ABSTRACT
The 1961 Amendment to the Law which introduced the concept of posted prices and their definition into the Libyan legislation for the first time had only recently been enacted, and no concession-holder had yet signified acceptance of it. When a sulphur premium was finally introduced into Libyan postings, in the Tripoli Agreement of March 1971, it was pitched initially at 10 cents to rise over the following three years to 25 cents a barrel. Esso in its posting, as well as giving Libyan crude oil no credit for its high quality and gravity, included only an exiguous one for its freight advantage to European markets. The Libyan Government protested the posting, and repeated its protests many times during the coming decade. The awards had been delayed because of the intervention of preparations for the new Law, which would clearly affect the terms of grant of the concessions and require their revision to conform with its provisions.
