US oil firms receive update on Libya, Iraq investments

Oil companies interested in investment opportunities in Libya must be aware of what remains of US sanctions, and oil companies interested in doing business in Iraq await the establishment of a transparent legal framework there.During a regular monthly energy industry briefing, Vinson & Elkins LLP attorneys recently updated clients about issues regarding Libya and Iraq.The United Nations sanctions against Libya were lifted in September 2003. In December, Libya said it had abandoned efforts to acquire nuclear, chemical, and biological weapons.US-Libyan relations, meanwhile, are thawing with the recent lifting of most US sanctions against that nation, attorneys said (see related story, p. 36...

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