Author:
von Mehren Robert B.,Kourides P. Nicholas
Abstract
On November 29 and 30, 1971, Iran occupied three islands, which were
nominally under British protection, in the Persian Gulf. As a result of Britain’s
failure to prevent the occupation, the Government of the Libyan Arab Republic, on
December 7, 1971, announced the nationalization of all of the interests and
properties in Libya of BP Exploration Company (Libya) Limited (BP), a subsidiary
of British Petroleum Company Limited. On September 1, 1973, on the fourth
anniversary of the military takeover of Libya led by Colonel Muammar el-Qaddafi,
the Government of Libya announced the nationalization of 51 percent of the
interests and properties in Libya of nine international oil companies.
Approximately 5½ months later, on February 11, 1974, on the eve of the opening of
the Washington conference of major oil-importing nations, the Government of Libya
announced the nationalization of the remaining 49 percent of the interests and
properties in Libya of three of those nine companies: Texaco Overseas Petroleum
Company (TOPCO), a subsidiary of Texaco Inc.; California Asiatic Oil Company
(CALASIATIC), a subsidiary of Standard Oil Company of California; and the Libyan
American Oil Company (LIAMCO), a subsidiary of Atlantic Richfield
Company.
Publisher
Cambridge University Press (CUP)
Subject
Law,Political Science and International Relations
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