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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1792)8/16/2000 7:51:10 PM
From: Tomas  Read Replies (2) of 2742
 
Libya: Republicans May Scrap Sanctions

WASHINGTON, Aug 4 (Reuters) - US oil giants are turning up the heat in Washington to scrap sanctions that have kept American energy companies out of the race for prize prospects in Iran and Libya.

They have an ally in new Republican vice-presidential candidate Dick Cheney, who just six weeks ago called on the US government to allow its companies to resume business in Iran.

Businesses expect the issue to come to a head a year from now with the expiration of a separate US law, the Iran-Libya Sanctions Act, which threatens sanctions against foreign energy companies investing in the two countries.

US oil companies have been denied the chance to invest in Iran's oil and gas riches since President Clinton enacted a unilateral US trade embargo five years ago. Ronald Reagan pulled American oil firms out of Libya in the mid-1980s.

In their absence, rivals like France's TotalFina, Italy's ENI and Shell have stolen a march by defying the sanctions act with big new deals to revive output with foreign investment.

The act's initial five-year term expires in August 2001, and frustrated US firms, confident the law will not be renewed, are targeting its demise as the best chance yet of winning government support for easing their own shackles.
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