Share this story
Close X
Switch to Desktop Site

Mobil says it dropped operations in Libya

The Mobil Corporation announced it had terminated its operations in Libya and begun arbitration proceedings to recover profits lost as a result of actions by the Libyan government.

Mobil said that ''by unilaterally manipulating oil prices, taxes, and royalties over a period of years'' the Libyan government destroyed the economic value of concession agreements. Mobil's departure follows that of the Exxon Corporation by more than a year.

About these ads

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.