Search

The article reports on the negotiation between China National Offshore Oil Corp. (CNOOC) and Nigeria regarding the company's plan to acquire the blocks owned by Royal Dutch Shell PLC and other firms after China faced problems on deals in other African nations such as Angola and Libya in September 2009. A bid worth 462 million U.S. dollars issued by China National Petroleum Corp. for Verenex Energy Inc. was vetoed by the Libyan government on September 8. Also noted is the uncertainty on whether CNOOC will establish nonoil projects in the region.

The article reports on the decision of state-run China National Petroleum Corp. (CNPC) to cancel its buyout offer for Libya-focused Verenex Energy Inc. based in Canada in September 2009. The refusal of the Libyan government to give formal sanction to the proposed acquisition was the cited reason behind the move. In February, CNPC made an announcement that it would buy Verenex for 10-Canadian-dollar per share. The stock of Verenex declined by 18% to 6.25 Canadian dollars on September 8, after the offer was terminated.

The article reports on the criticism against Scottish Justice Secretary Kenny MacAskill following the disclosure about his brother, Allan, who has worked for several firms that have pitched for oil business in Libya. The issue arose after MacAskill released Libyan bomber Abdel Baset al-Megrahi, who was convicted of a Pan Am Flight bombing incident in 1988. Allan denies any connection with Megrahi and his brother's decision. It mentions that al-Megrahi has been granted compassionate release due to his health condition.

The article reports on the controversies surrounding the release of Abdel Baset al-Megrahi, the Libyan national that was convicted for the 1988 bombing of a Pan-Am flight in Lockerbie, Scotland that killed 270 people. It states that British oil company BP PLC has lobbied a prisoner transfer agreement with Libya and Qatar in 2007. British Prime Minister Gordon Brown claims that his government did not pressure Scotland to release al-Megrahi.

The article focuses on the accusation that the British government deliberately excluded convicted Lockerbie bomber from a 2007 prisoner transfer agreement between Great Britain and Libya. Speculations abound that the deal paved the way for the release of the Abdel Baset al-Megrahi in 2009 because he has terminal prostate cancer. Scotland and Great Britain have clarified that the decision was made solely by Scottish Justice Minister Kenny MacAskill.

The article analyzes the role of the British government in the decision of Scotland to release the Lockerbie bomber Abdel Baset al-Megrahi. Saif al-Islam Gadhafi, son of Libyan leader Colonel Moammar Gadhafi, stated that the release of the person would improve relations between Great Britain and Libya. However, a spokesman for Great Britain's Foreign Office, clarified that the decision was Scotland's alone and would not affect the trade deals of Great Britain and Libya.

The article addresses the lack of progress made in Libya's state-owned oil sector since it was reopened in 2005. One of the options for the Libyan government is to allow the acquisition of China National Petroleum Corp. (CNPC) by Verenex Energy Inc. The reopening of the sector to foreign oil firms promised possible profits for the countryy and supply for the global oil market. The acquisition deal has been delayed by the government, causing the Canadian government to express its concern with Libyan authorities in managing the issue.

The article reports on the plan of Libya to purchase the assets of Verenex Energy Inc., blocking a nearly $400 million deal that China had sought with the Canadian oil producer. It notes that Libya received its first sovereign credit rating when Standard & Poor's Rating Services assigned a single-A-minus long-term currency rating to the nation on March 18, 2009. According to National Oil Co. head Shokri Ghanem, Libya will pay the same amount for the Canadian oil producer that China National Petroleum Corp. (CNPC) had agreed to pay.

The article reports the plan of Libyan leader Moammar Gadhafi of nationalizing its oil sector in the wake of falling oil prices that strains the country's oil dependent economy. The possibility of increasing state control of the Libyan oil sector was indicated by Gadhafi as he spoke to students of Georgetown University in Washington. Gadhafi however did not elaborate how the control will be implemented.

The article announces the plan of the state-run Libyan Energy Fund to acquire the shares of Eni SpA on the open market with the purpose of building a stake of as much as 10 percent in the company. The energy fund also plans to push for representation on Eni's board. According to Shokri Ghanem, head of Libya's National Oil Co., it could be a 2 percent stake, 10 percent, depending on market conditions.

The article focuses on Abdelbaset Ali Mohmed al-Megrahi, the Libyan agent found guilty of the bombing in Lockerbie, Scotland in 1988, who returned home from a Scottish prison in August 2009. The cited reason behind the decision of Scottish Justice Secretary Kenny MacAskill to free the bomber was that he is dying of terminal prostate cancer and should be allowed to spend his remaining days with his family. It notes the opposition of the U.S. and several Libyans to the move. It cites grounds for granting compassionate release to prisoners in Great Britain.