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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Greywolf who wrote (961)	4/7/1999 10:13:00 AM
From: Tomas	of 2742

Libya ready to let U.S. oil firms resume operations TUNIS, April 7 (Reuters) - Libyan Energy Minister Abdullah Salem al-Badri on Wednesday said his country was ready to let U.S. oil firms resume operations in Libya. ''We invite U.S. firms which were our associates in the past to return to the Jamahiriya (Libya) and continue their production,'' Badri told Reuters in a telephone interview. ''Our doors are open to talk with them and to facilitate their operations and their return in Libya,'' he added. United States maintains unilateral sanctions on trade and investment against Libya which pre-date the 1988 United Nation's Lockerbie sanctions which were lifted early this week. The U.S. State Department said on Monday that even though Libya has turned over suspects involved in the bombing of the Pan Am airliner over Lockerbie, Scotland, the U.S. won't lift the sanctions it has in place prohibiting oil trade with Libya. ''We need to have additional concerns alleviated (by Libya) before we will address modifying our sanctions,'' State Department spokesman James Rubin told reporters in Washington. U.S. oil companies left Libya following a U.S. trade embargo begun in 1981. ''This is for those who were here, but also for others with which we are ready to talk over the possibility of entering with us (in partnership) because this country is still virgin for exploration,'' Badri said. ''Libya is an important state in the oil activities regarding its reserves and its production, and a market which is very close to Europe and the European oil firms. We invite these (European) firms to enter much more (in Libya),'' Badri said. Several European oil companies are already exploring for and producing oil in Libya. They account for a third of Libya's 1.3 million barrels per day (bpd) of oil output. Oil exports account for about 95 percent of Libya's hard currency earnings. Currently, the country has 12 oilfields with reserves of one billion barrels of crude or more, and two others with reserves of 500 million to one billion barrels. Badri said his country was ''fully complying'' since April 1st with an oil output cut of 96,000 bpd as pledged under an oil producers' deal last month to restrain supply to improve prices. biz.yahoo.com

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