Libya buys first US assets since sanctions ended

TRIPOLI – Libya’s oil investment arm abroad, the Tam Oil Company, has made the first acquisition of a US company’s assets by a Libyan company since Washington lifted some economic sanctions against Libya four months ago.

Tam has bought US firm Exxon Mobil’s storage and distribution network for petroleum products in Niger, the Libyan company said in a statement yesterday. Tam Oil said the Exxon Mobil retail network in Niger includes a 50 per cent share of the supply of Niger’s main airport in Niamey.It added that the deal was part of the Libyan company’s plan to expand its business in Africa.It gave no further details of the deal, including the price paid to buy the network.Tam, in a similar deal, had bought Royal Dutch Shell’s petroleum products storage and distribution network in Eritrea early this year.US President George W. Bush eased the US trade embargo on Libya in late April to allow U.S. companies to resume most trade and buy Libyan oil as a reward to Tripoli for giving up weapons programmes at the end of last year.- Nampa-ReutersTam Oil said the Exxon Mobil retail network in Niger includes a 50 per cent share of the supply of Niger’s main airport in Niamey.It added that the deal was part of the Libyan company’s plan to expand its business in Africa.It gave no further details of the deal, including the price paid to buy the network.Tam, in a similar deal, had bought Royal Dutch Shell’s petroleum products storage and distribution network in Eritrea early this year.US President George W. Bush eased the US trade embargo on Libya in late April to allow U.S. companies to resume most trade and buy Libyan oil as a reward to Tripoli for giving up weapons programmes at the end of last year.- Nampa-Reuters