli's ultimatum is aimed at forcing Washington to end these unilateral sanctions. But despite pressure from American oil firms, Washington recently extended both the economic embargo and the 1996 Iran-Libya Sanctions Act and isn't likely to relent within the next 12 months. The Libyan deadline will, however, lay the groundwork for future investment by Asian, European and Russian oil firms in formerly U.S.-controlled fields.

A day before Shalgam issued the warning, Libyan leader Moammar Qadhafi announced his government wants to normalize relations with the United States. Tripoli needs U.S. cooperation in order to raise the country's investment ratings, gain loans from international lenders such as the International Monetary Fund and the World Bank and finally be relieved of U.N. sanctions.

stratfor.com
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