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Posts on ‘August 23rd, 2009’
Whatever you think of the deal to allow the Lockerbie bomber Abdelbaset al-Megrahi to end his days with his family in Libya, British business interests are a big factor. Energy companies such as BP, Royal Dutch Shell and BG have been making steady inroads into Libya, where there are an estimated 44bn barrels of crude beneath the desert sands…
Exxon, BP, Shell, Conoco Phillips, Total and Chevron have in the past 18 months, according to figures compiled by the investment bank Jefferies Broadview, spent $75 billion on share buybacks, which are designed to prop up share prices by reducing the amount traded in the market. That comes on top of $54 billion paid out in dividends over the same period.
So, shortly after Libya accepted responsibility for the Lockerbie attack in 2003 and agreed to compensate the families of the victims, Britain put down a resolution to remove the sanctions and, the following year, Mr Blair extended “the hand of friendship” to Colonel Gaddafi, who has now ruled Libya for 40 years. Huge trade deals followed for BP, Shell and others.