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

To: Tomas who wrote (2600)	6/28/2001 10:31:01 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Slippery slope on sanctions Upstream, June 29 The Bush administration is facing an uphill struggle to persuade Congress to extend the sanctions law limiting oil and gas investments in Iran and Libya for just two years instead of the five favoured by most members of Congress. Anthony Wayne, Assistant Secretary of State for Economic and Business Affairs, went before a Senate Banking Committee hearing today to press the case for a more flexible approach to the 1996 Iran Libya Sanctions Act (ILSA), which is set to expire in August. A House committee has already rejected the administration's plea and the full chamber is expected to vote overwhelmingly next month on the legislation reauthorising the sanctions for another five years. The White House fears such a vote would deny Bush the chance to improve significantly US relations with Iran and Libya during his four-year term, Reuters reported. Banking Committee member Republican Senator Chuck Hagel of Nebraska, who is against extending the sanctions law, said ILSA cannot work and has failed to force changes in Iran's international policies. "Instead of stopping proliferation and terrorism, ILSA has strengthened and encouraged the forces within Iran that are served by a policy of continued hostility toward the US." Democratic Senator Charles Schumer of New York, who is a co-sponsor of the Bill to extend ILSA, said reformist President Mohammad Khatami was nothing more than "a puppet" for Iranian hardliners who are actually running the country. US firms claim the law has not prevented foreign oil companies, especially Europeans, from doing business with the countries. USAengage, a coalition of US companies opposed to the sanctions, said foreign investments of $10.5 billion has been made in Iran's oil and gas sector since ILSA took effect.