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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1192)	7/24/1999 7:48:00 PM
From: Tomas	Respond to of 2742

China Completes Huge Oil Projects for Sudan (1) BEIJING (July 24) XINHUA - A huge oilfield, a long oil pipeline and a large oil refinery China built in Sudan have gone into operation, marking a major breakthrough in China's expansion of its overseas oil markets. The China National Petroleum Corp. (CNPC) beat out other international bidders for the project, which was built by its subsidiary the China Petroleum Engineering Construction Corp. ( CPECC). After more than a year of work, China finished the Muglad oilfield project, with an annual production capacity of from 7.5 million tons to 10 million tons. The project also involved building a 1,506-km pipeline from Heglid in southern Sudan to the Port of Sudan, and an oil refinery that processes at least 2.5 million tons annually. The huge oilfield lies in the Muglad Basin in midsouth Sudan, covering an area of 49,000 sq km with cumulative verified oil reserves topping 424 million cu m. The oilfield, the first in Sudan, has a daily output of 150,000 bbl, or an annual output of 10 million tons. China has made a series of technological breakthroughs in undertaking the huge oil project, including in the sectors of oil engineering technology, geological prospecting and oil drilling, said a company official, adding that crude oil is expected to be sent to the Port of Sudan by the end of this month for export.