Word: libyans
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Dates: during 1960-1969
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...interest that major oil companies now have in Libya. A mere five years ago, Libya ranked virtually nowhere among the oil-producing nations of the world. Today it stands seventh, behind the U.S., U.S.S.R., Venezuela, Saudi Arabia, Kuwait and Iran. Thirty-nine companies have drilling operations in the Libyan desert. The biggest producer is a consortium, Oasis Oil Co. of Libya, Inc., comprising Continental, Marathon and Amerada-Shell. Also on the scene are Esso, Mobil/ Gelsenberg (75% Mobil-owned) and Amoseas, a joint exploration venture of Texaco and Standard of California. Together, these giants pump more than 1.7 million...
Even though some Libyan crude is waxy and tends to solidify at European winter temperatures, Europe is the major market. Although production costs are higher than those in the Middle East, low transportation charges more than offset the difference...
Inevitably, the Libyan government has notions of gaining a greater share of the profits from its under-the-dunes fortune. Already approved by the Libyan legislature is a measure allowing the country to increase its oil revenues by decreeing what price the oil companies must charge. But the law has not yet been enforced, and it is unlikely that it will be in the foreseeable future. After all, oil income has more than tripled Libya's per-capita annual income in the past five years, and much of the money has been spent or earmarked for housing, hospitals, schools...
...total of 87,000 square miles of potential or working oil land. "How much money do I have?" asks Phillips. "Someone came up with a figure of $364 million. I don't know where he got it. I don't know what I am worth. Certainly, the Libyan holding is worth far more than that...
...Rome firms, Comtec and Ircom, jointly signed to build a 20-story skyscraper in Uganda's capital of Kampala. A group of three other Ro man companies, including a firm called Vianini, in which the Vatican is the largest shareholder, recently won a $40 million order from the Libyan govern ment to broaden 1,483 miles of coastal highway and erect 46 bridges...