Libya revises oil contracts with foreign partners
2009-06-16
Libya is pursuing contract revisions with foreign petrol companies to retain a larger percentage of revenue, Bloomberg News reported on Tuesday (June 15th). According to a statement by Libya's National Oil Corporation, negotiations are under way with ConocoPhillips, Hess and Marathon Oil, while new profit-sharing contracts have already been completed with Eni SpA, Occidental Petroleum Corp., OMV AG, Total SA, Petro-Canada and Repsol YPF SA. Libya holds Africa's largest petrol reserves.
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