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Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?


To: Mantis who wrote (504)10/22/1999 10:23:00 AM
From: Tomas  Read Replies (1) | Respond to of 1713
 
Petronas says fighting not affecting Sudan project

KUALA LUMPUR, Oct 22 (Reuters) - Malaysia's state oil company Petronas said on Friday its southern Sudan oil project was not affected by reported shelling in a region not far from its operations.

Petronas officials said they had not heard of fighting near the town of Bentiu in Unity state, reported by travelers to the region on Thursday.

``We have not heard of anything, and we are operating as normal,' a Petronas official told Reuters.

Petronas has a 30 percent equity in the recently completed project. The other partners are Talisman Energy Inc (Toronto:TLM.TO - news) of Canada (25 percent), the China National Petroleum Corp (40 percent) and the Sudan government (five percent).

A Talisman spokesman said on Thursday oil from the development -- located in the Heglig area west across the Nile River from Bentiu -- was still flowing normally at a rate of about 135,000 barrels a day.

Travelers who arrived in Khartoum, capital of Sudan, in army aircraft and other means told Reuters on Thursday that Bentiu was being bombarded by troops of renegade commander Peter Gadiet.

Gadiet was operations commander of the pro-government forces of Paulino Matip, but was said to have rejoined the main rebel Sudan People's Liberation Army last month.

biz.yahoo.com



To: Mantis who wrote (504)10/26/1999 9:25:00 AM
From: Tomas  Read Replies (1) | Respond to of 1713
 
Ottawa to help Calgary firm deflect U.S. criticism - Sudan deal irks Albright

Elena Cherney, National Post, October 25
with files from Paul Brent, Financial Post, and The Canadian Press

The federal government is working
with a Calgary-based oil company to deflect
increasing criticism from the United States
of Canadian investments in Sudan,
a country high on Washington's list of
regimes that abuse human rights and
sponsor terrorism.

Foreign Affairs officials are discussing a joint
humanitarian effort with Talisman Energy
Inc., the oil company that was attacked on
the weekend by Madeleine Albright,
the U.S. secretary of state, for its
$400-million investment in Sudan.
During a visit to neighbouring Kenya,
Ms. Albright said she would "definitely have
to talk to the Canadians" about Talisman.

Sudan's radical Islamic regime, which has been waging a 16-year
civil war against rebels in the Christian and pagan south, is regarded
as a pariah in Washington.

Bill Clinton, the U.S. president, launched missile strikes against a
factory near the Sudanese capital, Khartoum, last year in retaliation
for bomb attacks on U.S. embassies in Kenya and Tanzania.

Last month, a Muslim rebel group claimed responsibility for a
pipeline explosion that appeared to have been staged to coincide
with a Sept. 20 meeting of Talisman's directors in Khartoum.

A Foreign Affairs spokesman said yesterday that Ottawa will
release a comprehensive policy statement on Sudan this week, and
will make "specific requests" of Talisman in the next few days.

"We want to make sure Canadian companies are not exacerbating
the conflict," Patrick Riel, a spokesman for the department of
Foreign Affairs said yesterday.

Jim Buckee, Talisman's chief executive, is already in discussions
with Foreign Affairs officials "over what we can conceivably do," he
said yesterday. "We try to be a good corporate citizen wherever we
go."

Talisman, Canada's largest independent oil company, is a 25%
partner in the Greater Nile Oil Project, which includes a world-class
oilfield and a 1,600 kilometre pipeline transporting 127,000 barrels
a day to tankers in Port Sudan. Sudan's national oil company owns
5% of the project, the national petroleum company of China 40%,
and the national oil company of Malaysia holds the remaining 30%.

Canadian church groups and human rights organizations have
criticized Talisman since the pipeline began transporting oil this
summer. The groups say oil revenues from the project are helping
Sudan's extremist government fight the southern rebels in a conflict
that has claimed 1.9 million lives and brought widespread famine
and slavery.

While details of the humanitarian project to be undertaken by
Talisman and Ottawa have yet to be finalized, Mr. Buckee listed the
commitment by Lloyd Axworthy, Foreign Affairs Minister, to the
abolition of child soldiers as an area of interest for Talisman. He did
not explain how Talisman could help achieve this goal in Sudan.

"Our thoughts have run along the lines of food, water and roads,"
said Mr. Buckee, reached at home in Calgary yesterday. "It's better
done government-to-government," he added, but with Ottawa's
involvement, Talisman, which employs 150 Canadians in Sudan,
could carry out the physical work in Sudan.

Mr. Buckee criticized Ms. Albright for closing her eyes to American
companies operating in Sudan and singling out Talisman for her
attack.

