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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Big Dog who wrote (34946)	1/14/1999 9:12:00 AM
From: ForYourEyesOnly	Read Replies (2) of 95453

China National Petroleum Official Predicts 'Disasters' from Y2K Bug 1/11/99 Author: Associated Press SINGAPORE (AP) _ "Disasters'' will befall the refining facilities of one of China's key petroleum operators when the millennium bug strikes, said a senior official from the company on Monday. The Year 2000 glitch "will lead to unimaginable results'' for China National Petroleum Corp., the official was quoted as saying by Dow Jones Newswires, speaking on condition of anonymity in a telephone interview from Beijing. He did not elaborate. With 46 percent of China's total crude refining capacity, the oil exploration and production company is one of 18 state-owned enterprises recently told by China's State Council to immediately address the millennium bug. The problem hits at Year 2000 when computer systems fail to recognize the correct century. The glitch will affect the operation of 48 of the company's 50 kinds of computer-based refining facilities and equipment, said the official. Once affected, the refining units will be out of control, he added. Last month, China National Petroleum held an emergency meeting to urge its subsidiary refiners to solve the problem before September 1999, according to the official. He noted that the company has also sought assistance from overseas suppliers of the computer-based equipment. China Petroleum News reported Saturday that the software defect will affect about 30 percent of China National Petroleum's 24,118 computer-based geological sensors and other equipment used in crude production and refining.

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