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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1693)	5/30/2000 8:54:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

ExxonMobil Says will Continue to Fight U.S. Sanctions Policy By Inal Ersan KUALA LUMPUR, May 30 (BridgeNews) - ExxonMobil is seeking to "influence" U.S. sanctions policy that prevents American companies from operating in countries penalized by Washington, Lance Johnson, an ExxonMobil vice president said on Tuesday. Johnson, who was speaking at the Asia Oil & Gas Conference in Malaysia, said his company was anticipating a day when it will be able to compete with fellow international oil companies in countries such as sanctions-bound Iran, Iraq and Libya. "We are working hard to see if we can influence that policy. We look forward to the day when we can compete with our brothers in this business," Johnson said. "Generally speaking, where we are not (present) is in those countries where we're not allowed to be, and in particular outside countries like Iran, Iraq and Libya," he added. Both Iran and Libya are under U.S. sanctions, while Iraq is under a U.N.-imposed trade embargo implemented after its invasion of its smaller neighbor Kuwait in 1990. Iraq occupied Kuwait for seven months until a U.S.-led coalition ejected Baghdad's troops. Johnson's argument came after TotalFina Elf's Patrick Rambaud suggested that the sanctions were keeping Iraq from increasing its production capacity in a manner that could hamper "economic growth". "May I ask you whether or not you believe that we need Iraq to come back to the market and to be open up to make sure that we are able to sustain economic growth worldwide," he said. TotalFina Elf is among the companies that are expected to play a key role in rebuilding and developing the Iraqi oil industry when the sanctions are lifted. Away from political restrictions, ExxonMobil whose activities cover most of the world is eyeing expansions in Latin America, the former Soviet Union and Africa, Johnson said. slb.com