The Future of Tamoil
Article from: OGEL 3 (2008), in Africa
High oil prices in the late 1970s and early 1980s provided the Libyan government with a large surplus of oil income, enabling it to target investments in downstream facilities in Europe. The main factor driving Libya's European push was its very real concern, due to the looming US sanctions, about the total loss of its US markets for crude oil. After initial inroads in Italy in the early 1980's, with acquisition of Tamoil Italia, Libya in 1988 established the Oil Investments International Company (Oilinvest), a state holding company registered in the Netherlands Antilles. Its ...