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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2624)7/12/2001 10:13:23 PM
From: Tomas  Read Replies (1) of 2742
 
Lundin Oil: Wraps are off $200m Vietnam pipe plan
Upstream, July 13
James Tham

PetroVietnam is planning to build a $200 million pipeline to transport offshore gas from the Malaysia-Vietnam Commercial Arrangement Area to industrial users in the south-west of the country.

A PetroVietnam official quoted by Reuters said this week that the company was seeking foreign investment to build the pipeline from Lundin Oil's PM-3 block, which lies some 600 kilometres south-west of Ho Chi Minh City in the Malay basin.

The Swedish independent is currently implementing phase two of the Bunga Kekwa development, which will deliver maiden gas supplies to Malaysia in 2005.

Vietnam has also expressed interest in purchasing the gas but has not specified when it would do so.

The official said that PetroVietnam would be the main investor in the planned pipeline but would also be seeking foreign investments. He added that the pipeline would transport gas to a urea and power complex in Ca Mau province in the far south of Vietnam.

The official gave no further details but state-run Vietnam Investment Review said a feasibility study for a 280 kilometre pipeline was submitted to the government last week.

The newspaper quoted an official from the Planning and Investment Ministry as saying the pipeline would be designed with an annual maximum transmission capacity of 2 billion cubic metres of gas.

PM-3 is held by Petronas Carigali (46.06%), Lundin (41.44%) and PetroVietnam (12.5%).
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