BP returns to Libya with Â£1bn deal
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Business & money: Firm to explore in oil and gas sites in landmark agreement that could help plug Russian gap.
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Oil giant BP today said record fuel prices and better refining margins had helped it to bank nearly Â£1 million a day in profits. BP posted profits of 3.94 billion US
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Prime Minister Tony Blair hailed &quot;completely transformed&quot; relations with oil-rich Libya after talks with Moamer Kadhafi, the leader of a country now firmly back in the international fold.
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British Prime Minister Tony Blair welcomed improved relations between Britain and Libya as oil companies from both countries signed a major deal on Tuesday.
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Royal Dutch/Shell Group, Europe&#39;s second-largest oil company, will boost investment in its European oil and gas unit by $150 million to $1.
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The deal was reached last month between Libya's Colonel Gaddafi and Italian Prime Minister Silvio Berlusconi.
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BP's annual profits rise 26% to $16.2bn (Â£8.7bn) as the firm benefits from soaring oil prices.
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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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British Prime Minister Tony Blair  arrived in Libya on Tuesday for talks with Muammar Gaddafi as  oil giant BP sealed a major energy deal marking stronger  British ties with the former outcast state.
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The company behind the Madame Tussauds and London Eye tourist attractions is bought in a Â£1bn deal.
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Britain is on the verge of signing an agreement with Libya that could lead to the return of the man convicted of the 1988 Lockerbie bombing, Scotland's First Minister Alex Salmond said Thursday.
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Libya withdraws $1bn of unfrozen assets from the US after a trade embargo is lifted as a reward for giving up weapons of mass destruction.
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LONDON/NEW YORK  - Private investment firm Colony Capital LLC has agreed to buy a controlling stake in Libyan state-owned Tamoil in a deal that valued the Italy-based refiner at 4 billion euros ($5.4 billion) -- double earlier estimates.
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Private investment firm Colony Capital LLC has agreed to pay 4 billion euros ($5.4 billion) for Libya's European oil company Tamoil and Oilinvest.
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SIRTE, Libya  - British Prime Minister Tony Blair arrived in Libya on Tuesday for talks with Muammar Gaddafi as oil giant BP sealed a major energy deal marking stronger British ties with the former outcast state.
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U.S. private equity firm Carlyle Group  is expected to buy Libya's European oil company Tamoil, Britain's The Business newspaper reported on Sunday, citing a source close to the deal.
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WASHINGTON - US Energy Secretary Spencer Abraham has been invited to visit Libya as an end of US sanctions gives American oil companies their first crack in 18 years to bid for leasing rights to the African nation&#39;s crude deposits.