Lundin Oil (LOILY, LOILB Sweden) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tomas who wrote (2338)	4/30/2001 1:53:24 AM
From: Tomas	Read Replies (2) of 2742

Restrictions on trading with Iran and Libya up for debate Sanctions clash looms in the US Upstream, April 27 Supporters of US sanctions against oil and gas investments in Iran and Libya are gearing up for a possible confrontation as the energy task force set up by the Bush administration completes its policy review, writes our Iran correspondent. The administration wants a comprehensive sanctions overhaul and hopes to draw a reluctant Congress into reforming and easing the use of sanctions as a foreign policy tool. Unilateral US sanctions and the Iran-Libya Sanctions Act of 1996 (ILSA), which is aimed at non-US companies, are shutting American oil companies out of some of the world's most important supply sources, according to a draft report by the task force. Parts of the draft report, which is not expected to be completed until at least mid-May, were leaked to the US media in mid-April. There is speculation in Washington that the leak was organised by supporters of sanctions who want to abort efforts by the administration to dismantle barriers to oil and gas investments. Opponents of a review appeared to have scored a success with the leak when President George W. Bush was forced to issue a statement within 24 hours saying he had no intention as of this moment of dropping sanctions against countries such as Iran and Libya. Despite pressure from US oil companies, the administration is limited in how far it can go on Libya -- one of whose agents was convicted in January of bombing Pan Am flight 103 over the Scottish town of Lockerbie in December 1988. Bush said Libya would first have to accept responsibility for the outrage and pay compensation. In the case of Iran, the new US administration has more leeway and has been aiming at dropping or easing both the unilateral sanctions of 1995 against US oil companies and the secondary sanctions of ILSA. Bush has said it's too early at this time in our relationships to lift sanctions but the administration has previously suggested that a deciding factor will be the outcome of the early June presidential election in Iran. If incumbent President Mohammad Khatami runs and wins, US policy on Iran is scheduled to undergo a significant change. Congressional supporters of sanctions want ILSA to be extended by five years when it lapses in early August. A compromise formula proposed in Washington involves a one or two-year extension of the legislation. The White House may also be allowed greater discretion in applying sanctions, including allowing US companies to enter into negotiations over possible projects but having to wait for a formal lifting of sanctions before signing contracts.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next