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

To: Tomas who wrote (1602)	4/25/2000 6:06:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Oil: Libya Accelerates Post-Sanctions Links TRIPOLI, Apr 24 (AFP via energy24.com) - Libya is reportedly moving full steam ahead in exploration and production talks with international oil companies, now that the burden of UN sanctions has been lifted. Libya's National Oil Corporation (NOC) chairman, Abdullah al-Badri, told the Nicosia-based Middle East Economic Survey (MEES) that Libya has stepped up the pace of upstream negotiations with international oil companies in hopes of signing agreements within the next year. Two NOC committees are working full-time to hold parallel talks with international oil companies on exploration and production-sharing pacts. A third, centralized group is supervising the overall negotiating process. The oil-company talks are moving quickly. However, the country's draft petroleum law has been held up due to government's dissolutoin of the energy ministry and the resultant transference of oil and gas issues to the NOC. The oil-industry newsletter said it understood that it will now take extra time to re-draft specific articles in the proposed law to take into consideration these structural changes. MEES said the draft concerns the definition of a foreign oil company model contract. The bill will be on the agenda of the next session of the General People's Congress, possibly in June. The company negotiations also concern the updating of contract terms to reflect the new realities in Libya. The United States is unlikely to lift its sanctions against Libya until the trial of the two Lockerbie bombing suspects is completed and compensation arranged for the victims' families.