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

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To: Tomas who wrote (2615)	7/5/2001 10:06:26 PM
From: Tomas	Read Replies (1) of 2742

Washington in last-gasp bid to ease sanctions Act Upstream, June 6 Vahe Petrossian US President George W. Bush's administration is making last-minute efforts to ease sanctions laws against the Iranian and Libyan oil and gas industries, despite expectations that both houses of Congress will vote overwhelmingly to extend the Iran Libya Sanctions Act (ILSA) by another five years. The difficulty of the US position was highlighted on Monday when US officials said the administration was not expected to impose sanctions against Italy's Eni, despite the latter's announcement that it had signed a $1 billion contract with Iran to develop the Darkhovin oilfield. The previous Clinton administration had also waived sanctions under ILSA since its passage in 1996. In the late 1990s, Eni was among several European and Far Eastern companies to invest in the Iranian energy sector. Large majorities in the House of Representatives and the Senate are pressing for ILSA to be rolled over for another five years when it comes up for renewal early next month. Congress support for a continued hardline against Iran and Libya has remained high despite the ineffectiveness of ILSA. A House committee has already rejected a plea by the Bush administration to extend the law for two years. The administration is hoping for better results in the Senate and last week sent State Department officials to a Senate Banking committee hearing to press the case for a more flexible sanctions law. "The administration supports renewal of ILSA, in its original form, but for two years," Anthony Wayne, assistant secretary of state for economic and business affairs, told the committee. The administration had earlier in the year made it clear it wanted ILSA off the books, but it now seeks a short extension as a compromise. Analysts said the administration's continuing efforts in the Senate show it has not given up all hope. Supporters of a five-year extension of ILSA have been put on the spot by the failure to apply the existing law against Eni. "Support for another five years of ILSA will be undermined unless changes are made to the proposed legislation to ensure its application," said one analyst.

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