Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (1856)	9/30/2000 11:43:22 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Libya Promises Rich Pickings For Western Businesses If The North African Country Opens Up To Trade, But They May Find Others Have Beaten Them To It Lloyds List, September 20 ... In April 1999, just weeks after the sanctions were suspended, Libya went public with its efforts, inviting international oil companies to an informal meeting in Tripoli to discuss the country's petroleum prospects. In May this year, Libya's oil minister repeated the gesture, again inviting selected oil companies to discuss a new round of concession offerings. More recently, industry sources say, Libya has quietly put out feelers to a very few oil firms to seek their bids on joint ventures with the government on all aspects of the country's aging oil industry - from upstream exploration to midstream transport to downstream refining. With 75% of the country still to be charted for petroleum exploration, most international attention is on the upstream bidding for choice concessions in the desert nation and former Eastern bloc nations are among the most enthusiastic bidders. Indeed, Russian firms such as Alfa Eco, Tyumen Oil, Yukos and Sibneft are now eyeing Libya's map with anticipation. Yukos, in particular, is actively bidding to acquire several of the 137 blocks now on offer by Libya to foreign companies. Yukos aims to produce around 100,000 barrels a day of Libyan crude within four years. In late October, a Russian delegation headed by emergency situations minister Sergei Shoigu will visit Libya ostensibly to discuss removal of landmines left over from the Second World War. But the Russian visit follows one to Moscow in August by Libyan oil minister Abdullah Salem el-Badri, who was personally received by Russian president Vladimir Putin. Although Mr Putin declined an invitation to meet Libya's ruler Col Muammar Gadaffi, the two countries are expected to sign a co-operation deal - to include arms sales and oil swaps - in the next month or two. Other eastern bloc players are also eager to help Libya regenerate its oil industry. Earlier this year Czech deputy foreign minister Hynek Kmonicek paid a call on Tripoli expressly to discuss modernising Libya's refineries and transport network in addition to its oilfields. As the Czech case shows, there is more involved than upstream oil prospects. Libya is no less keen on downstream development and has invited western firms to bid on tenders to upgrade and expand two key refineries, both with port facilities on the Mediterranean. Located on the Gulf of Sirte, the Ras Lanuf refinery was completed in 1984 and has a 220,000 bpd crude oil unit, a 3,300 bpd ethylene plant, a 5,600 bpd naptha hydrotreatment unit and a 3,300 bpd catalytic reforming unit. Azzawiya Refinery, situated on the Mediterranean about 40 km west of Tripoli, was completed in 1974 and has a 120,000 bpd crude oil unit, a 7,548 bpd vacuum unit, a 13,500 bpd catalytic reformer, a 16,500 bpd catalytic hydrotreater, a 3,500 bpd asphalt unit, and a 650 bpd lubes unit. Libya also wants to see a completely new refinery built at Sebha in the south-central region of the country. Located near potentially rich oil and gas fields, Sebha is likely to become a major centre for the generation of electrical power in Libya. Surplus oil and gas, both crude and refined product, will also be transported from Sebha's fields to Libya's Mediterranean ports for export abroad, either by submarine pipelines to European destinations or by surface tankers to ports farther away. While Libya has had no railroad in operation since 1965, plans are being aired to construct a 1.435 m standard gauge line from Sebha to the coastline, with additional lines running from Tripoli west to Tunisia and east to Egypt. ...