US oil companies return to Libya
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Occidental is the major winner of oil and gas licences in Libya, returning to the country after two decades.
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BP will announce shortly that it is returning to Libya, UK officials say.
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Libyan business leaders welcome the ending of US trade sanctions but anti-terror measures remain.
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British energy giant BP is set to announce its return to Libya after an absence of 33 years, Prime Minister Tony Blair&#39;s official spokesman said Tuesday, shortly before Blair took off for the north African country.
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The government of Libya, flush with oil, has amassed $40 billion and is ready to put it in play on Wall Street. China recently acquired a huge stake in one of the biggest names in U.S. finance. Tiny Qatar is adding $1 billion a week to its investment coffers and is trying to buy the leading grocer...
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Crude oil rose from a three-month low after an attack on the US Consulate in Jeddah, Saudi Arabia, boosted concern that a revival of terrorist attacks in the country might threaten oil shipments from the world&#39;s biggest oil exporter.
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Libya awarded its first contracts to U.S. companies in 18 years Saturday, handing oil and gas exploration licenses to three American firms to draw a line under decades of international isolation.
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The Bush administration has asked Congress to quickly lift a ban on U.S. Export-Import Bank loans in Libya and said "timing is critical" to help American companies invest in the oil-rich country, according to a letter released on Tuesday.
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Oil giant BP is set to announce its return to Libya, Prime Minister Tony Blair&#39;s official spokesman said, shortly before taking off for the north African country.
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The Bush administration has asked  Congress to quickly lift a ban on U.S. Export-Import Bank loans  in Libya and said "timing is critical" to help American  companies invest in the oil-rich country, according to a letter  released on Tuesday.
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British energy giant BP said that it expected to resume full production by the end of October of 400,000 barrels of oil a day from Prudhoe Bay, the biggest US oil field.
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The United States has lifted sanctions on Libyan air transport, an official in Tripoli said, the latest sign of warming ties between the two former foes.
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Some hope the oil industry will prompt business and workers to return to the state, where the population peaked in 1930.
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British Prime Minister Tony Blair flew in to oil-rich Libya at the start of an African tour for talks with Moamer Kadhafi on a visit expected to see a major energy deal sealed.
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New York - Oil prices pulled back from fresh highs Monday, as the Norwegian government ordered striking workers back to the job, ending a labour dispute that threatened the output of the world&#39;s third-largest exporter of crude.
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The British government welcomed the lifting of remaining US economic sanctions on Libya, saying it had played a role in the process by encouraging Tripoli to abandon its weapons of mass destruction.
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US President George W. Bush had decided to lift sanctions against Libya in a move expected to trigger the release of more than $US1 billion ($1.