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

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To: Razorbak who wrote (960)	7/14/1999 9:19:00 PM
From: Tomas	Read Replies (1) of 2742

China Said To Finish Sudan Oil Job BEIJING (AP) July 14 -- China's main state oil company has completed a refinery and pipeline in Sudan in its biggest overseas project to date, the state-run Xinhua News Agency said Wednesday. The Muglad Oilfield project is part of aggressive overseas expansion by China National Petroleum Corp., which is looking for oil to fuel China's booming economy. The project is expected to produce up to 10 million tons of oil a year, Xinhua said. The Sudanese refinery built by CNPC will process 2.5 million tons of oil a year through a 940-mile pipeline that stretches from Heglid in southern Sudan to Port Sudan on the Red Sea, the report said. China until recently relied on its vast northeastern Daqing oilfield to fuel its energy needs, but output is declining and it has yet to find new large domestic supplies. China plans to have an oil supply from abroad of 10 million tons a year by next year, and 50 million tons of oil and 50 billion cubic meters of gas by 2010, according to Xinhua. biz.yahoo.com

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