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

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To: Tomas who wrote (1229)	8/12/1999 8:35:00 AM
From: Tomas	of 2742

Maiden Sudan crude draws best bid at Dated Brent minus 5 cents per barrel SINGAPORE, Aug 12 (Reuters) - The best bid for the maiden sale of Sudan Nile Blend crude was at Dated Brent minus five cents per barrel on a delivered basis into Japan, traders said on Thursday. But the actual export destination of the 600,000 barrel cargo, expected to be loaded at the end of August, has yet to be decided, they said. Most of the bids so far came from either traders or refiners based in Japan, South Korea and China at prices ranging from Minas minus $1.00 to Dated Brent minus five cents per barrel, cost-and-freight Northeast Asia, they said. Traders said owners of the 150,000 barrel-per-day Sudan oilfield were also looking for European buyers. London-based trader Trafigura has been appointed as Nile Blend's official marketer for an initial period of six months. Production at the new oilfield began at the end of June as crude was pumped into a 1,600 kilometre pipeline connecting the field to the export terminal at the Red Sea. The Sudan oilfield is jointly developed by Chinese, Malaysian, Canadian and Sudanese petroleum companies. biz.yahoo.com

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