German Utility Giant Faces U.S. Sanctions | Business| Economy and finance news from a German perspective | DW | 07.08.2003
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German Utility Giant Faces U.S. Sanctions

German utility giant RWE has been warned by the United States government over a deal to explore for oil and natural gas in Libya and could face sanctions if it goes ahead, the U.S. State Department said on Wednesday. Deputy spokesman Philip Reeker said Washington was examining the nature of a 64-million-dollar contract that RWE has signed with Libya to determine whether sanctions would be imposed under the 1996 Iran-Libya Sanctions Act. “United States policy has long been opposed to investment in the petroleum sector of Libya,” he said. “Reports such as those about a recent agreement by the firm RWE to explore for oil and gas in Libya are of concern to us,” Reeker told reporters.