U.S. oil companies eye return to Libya after 18 years

[ze_dscherman]

WASHINGTON, D.C. — U.S. oil companies with holdings in Libya received White House permission Thursday to negotiate the resumption of once-lucrative deals stalled by bilateral sanctions imposed in 1986.

The Bush administration ended a long-standing ban on travel to Libya and invited American companies to begin planning their return after Moammar Gadhafi's government confirmed that it was responsible for the bombing of Pan Am Flight 103 in 1988.

Energy experts said an infusion of American capital and expertise would likely slow the decline of Libya's oil production and could help restore output to its historical peak. Libya now produces less than half its 1970 high of 3.3 million barrels a day.

SNIP

http://www.enn.com/news/2004-02-27/s_13534.asp

Note to mods: There have been related threads on the lifting of sanctions, but not focused on the return of oil companies.

[JasonDeter]

1. Ok, something funky here.

On another thread in LB Libyan PM denies Lockerbie guilt. I thought that little fact was a prerequisite for normalization with Libya?

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=381494

[muriel_volestrangler]

3. Cockup by the Libyan Prime Minister

He wasn't meant to say what he did, and there's been much backtracking by his government.

Libya does U-turn on Lockerbie


DOWNING Street has been privately assured by Libya that it stands by statements accepting responsibility for the death of WPc Yvonne Fletcher and the Lockerbie air disaster.

The move follows comments by Libya’s prime minister, Shokri Ghanem, yesterday in which he said there was no evidence of his country’s involvement in either case.

Prime Minister Tony Blair’s spokesman said an assurance was received through "diplomatic channels" from foreign minister Abdul Rahman Shalgam - who recently visited Downing Street - that Libya stood by previous commitments.

Colonel Gadaffi’s regime accepted responsibility for the actions of its officials in downing Pan Am flight 103 over Lockerbie, which killed 270 people, in a statement to the United Nations Security Council.

And it accepted general responsibility in 1999 for the death of WPc Fletcher, who was gunned down outside the Libyan embassy in London 20 years ago.

http://news.scotsman.com/international.cfm?id=227532004

[JasonDeter]

5. Thanks for the heads up, I didn't see that.

But I don't believe them. Its all about the oil.

[buckeye1]

2. Oil leases are running out.

The leases need to be renewed. The little oil companys want to renew. and explore for more.

[mac2]

4. Religious right Pat Robertson pay back.....

Libya oil, etc. and abortion on the table.