Libya's oil investment arm abroad, Tam Oil Company,
has bought oil major Royal Dutch Shell's storage and
distribution network of petroleum products in Eritrea,
government officials said.
The deal was signed in Tripoli but they gave no
details on its value. Tam Oil is a subsidiary of Libya's
Oil Investments Company, Tripoli's hydrocarbon
investment arm abroad.
"The acquisition of Shell network in Eritrea put Tam
Oil share market there at 54 percent, far ahead of Exxon
and Total," one official said. Asked why Tam Oil picked
such a market, an official said this followed a visit by
Libyan leader Muammar Gaddafi to the East African
country last year on his way to an African summit in
neighbouring Ethiopia.
News of the deal came five days after Shell clinched
a major long-term hydrocarbon exploration deal with
Libya. It joined several other European companies in the
Opec-member country, North Africa's top oil
producer.
Libya is breaking out of isolation as relations with
the West improve following its decision to renounce
banned weapons
programmes.-Reuters