The U.S. policy of "quarantine" on Sudan, against which it imposed
a near-total trade ban in 1992, is based on a partial and inaccurate
understanding of the civil war there, said Mr. Buckee. Ms.
Albright's current trip, on which she met John Garang, leader of the
rebel Sudan People's Liberation Army, but not with government
officials, has merely served to reinforce the one-sided U.S. policy,
argued Mr. Buckee.

"While it's true there's been a civil war and lots of fighting, the
solutions are not clear," he said. "[Ms. Albright] would have been
more balanced to talk to the Sudanese government."

The Canadian government "will be happy to discuss our approach
to Sudan with Ms. Albright," said Mr. Riel. Ottawa has taken some
sanctions against Sudan; all support for private-sector dealings with
the country, including export financing and trade-development
programs, was suspended in 1992.

The government has spent more than $100-million on humanitarian
aid in Sudan since 1990.

On Friday, only hours before Ms. Albright criticized Canadian
interests in Sudan, Mr. Axworthy attacked U.S. nuclear policy. In a
speech in Boston, Mr. Axworthy called on Mr. Clinton to back
away from plans to build a missile defence system. He also criticized
the Senate for failing to pass a test-ban treaty.

nationalpost.com



To: Mantis who wrote (504)10/27/1999 8:58:00 AM
From: Tomas  Read Replies (1) | Respond to of 1713
 
Talisman shaken as Ottawa talks sanctions - Financial Post, Wednesday, October 27
Sudan civil war: Pension funds keep eye on 'disturbing' situation

Claudia Cattaneo
Financial Post, with files from Reuters

CALGARY - Shares of Talisman Energy Inc. dropped
$2.55 yesterday to $40.95, after the federal government said it
would consider applying sanctions if it finds the oil industry is
exacerbating Sudan's civil war or violating human rights.

The announcement by Lloyd Axworthy, the Foreign Affairs minister,
did not make clear who the sanctions would be aimed at.

Mr. Axworthy is expected to meet next week with Jim Buckee, the
president and chief executive of Calgary-based Talisman, which has
a 25% stake in an oil project in the country.

The statement said Canada was deeply concerned by reports of
fighting in the region of oil development and by evidence that oil
development could be contributing to the forced relocation of
people living near oil fields.

"If it becomes evident that oil extraction is exacerbating the conflict
in Sudan, or resulting in violations of human rights or humanitarian
law, the government of Canada may consider, if required, economic
and trade restrictions such as are authorized by the Export and
Import Permits Act, the Special Economic Measures Act, or other
instruments," it said.

The statement said Ottawa would be sending a probe to Sudan to
look into possible human rights violations.

The company downplayed the "hypothetical" potential for sanctions,
and welcomed Ottawa's actions.

"This is the type of positive engagement that we had hoped for when
we entered Sudan a year ago,"Mr. Buckee said. "There is a lot of
misinformation surrounding Sudan, and Talisman will respond
seriously and constructively to these initiatives.

"We believe Canada's limited diplomatic links with Sudan have
hampered a true understanding of the real human tragedy, the civil
war and the tribal dynamics of the South."

The company said it has also been asked by Ottawa to use its
influence in Sudan to help bring peace to the region, for example by
continuing a dialogue with the Sudanese government to dissuade it
to use oil revenues to fund the war.

Talisman got caught in the crossfire of a 16-year civil war when it
acquired a 25% interest in the Greater Nile Oil Project last year.

As the only Western company in the Greater Nile consortium,
which includes Sudan's government, Talisman has been attacked by
church and human rights groups. On the weekend, Madeleine
Albright, the U.S. secretary of state, also criticized the company
while on a visit to Kenya. She said she would "definitely have to talk
to the Canadians" about Talisman.

Sudan has been mired in civil war through much of its history since
becoming independent in 1956, with the exception of the period
from 1972 to 1983. Two million people have died in the fighting.

"Canadian citizens ... want to be assured that Canadian companies,
such as Talisman ... are not contributing to the Sudan conflict at the
same time as donations and tax dollars deliver food to its victims,"
said World Vision Canada, which has been working in the region
since 1972.

The Ontario Teachers' Pension Plan Board, with $60-billion in
assets and 4.5 million Talisman shares, said it has reviewed the
"disturbing" allegations, but concluded "Talisman is a good company
trying to operate in a civil war environment," said spokeswoman
Lee Fullerton. Teachers will sell the stock only if the federal
government takes legal steps such as sanctions, she said.

Suzanne Brochu, a spokeswoman for Caisse de Depot et
Placement du Quebec, which holds 3.9 million shares, said it is
following the situation closely.

The New York City pension fund, with $90-billion (US) in assets
and 186,000 Talisman shares, said recently it was planning to hold
its Talisman investment, but received a warning from the city's
comptroller, Alan Hevesi: "As long-term investors, we believe a
company that is cavalier about its moral and social responsibility
presents an unacceptable investment risk."

nationalpost.com