Boeing Co. and Exxon Mobil Corp. are lobbying to fend off tightened sanctions against Iran that business groups say may cost $25 billion in U.S. exports, according to Bloomberg.
Legislation before Congress would expand a 1996 law penalizing foreign companies that invest in Iran's oil industry.
U.S. firms, already barred from investing in Iran, say their sales worldwide could be hurt by provisions that ban doing business with companies in Europe, Russia or China that trade with Iran.
"We are up on Capitol Hill talking about the collateral damage," William Reinsch, president of the National Foreign Trade Council, a Washington-based group that represents Exxon and Boeing, said in an interview. "There is legitimate, non- Iran business that will be cut off."
Cargill Inc., ConocoPhillips, Hannover Re, Bechtel Corp., Halliburton Co. and Siemens AG are among more than 20 companies that have lobbied on the proposed sanctions, according to congressional disclosure forms.
A report by the Government Accountability Office in March found 41 businesses, including PetroChina Co., Petroleo Brasileiro SA, Total SA, Gazprom OAO and Indian Oil Corp., investing in Iran's oil development.
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