Libya talks oil/gas investment with ChevronTexaco

Wednesday, August 25, 2004

Libya has resumed talks with ChevronTexaco for the resumption of investment in the energy sector of the North African state.

Executives said a ChevronTexaco delegation met Libyan officials in Tripoli several times during 2004 to discuss investment in Libya's crude oil and natural gas sector. The talks were enabled by the lifting of U.S. sanctions by President George Bush more than six months ago.

Chevron operated in Libya throughout the 1960s and 1970s until its joint venture operations with Texaco were taken over by a unit of Libya's National Oil Corp. about 25 years ago, Middle East Newsline reported. Other U.S. companies that operated in Libya until the imposition of U.S. sanctions in 1986 also resumed efforts to return to Libya.

So far, none of the U.S. companies have signed an agreement with Libya.

Industry sources said Libya has also been negotiating with such European energy contractors as Anglo-Dutch Royal Dutch/Shell Group, which announced an oil and natural gas partnership in March.

Copyright 2004 East West Services, Inc.

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