Word: oiled
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...correspondence, Justice Minister Straw didn't specifically mention Libya's oil wealth. But the importance of maintaining Britain's good ties with Gaddafi is clear in the letters, as when Straw explained why he chose not to exclude al-Megrahi from a prisoner-transfer agreement between Britain and Libya that was signed in November 2008. "I do not believe it is necessary, or sensible, to risk damaging our wide ranging and beneficial relationship with Libya," he wrote, before signing off, "Yours, Jack...
...Britain, Prime Minister Brown and key Cabinet members have insisted that al-Megrahi's release was decided solely by Scotland's Justice Minister, Kenny MacAskill, who freed him on compassionate grounds, saying he was dying of prostate cancer and had only three months left to live. (Read "Was Oil Part of a Deal for the Lockerbie Bomber...
...those issues are crucial to both Europe and the U.S. Libya's massive reserves include more than 44 billion bbl. of oil and about 53 trillion cu. ft. (1.49 trillion cu. m) of natural gas. Some of that gas is now piped under the Mediterranean to southern Italy - a valuable alternative to the politically unreliable Russian gas supplies, on which Europe is heavily dependent. U.S. officials have previously said that Washington's renewed links with Libya have proved an important source of intelligence; the U.S. dropped its sanctions and resumed diplomatic relations in 2004, after Gaddafi publicly renounced his nuclear...
...Gaddafi, the new friendship with Washington has been a smart investment that has paid off handsomely. About 45 Western oil companies now operate in Libya, investing billions each year in exploration and maintenance. "Quite a bit of damage occurred under sanctions because the oil reservoirs were not observed for many, many years," says Thamir Uqaili, a London-based independent oil consultant who spent years working in Libya. "They have caught up now in certain places...
...Three years ago, Gaddafi opted to invest his excess oil revenues in a sovereign wealth fund called the Libyan Investment Authority, which has rocketed in value thanks to soaring oil prices on the world market. The fund has about $65 billion in capital, part of which Libya has used to build five-star resorts in African capitals and to run Afriqiyah Airways, which crisscrosses the Mediterranean to European cities...