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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2559)6/23/2001 8:57:39 PM
From: Tomas   of 2742
 
Euro firms eye Iranian investments
TBILISI - Reuters, June 22

BP Chief Executive John Browne says he sees no reason why the oil supermajor could not invest in Iran despite the potential threat of US sanctions.
He said BP was in negotiations for several projects in Iran, without giving details. "These discussions are not completed. If they were successfully completed quite naturally we would start work in Iran," Browne said 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 United States threatens sanctions against any company investing more than $20 million in the oil or gas sectors of Libya or Iran. But the Clinton administration made no move against any company flouting the law, which was ignored by several European oil companies, including France's Total.

Another European oil giant, Eni, could sign a new deal with Iran worth up to $1 billion to develop its Darkhovin oilfield. Eni is already involved in other upstream oil and gas projects in Iran, OPEC's second biggest producer, which in 1998 offered more than 40 projects worth over $8.0 billion.

ILSA, untested under the Bush presidency, is up for renewal in August.
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