Oil major BP hopeful of return to Libya

29 May 2007 12:45  [Source: ICIS news]

LONDON (ICIS news)--Oil major BP is hopeful of returning to Libya soon, a company spokesman said on Tuesday as the British prime minister was due to visit the North African country.

A British government official said at a press briefing ahead of Tony Blair’s trip to the region that BP was due to announce its return to Libya.

“We are now beginning to develop an economic relationship with Libya which is hugely important. That’s why companies such as BP can begin to go back into the country today,” the official was quoted as saying.

A BP spokesman would not confirm that the company had an agreement but said it had had a Memorandum of Understanding in place with the National Oil Company in Libya since 2005.

“We are in constructive conversations and are hopeful something will come out of it soon,” the spokesman said.

BP withdrew from Libya in 1974 when the country's oil industry was nationalised.

 

The company was in the spotlight earlier this month when its chief executive Lord Browne resigned after a judge ruled that he had lied to the High Court about how he met his former partner Jeff Chevalier.

By: Hilde Ovrebekk
+44 20 8652 3214

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