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

To: Tomas who wrote (1787)	8/15/2000 10:32:38 PM
From: Tomas	Respond to of 2742

Sudan: Talisman Energy Provides Emergency Help to Refugees sudan.net

To: Tomas who wrote (1787)	8/15/2000 10:41:45 PM
From: Tomas	Respond to of 2742

Malaysia: BP to Triple Investment Here in Next 10 Years By Lokman Mansor MALAYSIA, Aug 11 (Business Times) - The new unified brandname, BP, for BP Amoco, following US$120 billion (US$1 RM3.80) worth of mergers, may revise upwards its outlook for Malaysia above previous forecasts to double its company's investments here by 2010. The total bp capital invested so far is US$1.5 billion in oil marketing, chemicals, solar and exploration, making it the largest British investor in Malaysia. Its chief executive Peter M Wentworth said Malaysia has all the constituent parts of the worldwide bp mergers, and is the only country besides China where the company is represented in upstream, downstream, petrochemicals and solar. "We have got all the parts of the jigsaw. From 400 people (before the mergers) we now have 1,200 employees," he told Business Times in an interview. The series of worldwide mergers brought together the former British Petroleum, Amoco Corporation, Atlantic Richfield (Arco) and Burmah Castrol, to create a combined group with a market value of more than US$200 billion (US$1RM3.80). With the merger, bp picked up the Amoco chemicals plant in Kuantan with 400 employees, and Burmah Castrol's operations with 260 people. The latter also gave bp the leading position in the domestic lubes market with a 29 per cent market share. The acquisition of Arco meanwhile, took bp into upstream partnership with national oil corporation Petronas for the first time. "Our original aspiration was to double our investments in Malaysia by 2010. But with an additional US$350 million to be invested in upstream activities with Petronas, in the Sitok field of the Joint Development Area, we will exceed that." "By the time we've reassessed our future potential, I wouldn't be surprised if we triple our investment by 2010 (to US$4.2 billion)," Wentworth said. He said the bp mergers have also had some impact on the portfolio of the company's operations in Malaysia, particularly with the introduction of an upstream business for the group. "We started in Malaysia 36 years ago with retail, lubes, and liquefied natural gas (LPG). Within five years we shifted the balance to 60 per cent in the petrochemicals business. "With the Amoco merger, 80 per cent of our business was in petrochemicals and retail became a smaller piece. With the addition of Arco and Burmah Castrol we now have about 60 per cent in petrochemicals, 20 per cent upstream, and about 15 per cent in retail," Wentworth said. He said petrochemicals still has the biggest share of bp's business in Malaysia, and will probably remain so because the company plans to double its investment in the sector in the next 10 years. So far, US$750 million has been invested by bp Malaysia in petrochemicals. On bp's involvement in the upstream sector, Wentworth said the consortium is currently in the design and procurement phase and about to start construction. The company is only involved in offshore exploration for the project, and not in the refinery and gas pipeline portions. Beginning January 2001, bp service stations in Malaysia will sport the new brandname and logo, a vibrant sunburst of green, white and yellow. ...