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Article

23 Aug 2001

Author:
Peter Morton, Financial Post [Canada]

Talisman could be caught in SEC clampdown - Political battle

Alberta firm under pressure to divest Sudan operations - The U.S. Securities and Exchange Commission is not backing down from a new demand that foreign companies wanting to raise capital in the U.S. must declare whether they are earning profits from "rogue" states. In what has become an intense political battle, Congress and at least one influential Washington lobby group are trying to force Harvey Pitt, the new SEC chairman, to honour a May 8 pledge made by Laura Unger, the former acting SEC chairman, to demand more disclosure from non-U.S. companies about foreign operations. The debate has ensnared Talisman Energy Inc. of Calgary, already under heavy pressure to divest its operations in the Sudan. Talisman is a part owner of an oil project in Sudan with the national oil companies of China, Malaysia and Sudan. The other major Western oil companies active in the country are TotalFinaElf SA of France and Lundin Oil AB of Sweden.