Libya allows US oil company to return

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Saturday, July 30, 2005

Libya gave US-based Occidental Petroleum Corporation permission to resume business there for the first time in 19 years.

The company abandoned operations in the mid 1980's due to sanctions imposed on Libya by the United States.

The sanctions, enforced by Ronald Reagan's administration in 1986, were in response to Libya's backing of terrorist activities. The sanctions were lifted in 2004, giving the US companies opportunity to return.

Occidental is the first US oil company to resume operations in Libya. Daily output from their wells is expected to be 12,000 - 15,000 barrels per day.

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