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

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To: Tomas who wrote (2550)	6/21/2001 3:02:22 PM
From: Tomas	Read Replies (3) of 2742

Tehran hot ticket - European big-hitter looks to score in Iran Upstream, June 21 BP chief executive John Browne said on Thursday he saw no reason why the supermajor could not invest in Iran despite the potential threat of US sanctions. He said BP was in negotiations for several projects in the country. "These discussions are not completed. If they were successfully completed quite naturally we would start work in Iran," Browne told reporters in the Georgian capital Tbilisi. "This we can do, we believe there is a clear precedent for non-American companies to work in Iran." Under the 1996 Iran-Libya Sanctions Act (ILSA), the US threatens sanctions against any company investing more than $20 million in the oil or gas sectors of Libya or Iran. The Clinton administration made no move against any company ignoring the law, including several European oil companies such as France's TotalFinaElf. But the Act, up for renewal in August, is untested under the Bush presidency, Reuters reported.

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