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

To: Tomas who wrote (976)	4/5/1999 7:19:00 PM
From: Tomas	Respond to of 2742

Libya: UN Sanctions suspended but some US sanctions remains. What's next? UN Sanctions Against Libya Suspended After 7 Years By Evelyn Leopold UNITED NATIONS (Reuters) April 5 - U.N. Security Council sanctions against Libya were suspended Monday after Secretary-General Kofi Annan officially confirmed the two Libyans accused of the 1988 Pan Am jet bombing over Lockerbie, Scotland, had arrived in the Netherlands. Council President Alain Dejammet of France said members noted that conditions for suspending the sanctions ''had been fulfilled,'' adding: ''The measures have therefore been effectively suspended.'' Council resolutions called for the sanctions to be suspended automatically once Annan stated in writing that the two accused were in Dutch custody, ready for trial before a Scottish court sitting in the Netherlands. The sanctions, imposed in 1992 and tightened in 1993, include bans on air travel, and sales to Libya of weapons and certain types of oil-related equipment. In addition, Libya's financial assets abroad were frozen but this excluded monies derived from oil sales after December 1, 1993. To reimpose them would be nearly impossible as it would take a positive vote by the council. But they cannot be formally lifted until Annan submits another report within the next 90 days. This would state France is satisfied Libya had cooperated with its investigation of the mid-flight bombing of UTA Flight 772 over Niger in 1989 in which 171 people died. Dejammet said his country was satisfied with Libyan actions. He also has to report on whether Libya has renounced all ties to alleged terrorists and made provisions to compensate families of the crash victims if the two are convicted. Separate sanctions, imposed by Washington, will stay in place. State Department spokesman James Rubin said these sanctions were ''intended to limit Libyan access to funds and material for terrorist activities, weapons of mass destruction programs and other destabilizing military actions.'' ________________________________________ State Dept says U.S. won't end Libya oil sanctions By Tom Doggett WASHINGTON, April 5 (Reuters) - Even though Libya has turned over suspects involved in the bombing of a Pan Am airliner, the United States won't lift sanctions it has in place prohibiting oil trade with the country, the U.S. State Department said on Monday. Both the United Nations and the U.S. government imposed separate sanctions affecting Libya's oil sector in response to the 1988 bombing of Pan Am flight 103 over Lockerbie, Scotland, which killed 270 people. While U.N. sanctions have been suspended now that Libya turned over the suspects in the bombing, the U.S. government's unilateral sanctions will not lifted at least for now, State Department spokesma,n James Rubin told reporters. ''We need to have additional concerns alleviated (by Libya) before we will address modifying our sanctions,'' Rubin said. Some of the sanctions against Libya have been in place since before the Lockerbie bombing, Rubin noted. U.S. sanctions prohibit banks from financing or arranging transactions that ultimately benefit Libya, including brokering third-country sales of Libyan crude oil or transportation for Libyan cargo. Separately, the U.S. Congress passed legislation in 1995 that penalizes foreign companies making new investments of more than $20 million a year in Libya's oil sector. The law also covers oil investments in Iran. Oil exports account for about 95 percent of Libya's hard currency earnings. Currently, the country has 12 oilfields with reserves of 1 billion barrels of crude or more, and two others with reserves of 500 million to 1 billion barrels. U.S. oil companies Exxon and Mobil left Libya in 1982 following a U.S. trade embargo begun in 1981. Five other U.S. firms, Amarada Hess, Conoco, Grace Petroleum, Marathon and Occidental, remained active in Libya until 1986, when President Reagan ordered them to end all their business activities there. The U.N.'s oil sanctions, which were imposed in November 1993 and now lifted, banned the sale to Libya of equipment for the country's oil and natural gas export terminals and refineries. The U.N. Security Council now can vote within 90 days to permanently lift the organization's sanctions against Libya following a report from U.N. Secretary General Kofi Annan.