Word: libyans
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...Libyan Leapfrog. The current quarrel started last summer when the revolutionary Libyan regime of Colonel Muammar Gaddafi set out to pump better terms out of the producing companies. Libya has a strong bargaining position. Its chief port of Tripoli is located only 600 miles from Rome. Most other Middle East oil must be shipped over a long and costly route to Europe. Libya demanded a 30? increase in the posted price of its oil-the price used to calculate the tax paid by companies. That would bring it to $2.53 a barrel. Gaddafi also insisted that the traditional...
Determined to stop the Libyan leapfrog, the oil companies negotiating in Teheran set as their goal a worldwide agreement that would stabilize their payments for oil into the mid-1970s. They offered higher payments, including-for the first time-an annual increase to take account of worldwide inflation. For their part, the oil-producing nations insisted on separate agreements for each region-which the companies fear would open up the prospect of leapfrogging prices once again. As with cverything else in the volatile Middle East, the eventual outcome is unpredictable. The only certainty is that consumers in Europe and Japan...
...peace with Israel, we reject recognition of Israel and we reject negotiation with Israel." To back up his tough words, he is buying 110 Mirage jet fighter planes from France, even though delivery of the jets will not be completed until 1975, and France is training fewer than 10 Libyan pilots to fly them...
...agreed, and as of last week only a handful of the major international companies were still holding out. "It may well be a watershed for international oil," says Walter J. Levy, dean of oil consultants. "The temptation of Persian Gulf countries to follow at least to some extent the Libyan example and methods will be very strong, if not irresistible." Estimated additional cost to Europe if the Libyan precedent spreads to all producing countries: $1 billion a year...
...avoid entanglement in a faraway fight. The other two did so out of sympathy with the guerrillas. Libya's youthful new strongman, Colonel Muammar Gaddafi, who has remained outwardly loyal to Nasser, attended the conference-but only after siding strongly with the Palestinians and offering to send Libyan troops into the fight on the commandos' side. Nothing ever came of that, but there is speculation that Gaddafi, who came to power last year as an unblushing admirer of Nasser, may be on the verge of an open break with his onetime idol...