Lundin Oil (LOILY, LOILB Sweden) Message Board

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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Timelord who wrote (506)	3/14/1998 8:03:00 AM
From: Tomas	of 2742

Lundin Oil seeks to start explorations in Iraq From todays "Daily Industrial" (a big Swedish newspaper) Adolf Lundin's listed Swedish oil exploration company Lundin Oil is negotiating with "representatives of Iraqi oil interests" to take part in one or more exploration projects in Iraq, as soon as the United Nations trade embargo of Iraq is removed. Mr. Lundin reportedly met with Iraqi officials in Amman, Jordan on Thursday. Lundin is negotiating to undertake explorations of new areas, and to exploit proven discoveries. "Lundin has been discussing this with various parties and middlemen from Iraq for several years. Now, it is important for us to be in the right place when the sanctions are removed, but there is no guarantee that we will succeed," says Magnus Nordin, president of Sands Petroleum, which will change its name to Lundin Oil in one month. Of course, Lundin isn't alone in preparing for the day when oil can once again be pumped in large quanities from Iraq. Before the war in the Gulf, Iraq produced nearly half as much oil as Saudi Arabia.

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