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

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To: Tomas who wrote (2310)	4/20/2001 1:02:57 PM
From: Tomas	Read Replies (1) of 2742

Libya: Excerpt from US "Strategic Energy Policy Challenges for the 21st Century", Report of an Independent Task Force More oil could likely be brought into the market place in the coming years if oil-field development could be enhanced by participation of U.S. companies in countries where such investments are currently banned, particularly in Libya where frozen U.S. assets remain in limbo. Resources are large and, with major contributions of foreign investment capital, large additions to production rates could be accrued in the coming two to three years. Efforts should be made through cooperation and collaboration with Congress to phase out or drop sanctions that are no longer relevant to U.S. strategic objectives. Sanctions regimens that are ineffective should be reevaluated and restructured to increase their chances of producing the desired outcomes. An easing of sanctions in any particular country might conflict with other U.S. policy goals and must be reviewed in this context. However, the costs of prolonging these sanctions, both in terms of energy policy and foreign policy, must also be taken into account. The government needs to weigh arguments that sanctions are needed to restrain revenues of regimes whose policies are hostile to U.S. interests against the reality that imposition of oil sanctions on too many regimes at once can be ineffective and can have cumulative adverse effects. When they are effective they can also reduce market competition and contribute to overall higher oil price levels, higher U.S. vulnerability to disruption, and higher revenues for the very same adversaries. The latter can especially be the case when world markets are tight and other suppliers will not or are unable to increase supply to make up for the loss from the sanctioned country. Full report: cfr.org

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