[Reprinted from an unofficial English translation provided by the U.S. Department of Commerce. The law, signed by King Idris on November 20, 1965, promulgated as a Royal Decree on November 22, 1965, and approved by Parliament on December 9, 1965, appears at page 445. The explanatory memorandum of the Minister of Petroleum Affairs was prepared when the law was submitted to Parliament for approval.

[Articles I - IX of the law amend provisions of Libyan Petroleum Law No. 25 of 1955, as amended in 1961, regarding taxes, division of profits, and Libyan Government purchases of oil. Article X substitutes a new arbitration clause in concession contracts. (Schedule II of the 1955 act, which is amended by Article X, is the model concession contract.) Articles I - X should be read with Libyan Petroleum Law No. 25 of 1955 and the 1961 amendment law. English translations of these two documents can be requested from the Embassy of the Kingdom of Libya, 1611 Upshur Street, N.W., Washington, D.C., 20011. Copies are in the library of the American Society of International Law.

[Article XI provides that no new concessions will be granted to present holders of concessions unless the present holders agree to amend their existing agreements to bring them into conformity with the new law. Article XII establishes procedures for amending existing agreements to bring them into conformity with the new law. The Organization of the Petroleum Exporting Countries in December 1965 adopted a resolution, reproduced at page 532, recommending that its members not grant any new concessions to companies holding concessions in Libya until those companies had agreed to amend their earlier concession agreements with Libya. All the companies operating in Libya did undertake to amend their existing concession agreements.]