Still looking for that 70 per cent source. But came across this that makes the situation a bit clearer. It is the entry on the National Oil Corporation of Libya.. It was created in the seventies when Gadaffi was partially nationalizing foreign oil. Note that the foreign oil interests consist only of production sharing agreements (PSA's), Oil companies would much prefer ownership of resources and a royalty system I should think as happens in many countries.
http://en.wikipedia.org/wiki/National_Oil_Corporation The National Oil Corporation (NOC) is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around half of the country's oil output.] As part of Gadaffi's vision, the National Oil Corporation was established in 1970. Under its articles of incorporation, NOC was legally restricted to Production sharing agreements (PSA) with international oil companies (IOCs) where the latter assumed all risks associated with exploration. In July 1970, further legislation made NOC responsible for marketing all domestic oil products. Cheers, ken _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
