Oil firms hope US lifts sanctions against Iran, Libya

US oil companies are hoping the US will seek to repair frayed diplomatic relations with European allies by updating its own economic sanction policy against the petroleum-rich countries of Iran and Libya.The Iran Libya Sanctions Act (ILSA), which seeks to punish non-US oil companies that invest $20 million in either country, is a particular source of rancor for key US allies, including France, Germany, Russia, and the UK.The issue was expected to come up as soon as last week when world leaders from the European Union and the US met in France as part of a "Group of Eight" economic summit. What role the United Nations will play in rebuilding war-torn Iraq will be a key discussion point, alt...

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