ROVworld Subsea Information

US oil company bosses to travel to Libya next week
Date: Wednesday, March 10, 2004 @ 04:34:47 EST

The chairmen of US oil companies Marathon, ConocoPhillips and Occidental will
visit Libya next week for talks with Moammar Qadhafi, the Libyan leader's son
said in remarks published Wednesday. Saif ul-Islam Qadhafi told Al-Hayat
newspaper that some American oil companies had sent teams to Libya last week
after Washington's decision late last month to permit them to negotiate the
terms of resuming work on their oil holdings in the North African country
which they were forced to leave in 1986 under the orders of then US president
Ronald Reagan, AFP reported.

"Marathon, Conoco and Occidental returned about one week ago, and their chairmen will visit Libya next week to see President Qadhafi," he said, adding that the companies would have to pay "fees" to resume operations in Libya. "They will resume work in their (pre-sanctions) locations directly, because we have preserved and frozen their rights for this period. Now we will ask them to pay financial fees for their return, because we preserved their rights," he said.

Source: Platts

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