Monday, July 5, 2010

Libya's SWF to Invest in BP?

Libya's top oil executive believes his country's sovereign wealth fund, the Libyan Investment Authority (LIA), should invest in BP. The IndependentUK reported:

"BP is interesting now with the price lower by half and I still have trust in BP. I will recommend it to the LIA," said Mr Shokri Ghanem, Chairman of Libya's National Oil Company. "I think that BP shares are good value for bargain hunters."

BP has large interests in Libya and is known to have a strong relationship with officials in the country.
Shokri signed the deal with BP's Tony Hayward as PM Tony Blair looked on.

That 2007 agreement helped release the Lockerbie Pan Am Flight 103 bomber. Col. Gadhafi's son spoke in front of a television camera, telling the freed bomber:

"It is to be said for the first time, you were present on the table in all commercial, oil and gas agreements that we supervised in that period.

You were
on the table in all British interests when it came to Libya, and I personally supervised this matter."

Libya's British oil deals helped free a convicted terrorist. Proceeds from that oil could free a serial safety abuser from financial handcuffs. Will Senator John McCain tweet on this?

Update: Four U.S. Senators noted the pattern. BP admitted they lobbied for the bomber's release.