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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1203)	7/27/1999 8:26:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

US Oil Cos. worried that the Europeans are stealing a march on them in Libya Eni to Proceed With $5.5 Bln Gas Project in Libya (Update1) Rome, July 27 (Bloomberg) -- Eni SpA, Europe's fourth- biggest oil company, agreed to proceed with a $5.5 billion investment in a giant natural gas field in Libya and a pipeline to Italy. The Rome-based oil company will develop in Libya's Wafa gas field about 550 kilometers southwest of Tripoli and construct a 600 kilometer pipeline to ship gas to the island of Sicily. The agreement is the first major contract awarded to a Western oil company since April, when the nation turned over two suspects of the 1988 Pan Am airliner bombing, clearing the way for the United Nations to lift sanctions. The move is the latest sign European oil companies are moving back into Libya while U.S. sanctions bar their biggest rivals from work there. ''Libya is quickly reaping the rewards of compliance with U.N. sanctions, and the European Union is keen to exploit that,'' said Terry Taylor, assistant director of the International Institute for Strategic Studies, a London-based think tank. ''U.S. oil companies are worried that the Europeans are stealing a march on them'' in Libya. Eni shares in Rome rose as much as 2.3 percent, or 0.127 euro, to 5.68 euros, the largest gain in three weeks. Eni had been in talks to work on the project since before the hand-over, although the lifting of U.N. sanctions will ease financing restrictions. quote.bloomberg.com