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

To: Tomas who wrote (1411)	11/26/1999 9:22:00 AM
From: Tomas	Read Replies (2) \| Respond to of 2742

TotalFina proves it won't shy away from controversy - Tackles world hot spots: It's the largest oil and gas producer in Africa and owns a concession in Sudan Claudia Cattaneo National Post, Friday, November 26 CALGARY - TotalFina S.A., the world's fourth largest oil company by market-capitalization, is no stranger to world hot spots that are on the U.S. government's blacklist. The Paris-based company has been repeatedly criticized by the United States for ignoring its sanctions against Iran, adopted in 1996 under the Iran-Libya sanctions bill. The law was supposed to stop foreign companies from investing in Iran, depriving Tehran of badly needed energy revenue. The company also lists Libya as one of the 100 countries where it operates. It says upstream oil development in Libya fits well with its strategy of strengthening its position in North and West Africa, which it sees as major oil and gas provinces. With last month's acquisition of Elf Aquitaine, TotalFina became the largest oil and gas producer in Africa. TotalFina holds a major concession in Southern Sudan with three other partners: Marathon Oil Co., a unit of Houston-based USX-Marathon Group and oil companies from Kuwait and Sudan. Eve Gauthier, a spokesperson for the company, said the exploration permits have been held since 1980, but there has been no exploration in the area because of civil unrest. The company said it has no personnel on the ground in Sudan at this time. The concession is located near the Ethiopian border and has ramifications in other areas, Ms. Gauthier said. "Because of security reasons, we will wait until civil unrest stops. We won't develop this permit until the situation is clear. We hold a permit but we are not developing it," she said. Paul Desmarais Sr. joined the board of TotalFina following its acquisition of PetroFina last year. Mr. Desmarais had invested in PetroFina in association with the Belgian businessman, Albert Frere, Ms. Gauthier said. The company has been cited as one of the most likely buyers of Talisman's Sudan investment if Canada follows the U.S. lead in implementing sanctions against Sudan. Like the French government, which maintains diplomatic relations with Sudan and has been critical of the United States' hostile policies toward the impoverished African country, Total is likely to be indifferent to North American critics of oil development, observers say. "Total seems to be less concerned about public opinion," said Brian Prokop, an oil and gas analyst with Peters & Co. Ltd. in Calgary. nationalpost.com