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

To: Tomas who wrote (2385)	5/9/2001 11:32:54 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

"BP, Shell and Total are reported to have joined the rush for US-owned concessions in Libya" The Independent, May 10 German firms target Libya's banned oil BY IMRE KARACS IN BERLIN A NEW trade war is looming between Europe and America, to be fought this time not over bananas, but the rich oil fields of Libya. Although American companies are banned from operating in Libya, Washington has accused one German company of trying to poach their business, and threatened the Berlin government with reprisals. European concerns, notably BP, Shell and Total, are reported to have joined the rush for US-owned concessions in Libya. The Americans were ordered out of the country in 1986 by their own government after the US air strikes. Now the Libyans say the concessions are up for grabs. Just as the new Bush administration is pondering whether to extend sanctions due to run out in August this year, Colonel Muammar Gaddafi has put American- controlled oil fields up for auction. There is no secret about the German company Wintershall's links with the pariah state. "In Libya, we have commenced with the development of an offshore field in Concession 137 together with Elf," Wintershall's annual report states.

To: Tomas who wrote (2385)	5/15/2001 1:04:17 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Libya: German oil company remains defiant over US sanction threat Berlin, May 14, IRNA -- German chemical conglomerate BASF stressed that its subsidiary oil company Wintershall would not pull out from talks with the Libyan government to acquire huge oil deposits, in spite of US sanction threats, the Germany news agency DPA said here Monday. "We will not pull out, as we do not see a reason for it," said a spokesman on Monday at the BASF company headquarters in the southwest German town of Ludwigshafen. He also expressed "surprise" over sanction threats by two influential US senators in a recent meeting with visiting German Foreign Minister Joschka Fischer, warning the German firm of retaliatory actions under the Iran Libya Sanctions Act (ILSA). Wintershall is currently in talks with Libya about properties of the Oasis Partners, a US consortium involving Marathon, Conoco and Ameralda Hess. The holdings, potentially worth million of dollars, have not been in operation since a 1986 executive order by then-President Ronald Reagan banning US firms from doing business in Libya. Germany along with other European countries, have reiterated on several occasions that they do not recognize ILSA. BASF has an annual turnover of 1.6 billion dollars in North America, however Wintershall has very little business in the United States. If Washington decides to enact sanctions against the company, Berlin could opt to lodge a complaint with the World Trade Organization(WTO). The US oil industry is lobbying Congress and the White House to not renew ILSA which will expire in August of this year. OT/JH