NATIONALIZATION: Counterattack in Libya

First came the artillery barrage: a series of ads In U.S. and European newspapers warning petroleum buyers that Texaco Inc. would "pursue all legal remedies to recover crude oil illegally taken from it in Libya." Almost Immediately, the attack began. Texaco and Standard Oil of California sued in Italy to recover from a Sardinian refinery a total of 640,800 bbl. of crude. The companies contend that the oil was pumped from their concessions in Libya and sold by the government of Colonel Muammar Gaddafi in violation of their contract rights.

The move marks the spread of a new strategy by...

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