To: Timelord who wrote (1333 ) 9/30/1999 12:33:00 AM From: Tomas Read Replies (1) | Respond to of 2742
US Oil: Groups to check properties in Libya - Financial Times, September 30 By Hillary Durgin in Houston A consortium of US oil companies has received permission from the US government to travel to Libya and inspect properties they relinquished 13 years ago after the imposition of sanctions against the Tripoli government. The permit, which was issued to Oasis, a company comprising Amerada Hess, Conoco and Marathon Oil, is seen by some as a small step in the possible easing of the sanctions and the return by US companies to doing business with Libya. US energy companies have complained that sanctions have cost them a competitive edge in the oil nations in the Middle East, including Iran. "It's obviously a small step - it's not the same as being able to do business there again," said Richard Haass, director of foreign policy studies at the Brookings Institute in Washington DC. "It suggests that the US government might be prepared to ease sanctions parallel to Libya co-operating with the Pan Am 103 trial and improving its behaviour." The United Nations Security Council lifted sanctions against Libya in April, a year after Col Muammer Gadaffi surrendered the two Libyans charged in connection with the bombing of the flight over Lockerbie, Scotland, in 1988. That has resulted in a flurry of interest in renewed foreign investment in Libya. But the US sanctions, which were implemented in 1986 after several terrorist attacks involving US interests and Libyan nationals and ban trade between US companies and Libya, remain intact. Conoco, which has been adamantly opposed to US sanctions policies, remained cautious. "This is one trip to inspect our assets that we left behind in 1986," said Carlton Adams, a Conoco spokesman. "We can do, will do, no new business discussions, and it certainly does not signify a change in US policy." Occidental Petroleum has received a similar permit. Conoco, based in Houston, will travel to Libya to evaluate the properties, which are now owned and operated by the National Oil Company of Libya, its former partner. At the time the companies left, the properties were producing 400,000 barrels of oil per day. The Oasis partnership has had standstill agreements with the Libyan national oil company that outline conditions under which the companies could return to their properties if sanctions are lifted.