VOL. XXXIX

No. 43

22-July-1996

IRAN/LIBYA

US Senate Passes Bill Penalizing Foreign Firms Investing In Iranian And Libyan Oil Industries

Despite European protests, the US Senate voted unanimously on 16 July to penalize foreign firms that invest in the Iranian and Libyan oil and gas industries. The bill, co- sponsored by Democratic Senator Ted Kennedy and Republican Senator Alfonse D'Amato, imposes equally strong penalties on foreign oil investments in both Iran and Libya, unlike the...