[Federal Register Volume 63, Number 151 (Thursday, August 6, 1998)]
[Notices]
[Pages 42106-42107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20943]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Proposed Collection; Comment Request for Reports on Oil 
Transactions by Foreign Affiliates

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on the Office of Foreign Assets Control's information collection on 
oil-related transactions by foreign affiliates of United States persons 
(see 31 CFR 560.603), as required by the Paperwork Reduction Act of 
1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).

DATES: Written comments should be received on or before October 5, 1998 
to be assured of consideration.

ADDRESSES: Direct all written comments to Loren L. Dohm, Chief, Blocked 
Assets Division, or William B. Hoffman, Chief Counsel, Office of 
Foreign Assets Control, Department of the Treasury, 1500 Pennsylvania 
Avenue, N.W., Annex--2d Floor, Washington, D.C. 20220.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Loren L. 
Dohm, Chief, Blocked Assets Division, Office of Foreign Assets Control, 
Department of the Treasury, 1500 Pennsylvania Avenue, N.W., 1500 
Pennsylvania Avenue, Annex--2d Floor, Washington, D.C. 20220.

SUPPLEMENTARY INFORMATION:
    Title: Reports on Oil Transactions Engaged in By Foreign 
Affiliates.
    OMB Number: 1505-0106.
    Abstract: The information must be filed by United States persons 
with the Office of Foreign Assets Control of the Department of the 
Treasury (``OFAC'') with respect to each foreign affiliate owned or 
controlled by that United States person which engaged in reportable 
transactions during a calendar quarter with respect to certain 
purchases, sales or swaps of Iranian-origin crude oil, natural gas, or 
petrochemicals, or sales of services or goods to the Government of Iran 
or an entity in Iran for certain uses in the petroleum industry. See 
Sec. 560.603 of the Iranian Transactions Regulations, 31 CFR part 560.

[[Page 42107]]

    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses.
    Estimated Number of Respondents: 20, with a total of 30 reports 
filed per year (not all respondents have reportable transactions for 
each calendar quarter).
    Estimated Time Per Respondent: 6.7 hours per report.
    Estimated Total Annual Burden Hours: 201.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to this collection of information must be retained for five 
years.

Request for Comments

    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval. All comments will 
become a matter of public record. Comments are invited on: (a) Whether 
the collection of information is necessary for the proper performance 
of the functions of the agency, including whether the information has 
practical utility; (b) the accuracy of the agency's estimate of the 
burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information to be collected; (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and (e) estimates 
of capital or start-up costs and costs of operation, maintenance, and 
purchase of services to provide information.

    Approved: July 31, 1998.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
[FR Doc. 98-20943 Filed 8-3-98; 8:45 am]
BILLING CODE 4810-25-P