Gulf oil accord
(N.Z.P.A.-Reuter —Copyright) TRIPOLI, Oct. 31.
Libya regards a draft agreement which would give Persian Gulf States a 51 per cent controlling interest in the operations of Western oil companies in their countries by 1983 as a positive step forward, the official Libyan news agency reports. Libya’s Minister for Oil (Mr Izziddin Mabrouk) —who returned to Tripoli yesterday after attending a special conference of the Organisation of Petroleum Exporting Countries in Royadh, Saudi Arabia — said that the terms of the agreement, which had yet to be signed by the Gulf States, marked an improvement in the existing relations between the oil companies and the producing countries: Iraq, Kuwait, Saudi Arabia, Abu Dhabi, and Qatar. Mr Mabrouk added, however: “The agreement does not meet Libya’s requirements, and is, therefore, not binding on Libya, which has already achieved effective participation with the Stateowned Italian company, E.N.1., on terms unanimously agreed by the 0.P.E.C.” Under the agreement, Libya acquired a 50 per cent participation in the firm’s assets.
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Bibliographic details
Press, Volume CXII, Issue 33062, 1 November 1972, Page 17
Word Count
167Gulf oil accord Press, Volume CXII, Issue 33062, 1 November 1972, Page 17
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