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

To: Tomas who wrote (1587)	4/10/2000 5:10:00 PM
From: Donald Lickman	Read Replies (1) \| Respond to of 2742

Tomas, you should send this link to the Red Sea stockholders and see how they feel about the Lundin Oil take-over.

To: Tomas who wrote (1587)	4/16/2000 11:13:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Libyan NOC Remains in Charge of Oil Policy - The Economist Intelligence Unit, April 12 Many potential and actual investors in Libya's oil and gas industry reacted with initial concern to the announcement that government powers were to be devolved to the local level. The hydrocarbons sector has consistently -- and uniquely for Libya -- been well-managed, even during years of US and UN sanctions; many international oil companies feared that they would henceforth be forced into protracted and complicated negotiations with local officials, instead of a central body such as the energy ministry. However, the announcement on March 1st that the National Oil Company (NOC) would be in charge of hydrocarbons policy simply formalised the previous practice, whereby the NOC was responsible for the management of the oil sector. Indeed, scrapping the energy secretariat in effect removed a layer of management which had become a bureaucratic obstacle to doing business with the NOC. The further announcement that the former energy minister, Abdullah Salem al-Badri, was to head the NOC underlined the fact that there would be continuity in Libya's hydrocarbons policy. Nevertheless, the restructuring will have at least one important practical implication, in that the new draft hydrocarbons law, which was completed by the NOC committee and passed to the energy ministry for approval in January, is likely to be delayed further. Although the draft had been presented to the General People's Congress, it was not considered on the floor, owing to the restructuring of the government and the NOC. The new law will include provisions relating to the refining, petrochemicals and gas sectors, which are not covered by the current law, and will provide a framework of exemptions from customs and corporate taxes. In addition, the legislation will allow more flexibility in the hiring of non-Libyan workers, and in the repatriation of salaries and profits. In its discussions with foreign oil companies, the NOC has indicated that it intends to alter the current contracting procedure to make it more open, transparent, and competitive with procedures followed by other countries. The law should be implemented in late 2000.