The Business: Shell battles to save gas deal with Libya
“it needs to report progress to investors battered by this year’s disastrous reserves downgrade.”: “I would imagine Shell is desperate to sign something.”
By Richard Orange
15 August 2004
SHELL will be working over the next month to revive stalled negotiations on a key Libyan investment in time for its September strategy meeting. It needs to report progress to investors battered by this year’s disastrous reserves downgrade.
Shell announced a preliminary deal to re-enter Libya in March this year after a high-profile visit by UK Prime Minister Tony Blair to Tripoli. But The Business has learnt that the agreement has stalled because of Shell’s insistence on part ownership of some of Libya’s gas fields.