Senate Passes Bill to Penalize Firms Investing in Iran, Libya
March 29, 2011
WASHINGTON -- The Senate passed by voice vote a tough version of legislation to penalize foreign energy companies that invest in or trade with Iran or Libya. In the bill approved Tuesday evening, sanctions against companies investing in Libya's oil sector would be mandatory. In a version of the bill the House approved unanimously last month, the administration would have discretion to waive the penalties. The two bills are similar in most other respects. The differences may be ironed out in House-Senate conference. While the House dislikes the Libya investment trigger, Republican leaders want to get a final bill to the president's desk fairly quickly, and one aide suggested the House may go along with the Senate provision to avoid a messy conference. Many of the U.S.'s closest European allies have significant energy investments in Libya, whereas Iran's oil sector was closed to foreign investment until fairly recently.
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