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

To: Tomas who wrote (1260)	8/29/1999 9:03:00 PM
From: Tomas	Read Replies (3) \| Respond to of 2742

Sudan To Begin Pumping Oil Monday - Associated Press, August 29 By MOHAMED OSMAN, Associated Press Writer KHARTOUM, Sudan (AP) -- Sudan on Monday plans to pump 600,000 barrels of crude onto tankers anchored in the Red Sea port city of Bashayir, marking the realization of a two-decade-old dream for the cash-starved country. International dignitaries will be on hand in Bashayir -- located about 250 miles northeast of the capital, Khartoum -- to witness Sudan's entry into the ranks of the oil exporting nations, President Omar el-Bashir was quoted as saying Sunday by the official Sudan News Agency. The event coincides with a decision by the International Monetary Fund to revoke its five-year-old classification of Sudan as a non-cooperating country for failure to meet its foreign debt obligations, Finance Minister Abdel-Wahab Osman told a news conference Saturday. The IMF decision also includes a reduction from $50 million to $30 million per year in the servicing of the Sudan's $20 billion foreign debt, he said, citing improvements in the country's economic performance since 1998 as one of the reasons for the decision. Since the 1970s, when it granted Chevron (NYSE:CHV - news) exploration concessions, Sudan has been trying to develop its oil industry. Chevron discovered fields in 1982, but the U.S. company did not develop them and cited security reasons for eventually dumping the project. Chevron's concessions were revoked in 1992. In recent years, Sudan set up, with Chinese help, a refinery with a capacity of 2.5 million tons per year, and a 940-mile-long pipeline from Heglig in central Sudan to Port Sudan on the Red Sea. Sudan has contracted with the Calgary, Alberta-based Talisman Energy, Inc., to initially pump 150,000 barrels per day, and increase to as much as 450,000. The Heglig area has recoverable reserves of about 627 million barrels, and investors are looking at developing other fields. Domestic consumption is about 30,000 barrels per day. The country's oil wealth is also a source of conflict between the government and southern rebels who threaten to blow up the new pipeline. While Khartoum has played down the threat, fears abound that fighting will worsen and that the government will overlook development in favor of building up its military to crush the rebellion. The war for southern autonomy and related famine has killed nearly 2 million people and displaced millions more. biz.yahoo.com