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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Tomas who wrote (1810)	8/29/2000 7:04:38 PM
From: Tomas	of 2742

Conoco hopeful of improving ties with Libya HOUSTON, Aug 29 (Reuters) - A senior Conoco Inc. executive said on Tuesday he was hopeful that a gradual improvement in U.S. relations with Libya and Iran would lead eventually to a lifting of unilateral U.S. sanctions that prohibit U.S. investment in both countries' oil industries. Rob McKee, Conoco's executive vice president for exploration and production, said there were already signs that relations with Libya had started to thaw since that country handed over two suspects for trial in the 1988 bombing of a U.S. airliner. ``We believe that the attitude of the U.S. government is going to continue to lead to relaxation of the sanctions (against Libya) before long,'' he told energy reporters in Houston. McKee said he did not believe the outcome of U.S. presidential elections in November would have much bearing on the issue as both a Republican or a Democratic administration would probably be amenable to relaxing the sanctions. Conoco and other U.S. companies were forced to abandon oilfields in 1986 when the Reagan administration imposed sanctions against the North African country, but Tripoli still recognises the companies' ownership of those assets. The U.S. government has allowed officials from Conoco and other companies to visit the fields and McKee said the latest visit, just a week ago, confirmed they were in good shape. ``They need our technology and they need our know-how basically, and that's why they want us back over there so badly. They also need our exploration capability,'' McKee said of Libya. McKee said it would probably take more time for U.S. relations with Iran to improve but said he was confident they would eventually do so. Conoco has kept up a dialogue with Iran since an executive order signed by President Bill Clinton in 1995 forced the company to walk away from a $550 million deal to develop Iran's offshore Sirri field which then went to French company Total . ``They have told us that when it's OK to come back as an American company they will talk very seriously with us about opportunities,'' McKee said. Sanctions against both countries were solidified by the 1996 Iran-Libya Sanctions Act (ILSA) which Conoco and other U.S. oil producers hope will not be renewed when its initial five-year term expires in August 2001.

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