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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2684)8/2/2001 9:38:38 PM
From: Tomas  Read Replies (1) of 2742
 
US Congress puts weight behind ILSA
Upstream, August 3
Vahe Petrossian

The US Congress has over-ridden efforts by the Bush administration to bring the controversial Iran Libya Sanctions Act (ILSA) to an early end.

The House and Senate approved a five-year rollover last week and sent the Bill to the White House to be signed into law.

The legislation could, however, be dropped after two years, according to some Congress members.

ILSA, which attempts to keep non-US oil companies out of the two countries, has not been enforced since its passage in 1996. US oil companies are prevented from investing in Iran by executive order.

The Bush administration had sought an early end to ILSA to open the way for US companies to return to Iran. Separately, the White House wants to remove obstacles to doing business in Libya.

The approval of a rollover came despite the administration's success in convincing a key House committee, Ways & Means, to introduce a proposal that could have led to cancellation of ILSA after a review in 18 months.

The full House decided last week to drop this review, substituting it with a less rigid two-year review that does not require a decision on ILSA's fate.

However, House Speaker Dennis Hastert read a letter on the floor in which he pledged to insist that if the president calls for a reconsideration of the sanctions after the review, the committee with jurisdiction over the matter would have to consider the issue within 45 calendar days.
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