Oil Execs Reportedly Discussed Terrorist Fines With Qaddafi
]Thursday, March 24, 2011
In 2009, Libyan dictator Muammar Qaddafi reportedly called a meeting of executives from 15 foreign oil companies doing business in his country to force the companies to pay $1.5 billion in fines Libya was facing related to the 1988 bombing of Pan Am Flight 103 over Lockerbie, Scotland and other terrorist acts. The news was originally reported by the New York Times, which cited industry executives, American officials and State Department documents. The Times report did not specifically mention any of the 15 companies that participated in the meeting with Qaddafi, but did say that while most of the companies scoffed at the proposition, several, including U.S.-based firms, appeared willing to go along with the plan.
BP (BP), Europe's second-largest oil company, has been trying to boost its presence in Libya and last year, press reports noted the company had been tied to securing the release of one of the terrorists with ties to the Pan Am bombing in order to gain favor in Libya.
The Times articles lists a group of well-known American companies that have been trying to do business in Libya in recent years. Energy names found on the Times list include
Halliburton (HAL), the world's second-largest oil services company, and
ConocoPhillips (COP) and
Occidental Petroleum (OXY), the third- and fourth-largest U.S. oil companies, respectively.
Eni SpA (E), Italy's largest oil company and the Western oil major with the biggest Libyan footprint, was not mentioned in the Times piece. Libya, an OPEC member, is Africa's third-largest oil producer behind Angola and Nigeria and home to the continent's largest oil reserves.
Total SA (TOT), Frances largest oil producer were very active in Libya.
