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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2699)8/9/2001 8:54:46 PM
From: Tomas  Read Replies (1) of 2742
 
US Sudan oil bill runs counter to "free market" principles

WASHINGTON, August 8 (AFP) - The State Department on Wednesday criticized a proposed law that seeks to bar firms which do business in Sudan from US capital markets as contrary to American free market principles.

The Bush administration has made no secret of its aversion to elements of the Sudan Peace Act, passed by the House of Representatives with a crushing majority in June.

Seeking to choke the flow of oil company cash to an Islamic regime accused of gross human rights abuses, the House bill would stop firms from listing on US markets, unless they publicly disclose their activities in Sudan.

Another version of the bill has passed the Senate, but minus the capital market clauses. The two chambers must meet after a summer recess to thrash out a joint bill to send for President George W. Bush's signature.

Although Bush administration officials support the broad goals of the Sudan Peace Act, they are opposed to establishing a precedent for the use of capital market sanctions.

"We believe that prohibiting access to capital markets in the United States would run counter to global, United States support for open markets," said State Department spokesman Richard Boucher.

He said such a move would "undermine our financial market competitiveness and could end up impeding the free flow of capital worldwide."
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