BL/Libya Seeks `Strategic Partner' for Tamoil, Shokri Ghanem Says
By Maher Chmaytelli
April 20 (Bloomberg) -- The Libyan government is seeking a ``strategic partner'' for Tamoil SA, its overseas oil refining and distribution company, after an attempt to sell the business to Colony Capital LLC failed.
The Libyan Investment Authority, which manages the country's assets abroad, ``is in talks with possible partners,'' National Oil Corp. Chairman Shokri Ghanem said today in an interview in Rome, where he's attending the International Energy Forum.
Ghanem didn't specify the terms of any partnership or whether it would involve selling a stake in Tamoil, which owns refineries in Germany, Italy and Switzerland and more than 3,000 filling stations in Europe.
Investment Authority Chairman Mohamed Layas said last month that Los Angeles-based Colony, run by Thomas Barrack, dropped a 4 billion-euro ($6.3 billion) bid for Tamoil. The U.S. company hadn't been given complete data on Tamoil's assets, liabilities and taxes, people familiar with the matter said in November.
Tamoil's ownership was transferred to the Investment Authority in February. National Oil previously held 70 percent of Tamoil, and the remaining shares belonged to other Libyan state- owned companies. The government in 2005 said it wanted to sell the business because managing it was ``a burden.''
To contact the reporter on this story: Maher Chmaytelli in Vienna at mchmaytelli@bloomberg.net
Last Updated: April 20, 2008 13:32 EDT
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