Murkowski discussion draft addresses US overseas project financing

US Senate Energy and Natural Resources Committee Chair Lisa Murkowski (R-Alas.) issued a discussion draft of legislation that includes provisions that would direct the US to use its influence to discourage international finance organizations from discriminating against proposed oil and gas and other fossil fuel projects.

“In this era of strategic energy competition, we must strengthen our tools of statecraft through a rational, long-term approach. What I have released today outlines the means to continue growing our nation’s energy dominance,” Murkowski said on Aug. 15.

“American companies and workers participate in highly competitive global energy markets that are often dominated by cartels, state-owned enterprises, and trade finance agencies in other countries, and we cannot unilaterally disarm,” the senator said.

Congress authorized creation of the US International Development Finance Corp. to replace the Overseas Private Investment Corp., which previously facilitated agreements between US companies and sponsors of overseas development projects. US President Donald Trump signed the bill into law in October 2018. IDFC is authorized to operate for 7 years.

Murkowski said that her discussion draft of the 2019 Strategic Energy for America Act also would enable IFDC to support nuclear energy projects in developing countries and establish a strategic energy portfolio at the US Export-Import Bank while authorizing the Ex-Im Bank through 2031. She said comments on the discussion draft would be accepted until Sept. 15.

Contact Nick Snow at [email protected].